Posts by Construction

Which accounting system upgrades should I look for?

My construction company hasn’t upgraded its accounting software in a while — and it shows. We’ve lost a few invoices, had a couple of payroll delays, and let’s not even get into filing our taxes. I know we need to do better, but I don’t want to overspend on system features we’ll never use. Which…

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Dollars and Sense: Tips on managing and reducing payroll costs.

Every construction company must pay its employees, so some payroll costs are unavoidable. But precisely how you should go about paying your employees can change over time. What made sense a few years ago may not be as logical or efficient now. Let’s look at some ways contractors can streamline payroll tasks to keep costs…

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Why it’s a good idea to review your business plan

Most construction companies start out with a business plan: a road map that outlines goals and details how to achieve them. But once a business is up and running, this document tends to get buried in a file cabinet or on a hard drive. Construction company owners, however, would benefit from digging out their business…

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Learn the ABCs of activity-based costing

Your latest project might be running on budget, but how can you determine whether your work in progress is really boosting profits or hurting the bottom line? Or, if a job is exceeding forecasted costs, how do you break it down to identify the problem? Many construction companies have addressed such issues by measuring the…

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Project management solutions may lie in the cloud

A good project manager knows communication is key to delivering a job on time and within budget. When team members can’t easily obtain project data, the result is often wasted time as they track down that information or, worse, duplicate efforts. Meanwhile, profit-eating costs mount and schedule overruns can occur. Many top-level construction companies are…

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4 ways to do project management just a little better

Contractors manage projects every day. But, as the construction industry evolves, so does their need to keep getting just a little better at project management. This article describes four ways to gain a competitive edge when managing jobs. They involve preconstruction planning, simplifying field systems, and training managers and then holding them accountable. Read the…

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Rev up revenue by contributing to a cost segregation study

Contributing services to a cost segregation study remains a viable option for contractors to rev up revenue. It allows building owners to maximize their current tax deductions by using shorter lives and faster depreciation rates for qualifying parts of their properties. This article offers a quick review of the pertinent aspects and how contractors can…

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More than money: Customer-smart invoicing

Sending customers an invoice and receiving their payment sounds simple. But the process can be so much more — it can be an opportunity to improve business relationships and gather useful data. It’s called “customer-smart invoicing,” and it’s about more than just money. This article examines the two basic concepts underlying customer-smart invoicing: communication and…

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Final IRS Regulations Address Capitalization vs. Expensing

This past fall, the IRS released its long-awaited final regulations on the tax treatment of expenditures related to tangible property. So contractors and other business owners finally have some answers to the “deduct or capitalize” quandary. This article discusses a couple of safe harbors to the capitalization requirement; the tests that are used to determine…

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On-Site Newsletter – Fall 2013

In this issue of ON-SITE: Year end tax planning: Getting all you can from equipment purchases Fraud alert: How Contractors can stay on guard Six Sigma for construction companies How can I trim plan distribution costs? Download

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