Posts Tagged 'Finance'

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IRS Curtails Automatic Extensions for W-2 Forms

Under recently proposed and temporary regulations, the ability to file for an automatic W-2 filing extension will be eliminated on Dec. 31, 2016. Instead, a single 30-day extension will be available by application for the 2017 filing season and later. 

How to Handle Wage Garnishment Orders

Construction executives have many issues to consider when it comes to payroll. With personal and student loan debts on the rise, contractors’ accounting departments need to add the potential liability for wage garnishment to their list of worries.

Ease Student Debt

More than $1.2 trillion in loan debt is owed by students or former students—often resulting in young professionals beginning their careers with one financial hand tied behind their back. 

When to Account for Job Costs Versus Fixed Assets

Construction company owners and financial executives face one issue every day: when to account for job costs as costs associated with a particular job versus as fixed assets. Because most contractors use the percentage-of-completion method in recognizing revenue and monitor the progress of jobs based on actual costs incurred, the accumulation of job costs is critical. 

The Challenges of Credit Management

In many cases, the payment of a company’s own bills must be put on hold until it receives payment from the parties above
it in the contracting chain. The further down the chain a project participant is, the more opportunities there are for hiccups or abuses in the payment process.

Compensation Analysis Reveals Higher Pay and Lower Bonuses

A recent FMI analysis of more than 75,000 salary records for calendar year 2013 reveals that construction professionals’ pay indexes have increased more than 10 percent since 2008, but bonuses are down as much as 50 percent.

How to Deal With a Company in Financial Distress

In order to understand how to properly deal with a company in financial distress, it is important to understand the key indicators. While it may seem obvious to measure financial distress by a lack of cash to operate the business, many warning signs are present before the financial storm actually hits. 

How the New Revenue Recognition Accounting Standard Will Impact Contractors

The most significant change made by the new revenue recognition standard is replacing the longstanding accounting concept of recognizing revenue when it is realized and earned with a new concept of recognizing revenue upon completion of a “performance obligation.”

Four Keys to Properly Pricing Equipment

Equipment accounts for a large percentage of the costs on most construction projects. Contractors that do not properly track their equipment costs may lose the chance to recoup the substantial money they have spent to rent or own their machines.

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Industry Changes Push AEC Firms Toward Proactive Recruitment
When it comes to recruitment, the AEC industry is grappling with an already...

Gauging the Swing of the Republican Pendulum
As suddenly as the window of opportunity blew open for Republicans by the winds...

Q: What does it mean for your company to be employee-owned?
Employee ownership allows Choate to share long-term success with our employees...

Service Above Self
Two years ago, Gary Neal—an engineer and project manager with MEC Contractors...

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