Posted on 1/24/2017 7:57 PM By Pete Miller
Safeguarding assets from fraud is an important objective for every company. It will take an all-hands-on-deck approach to be successful, and it starts at the top.
Posted on 1/24/2017 6:53 PM By Pablo Medina
Internal controls stem from the idea that no one individual should have complete control over a given transaction process and that there should be proper segregation of duties among individuals involved in every process. By spreading responsibilities among employees, companies can mitigate the risk of fraud. Practically speaking, this means separating the preparation, recording and approval of a transaction among multiple people.
Posted on 11/2/2016 7:00 PM By Robert Murray
To address the security need, owners and contractors can be faced with a choice between traditional surety bonds and letters of credit (LOC). Additionally, parental guarantees are often included as a supplement or substitute for the security. These alternatives have unique implications that should be considered by contractors and owners when choosing the best path.
Posted on 11/2/2016 6:37 PM By Jason Dettbarn
Successful contractors spend time and effort establishing their first surety company relationship. Contractors that want faster answers and the benefit of the doubt from their surety in a delicate situation will always welcome face-to-face visits with their professional agent and underwriter.
Posted on 11/2/2016 10:22 AM By Bryan Porter
When evaluating a succession plan from the perspective of the surety, executives should focus on maintaining technical and operational excellence, surety relationships, projected cash flows and its strong financial position.
Posted on 11/2/2016 10:09 AM By Kevin Lorenz
Fast bond products or “quick issue” bonds have sped up the process of obtaining a bond for smaller projects. Quick turnaround and minimal underwriting—sometimes solely based on credit score—allow for speedy answers when time is of the essence. That’s the upside. The downside of this softer credit-based underwriting is that the relationship-building and counseling process can suffer.
Posted on 7/14/2016 12:23 PM By Todd A. Feuerman
Many U.S. construction industry leaders are approaching the age of 60 and above, with a recent study conducted by PricewaterhouseCoopers concluding that 33 percent of all construction firms will be transitioned during the next five years. While construction firm owners have vast knowledge in their trade niche, most have limited experience in the sale and divestiture of their own business interests.
Posted on 7/7/2016 6:53 PM By Gregory Natalucci
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.
Posted on 7/7/2016 6:49 PM By Pete Miller
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.
Posted on 7/7/2016 6:46 PM By Ian Manning
The results of the partnering meeting, as it becomes an annual tradition, will prove to be valuable throughout the year, and help to provide a big-picture view of the construction business that otherwise would not be possible.