What You Should Know About Paid Family Leave

New York State will join California, Rhode Island and New Jersey as the only states that provide Paid Family Leave benefits beginning January 1st, 2018. This law allows employees to take time off to bond with their newborn child, care for a close relative with a serious health condition, or help relieve pressures on a […]

What Contractors Should Do Before Year-End

As the end of another business year rapidly approaches, now is the time to start considering some of the major tax implications that will be affecting your construction business. With proper tax planning, your business may be able to postpone or even eliminate some of your 2017 tax liability. It’s particularly important as the current […]

Are You In Compliance With The Employer-Owned Life Insurance Contract Rules?

It is common for companies to carry life insurance on its owners and certain key-employees to help lessen the financial strain on the company should an unfortunate death of one of these individuals happen. When the company insures the life of its owners and key-employees, the policies are referred to as “employer-owned” insurance contracts, where […]

Five Key Issues for Revenue Recognition Implementation

Accounting changes for the new revenue recognition standards (ASC 606) for contracts with customers will be required sooner than you think. While the majority of companies have started analyzing the impact of the new standard, few have taken the next steps toward implementation. Is your company ready to implement these complex changes? The experts have […]

Waivers of Subrogation: Are You Really Protected?

It’s common for a construction contract to contain a “waiver of subrogation” provision under “insurance requirements.” Unfortunately, these provisions are widely misunderstood. Although they’re designed to shield owners, contractors and subcontractors against lawsuits by insurers covering project-related claims, the protection offered may not be as extensive as you might think. Understanding the concept Subrogation is […]

Cross-Training can Help Mitigate the Labor Shortage

It’s an unfortunate fact of life that shows no signs of diminishing soon. The construction industry continues to struggle with a shortage of skilled labor. Many contractors find themselves sorely limited in the size and number of projects they can take on because they simply don’t have the workforce to deploy. One way to mitigate […]

4 Accounting Alternatives That May Reduce Financial Reporting Costs

Many privately held construction companies prepare audited financial statements that comply with Generally Accepted Accounting Principles (GAAP) as established by the Financial Accounting Standards Board (FASB). They do so, at least in part, to satisfy the requirements of lenders, sureties and other business partners. Many of GAAP’s requirements benefit private businesses and their financial statement […]

6 Tips for More Effective Change Orders

In the construction industry, change orders are a fact of life. The trick is making them a profitable one! Managing change orders wisely can make the difference between a successful job and a losing one. Here are six tips to better managing the process: 1. Read the contract. This may sound obvious, but contractors often assume […]

Not-For-Profit Entities and the New Revenue Recognition Standard

Financial Accounting Standards Board (FASB) issued the Accounting Standards Update 2014-09 – Revenue from Contracts with Customers in May 2014, which has rewritten the rules for revenue recognition for nonprofits. A new framework will now be applied in determining when and how an entity recognizes revenue in its customer contracts. For most nonprofits, the current […]

Fight Fraud with These Common Managerial Accounting Tools

When thinking about the ways financial experts can uncover fraud, data analysis and other forensic accounting techniques may come to mind. But qualified experts also know how to use everyday managerial accounting practices to ferret out fraud. Budgets Budgets can provide insight into how management expects a company to perform in the near future. As […]

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