Posts Tagged 'Accounting'

We are pleased to present below all posts tagged with 'Accounting'. If you still can't find what you are looking for, try using the search box.

Retiring? Consider an Employee Stock Ownership Plan

While employee stock ownership plans (ESOPs) function to reward employees with an ownership stake in the business they helped build, they can also offer tax advantages as an ownership-transition vehicle. Yet only about 11 percent of construction companies had ESOPs in 2016, according to research by the National Center for Employee Ownership. Further research shows that companies that set up an ESOP tend to increase annual sales, employment and productivity an average of 2.5 percent.

Reduce the Stress of Implementing ASC 606

There is no time to waste in beginning the implementation process for the Financial Accounting Standards Board’s (FASB) new revenue recognition standard, Accounting Standards Codification (ASC) 606. Companies will find differences in some of the methods of recognizing revenue in the future, so taking a proactive approach to ASC 606 can help reduce the stress of implementation.

Exploring Self-funded Health Care Plans

While it’s important to keep up with the news surrounding legislation to repeal and replace The Affordable Care Act, many contractors would be well served to consider another insurance strategy right now: partially self-funded health insurance plans. The bottom line is that the company is going to pay for a lot of employees’ medical care, so it’s important for staff to be mindful of costs because they drive premiums. This conversation alone—that employers and employees shoulder the cost of care together, and that both must be better stewards of those assets—can be a major driver of reduced costs. Aligning the interests of employees and their employers is critical in all aspects of profitability and success. 

The Why and How of Computing POC

The percentage of completion (POC) calculation has traditionally been considered the best recognition of progress toward completion of a contract. The POC can be computed with factors other than costs, such as labor hours or labor costs or machine hours. Also, the costs can be total contract costs or a specific limited type of costs, such as direct costs only. 

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. 

Pages: Previous123NextReturn Top
//to add proper spacing in between panes
 

Bringing Balance Back to the NLRB
Although its purpose is to interpret the National Labor Relations Act in a fair...

2018 Regional Construction Outlook
Starting in 2012, the construction sector generally has turned in stronger growth...

The DNA of Giving Back
This month marks 89 years in business for Vogel Bros. Building Co., a fifth...

View this month's Digital Edition
Construction Executive
Print magazine published 10 times per year covering news, market developments and business issues impacting the construction industry 

eNewsletters:
Managing Your Business
Biweekly eNewsletter covering management and financial best practices

Tech Trends
Biweekly eNewsletter covering the latest construction technology trends and products

Risk Management
Biweekly eNewsletter covering surety bonding, insurance, safety and compliance.