All businesses go through periodic cash shortages. Owners commonly think they need to get out and sell more during these times. However, this approach can occasionally increase money troubles over the short run. Why is that? It’s because of a … Continued
Job cost reporting is the system used to code and earmark project expenses to maintain or improve financial efficiency and profitability. Custom work calls for continuous supervision because once you begin a contracted job, it’s easy to concentrate on finishing the project rather than monitoring depleting resources. From the architect drawing up blueprints to the general contractor constructing a medical plaza, you need to keep track of expenses to produce the best financial results.
Budgeting is no time for shortcuts. Instead of estimating your future needs and expenses, using the company’s financial statements to create a solid budget based on past actuals will help you more easily manage cash flow, debt and profits. 1. … Continued
When performing an audit of your firm’s financials, an auditor must verify account balances and transactions to arrive at an opinion regarding your financial statements. Understanding what to anticipate in terms of document requests and inquiries prior to the start … Continued
Work-in-progress (WIP) reports are frequently used by manufacturers, media and film companies, construction contractors, and other entities to help management track inventory and gauge profit on long-term projects. Regularly monitoring these reports can help maximize profitability and uncover problems before … Continued
It’s not uncommon for management to use accounting estimates for certain items on the balance sheet. However, current means of accounting for uncertainty may not cut it during an audit in today’s environment of unprecedented risk, including geopolitical influences, tax … Continued
Success in the construction industry means careful attention to labor costs, equipment rental and the acquisition of materials and supplies. Managing a successful project often demands paying careful attention to when and how assets are used to keep the job moving towards completion.
Attracting and retaining qualified employees is a challenge that most companies must address. For construction companies, the task is even more difficult because of the traditionally high employee turnover driven by the project nature of work and inconsistency in work opportunities.