From the category archives: Business

Business

Executive Insights: Accounting

Accounting, finance and technology experts discuss industrial development bonds, mobile reporting, ESI mandates, the new revenue recognition standard and more.

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.

Building a Fraud-Free Worksite

The sheer complexity of the construction industry leaves businesses vulnerable to a litany of fraud schemes, the majority of which are not new. However, organizations can implement anti-fraud controls to limit the risk of corruption and ensure an effective compliance program.

Deriving the Most Value From an MIS

Some red flags that indicate a contractor’s MIS may not be functioning properly include key project and financial reports that are difficult to understand or interpret; projects that exhibit late-stage profit fades; unexpected or unexplained unfavorable cash flow issues; or projects that consistently reflect late-stage under-billed positions.

Cloud-Based GPS: A Future-Proof Investment

Within seconds, a cloud-based solution can turn any construction fleet  into a more efficient, safer and results-based operation for a price that will ensure incredible ROI from the start and future-proof the  investment for the future.

Need to Know: Updates to the 2014 MasterFormat

In April 2014 CSI and Construction Specifications Canada released the newest update to MasterFormat, incorporating hundreds of changes to the 2012 version.

Pre-Sale Strategies for Boosting the Value of a Business

A thoughtful and well-constructed exit strategy can help maximize the value of a business, as well as benefit future management. An owner’s transition out of the business can be overwhelming and typically takes several years from planning to actually closing a deal. The following tips address how to implement a proactive approach to improving the overall value of the business.

Contractors Value IT, But Don’t Invest Strategically

Nineteen percent of contractors don’t know how much is spent on IT compared to annual revenue, and two out of four firms spent less than 1 percent of revenue on IT.

 

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