Financial statements are a must-have for any organization. The balance sheet reveals how much its assets and liabilities are worth based on historic costs. The income statement tells investors and lenders how profitably and efficiently the company has performed during the accounting period. The statement of cash flows details sources and uses of cash from operating, investing and financing activities. All this is relevant information for company insiders, as well as for lenders, bonding companies and other stakeholders.
In the News
Thursday, February 14, 2019
Thursday, January 31, 2019
Three bricklayers are working on a job site. The first describes his job as "laying brick," while the second says he's "building a wall." But the third explains he's "constructing a children's cancer research facility."
Friday, January 18, 2019
The tax law permits you to deduct home office expenses if you "regularly and exclusively" use an area of your home as either: •Your principal place of business. •A place to meet or deal with clients, customers or patients in the normal course of business.
Thursday, January 3, 2019
Direct labor is one of your biggest costs, but tracking it can be an administrative nightmare. Workers often bounce from site to site, incur different labor rates for each job, and record time by hand, leading to all kinds of potential mistakes.
Thursday, December 20, 2018
The death of an employee who fell two stories to his death at a Massachusetts construction site might have been prevented if his employer had supplied the required fall protection, according to the Occupational Safety and Health Administration (OSHA).
Friday, December 7, 2018
Construction site theft is an expensive, growing concern. Costs rise as contractors lose building materials, tools and equipment and liability insurance premiums rise. Often those losses are passed on to customers.
Monday, November 26, 2018
Want three ways to cut Workers' Compensation premiums? Safety, safety and safety. Make it a priority and charge everyone who works for you with responsibility. One company, which made a top-down commitment to safety, reduced accidents and injuries by 50 percent in five years and saved more than $800,000 in Workers' Comp premiums.
Thursday, November 8, 2018
Job costs are the lifeblood of your construction business and accurately estimating them will determine if a project will make money. Managing job costs across the life of the project will ensure that your firm makes money on every job. Moreover, those job-by-job profits make the office and your executive salary possible.
Thursday, October 25, 2018
Construction project financing and cash flow management are unique for several reasons.
Thursday, October 11, 2018
Construction employers are fined millions of dollars each year for OSHA violations. The citations that result in fines are often overlooked by supervisors. Although employees usually receive generic information about OSHA standards in most workplaces, it's important to implement training procedures that make OSHA's rules clear.