Posts Tagged 'Accounting'

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Forecasting IT Trends in Construction

With the promise of IoT, mobile, cloud and other emerging technologies, contracting companies cannot slow their pursuit of technology. In fact, construction companies are going to be faced with more options, greater demand, increased complexity and higher costs. 

Cyber-Phishing With New Lures

If the wire transfer has been initiated by an approved company employee, there is not much chance of recovering the funds. The bank is not held liable as long as it follows the proper protocols. Once the fraud is discovered, contact the bank’s fraud department immediately and direct it to stop the payment and freeze the recipient account. Typically, the funds are cleared out within hours of the transfer, so acting fast is imperative.

Executive Insights

Financial, legal and technology experts explain ACA requirements, the benefits and security of cloud-based accounting systems, the pros and cons of ESOPs, and the benefits of requiring funds control.

All Contractors Will Be Affected by the New Lease Standard

All construction contractors’ assets and liabilities will be affected by the new guidance to some degree, depending on the company’s circumstances. Contractors that have significant fleet leasing activity are likely to feel the change more than contractors with less leasing activity. 

Come in Ahead of Schedule: It’s Time to Think About ASC 606

Companies tackling ASC 606  head on will gently glide into the implementation phase in a few years. Those that don’t likely will experience varying degrees of turbulence. 

Four Questions to Ask to Identify Accounting Inaccuracies in a Contract Schedule

Construction business leaders should ask four questions when reviewing a contract schedule for accuracy. 

Don’t Get Shortchanged on Change Orders

The key to success in proving and recovering on change orders is having the necessary policies and procedures in place prior to experiencing the changed condition (and in reality, prior to starting the project). 

Mystery Solved: Choosing the Right Job Overhead Rate

Four steps construction company owners and financial executives should take to ensure the most appropriate job overhead rate is being used from year to year. 

Do You Have the Right CPA for the Job?

Similar to when construction firms expand their employee base, a thorough selection process for a qualified CPA will ensure the firm finds one with a strong reputation in the marketplace, proper industry experience and the ability to complement the construction firm’s existing culture. 

Executive Insights

Nine experts discuss technology impacting the financial and accounting aspects of construction businesses.

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