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 […]

Fortify Shareholders’ agreements with These 4 Valuation Details

Shareholders with the forethought to sign buy-sell agreements help facilitate voluntary and involuntary transfers between shareholders. But when it’s time for a buyout, many shareholders discover that their agreements don’t cover all of the necessary details. Here are four key terms to consider when drafting or reviewing a buy-sell. 1. Definitions One of the leading […]

Valuation Takes Center Stage When Business Owners Divorce

Splitting up a marital estate can be a long, complicated process, particularly if it includes a private business interest. Fortunately, a valuation professional can provide answers to these critical financial questions: How much is my business interest worth? There are three ways to value a business: the cost, market and income approaches. All of these […]

Section 179D Deduction – Putting Money in your Pocket

Section 179D – Energy Efficient Commercial Building Deduction Putting Money in your Pocket. Many of us are familiar with the potential acceleration of the deduction under Internal Revenue Code Section 179D, mainly the $0.60 to $1.80 per square foot of qualified space in an energy efficient building you own.  The deduction has three components: building envelope, […]

Are You Current With Your Form 5500 Filings?

It is that time of year where plan administrators and third party administrators are working on processing information in order to complete the various Form 5500s for their respective companies. Though many times certain Form 5500s may be overlooked or even forgotten about, which may result in significant fines imposed by the Department of Labor […]

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