Construction Industry Advisor
Showing 145–160 of 262 results
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Contractor’s Toolbox – Is your tool reimbursement plan accountable?
Fall 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 437
Abstract: When employees are permitted or required to purchase their own small tools and are then reimbursed for the expense — and the arrangement qualifies as an “accountable plan” under IRS rules — both employer and employees can gain valuable tax benefits. These plans are relatively easy and inexpensive to establish; this article describes the requirements.
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Check your company’s financial pulse with a WIP report
Fall 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 606
Abstract: After a project is completed, it’s useful to perform a “postmortem” to not only analyze what went right and what went wrong, but also apply the lessons to improving performance on future projects. But what about current jobs? Using work-in-process (WIP) reports, contractors can monitor vital signs while jobs are in progress and then, if needed, look for ways to breathe new life into them. This article explains how.
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Why you should consider performance-based bonuses
Fall 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 652
Abstract: Performance-based bonuses can help keep employees motivated, but developing an effective plan can be a challenge. This article discusses what to do to help ensure a performance-based plan produces the intended results, along with ways to pay for the plan. It also notes why it’s necessary to address two particular issues: timing and quality.
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New accounting standard may affect your revenue recognition
Fall 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 819
Abstract: Recently, FASB and the IASB issued a new, converged revenue recognition standard, concluding a multiyear effort to develop uniform, worldwide guidelines. By replacing industry-specific rules, the new standard strives to eliminate inconsistencies and improve financial statement comparability. This article explains how the standard will, for some contracts, change the timing of revenue recognition. It will also require management to exercise greater judgment over revenue reporting and to include new financial statement disclosures about the process. A sidebar looks at when, under the new standard, a good or service is treated as a separate performance obligation.
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Contractor’s Toolbox – Taking GPS in new directions
Summer 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 430
Abstract: GPS isn’t just for navigation anymore. For construction companies, it can be an invaluable tool for monitoring and managing equipment, vehicles and other valuable assets. This issue’s “Contractor’s Toolbox” discusses several ways contractors are using these systems today, including enforcing safety rules, complying with local laws, and assisting in accounting and tax reporting.
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Accounting for change orders – Why you need to handle them with care
Summer 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 544
Abstract: Change orders are a fact of life in the construction industry. To help ensure a project’s success, it’s critical that contractors understand the contract’s change-order-approval procedures and follow them to the letter. It’s also important to treat change orders properly for accounting purposes, especially for construction businesses that use the percentage-of-completion method. This article describes three categories of change orders and mistakes that contractors commonly make.
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Public works projects – Here’s what you need to know
Summer 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 647
Abstract: Public works projects are crucial to the United States economy and to many contractors who are looking for work. But, while such projects can bring in much-needed dollars to a construction business’s coffer, they can also bring in some unwelcome requirements. For example, under the Davis-Bacon Act, federal contractors must pay what’s known as a “prevailing wage.” This article explains this and other state and federal requirements that contractors must heed.
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Looking for a succession strategy? Consider an ESOP
Summer 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 820
Abstract: For construction company owners, succession planning can be a challenge. One option is an employee stock ownership plan (ESOP). An ESOP creates an instant market for the company’s stock. And while it involves transferring ownership to employees, it’s distinguishable from a management or employee buyout. Unlike a buyout, an ESOP allows owners to transfer control to the next generation gradually. It also provides the business and its owners with significant tax benefits. This article describes those benefits, along with some ESOP disadvantages. A sidebar explains the pros and cons for S corporations in particular.
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Contractor’s Toolbox – Calculating the true cost of labor
Spring 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 346
Abstract: When bidding on projects, it’s critical that contractors understand their true labor costs. For most construction companies, employee compensation is the single largest expense — so even small errors in calculating labor rates can lead to substantially inaccurate estimates. This article discusses how to factor in all direct and indirect costs associated with an employee or class of employees. It also covers how to account for the cost of nonproductive time.
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Bar-code systems can help protect small tools
Spring 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 612
Abstract: Throughout the year, many construction companies tend to see a ton of small tools mysteriously disappear at the hands of petty thieves and dishonest employees. The good news is that they can nip tool thefts in the bud by integrating the right technology into their operations. One intriguing option is bar-code technology. This article explains how it can not only improve management efficiency, but also be integrated into an accounting system to boost the value of tool-related data and streamline procurement of these assets.
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Profits can go up or down: Which way are yours headed?
Spring 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 684
Abstract: As the U.S. economy continues to be a bit lackluster, it’s critical that contractors stay on top of their bottom lines. This article discusses how contractors can manage three items that they simply can’t ignore if they want to stay in the black: overhead; receivables and payables; and change orders.
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8 steps for taking over a troubled project
Spring 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 935
Abstract: In the current economic environment, opportunities often arise for contractors to take over troubled projects. These jobs can be rewarding, but they also present significant dangers. This article suggests eight steps to take to maximize the rewards and manage the risks, including rebidding the work and documenting the original contractor’s work. A sidebar explains how a contractor can provide added value to a troubled project by incorporating lean construction techniques to streamline completion.
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Contractor’s Toolbox – SBA offers bond guarantees for small contractors
Winter 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 429
Abstract: Small construction companies that are struggling to obtain surety bonds should consider taking advantage of the U.S. Small Business Administration Surety Bond Guarantee Program. This article explains who qualifies, what the benefits are, and how to apply.
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Sales and use taxes – Evaluate your exposure before you bid
Winter 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 565
Abstract: Contractors doing business across state lines shouldn’t assume that other jurisdictions will tax their business the same way it’s taxed at home. For example, most states treat contractors as the ultimate consumers of building materials, but some regard them as retailers; the tax treatment will differ accordingly. And sales and use tax treatment will also vary from state to state for projects involving nonprofits and government entities. This article discusses how just one misstep can quickly turn a potentially profitable job into a money loser.
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How your contracts can help strengthen cash flow
Winter 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 663
Abstract: All businesses experience the ebbs and tides of cash flow at some time or another. But it can be particularly hard for a construction company experiencing hard times. Fortunately, the very document that’s signed when starting a job can help turn that tide around. This article explains how a contract that pays close attention to payment terms, retainage and change orders can guard against having insufficient cash when the need may be greatest.
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Expense or capitalize? New repair regulations offer guidance for contractors
Winter 2014
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 846
Abstract: For years, contractors have struggled to determine whether certain costs may be expensed for tax purposes (that is, deducted currently) or if they must be capitalized and depreciated. Recently, the IRS issued long-awaited final regulations on this subject, known as the “Repair Regs.” This article reviews some of the highlights as they pertain to buildings and to materials and supplies. A sidebar explains how contractors can use this knowledge to help customers with their own tax strategies.