Accounting

Breaking Down the Work-in-Process Schedule

by Robert Mercado, Megan Moriarty | Sep 3, 2020
Accounting | Business | Finance | Project Management

An in-depth and clear understanding of the WIP components is an essential tool to ensure any potential detriments are addressed immediately, thereby reducing any potentially negative impact on a contractor’s financial statements.

Steps Contractors Should Take After Receiving a PPP Loan

by John Gallo | Aug 20, 2020
Accounting | Business | Business Development | Finance

Once a PPP loan has been obtained, contractors should work immediately to bring back employees, track expenses by employee and prepare to apply for loan forgiveness right away, which is a huge benefit for all businesses able to obtain this loan.

Topic 606: A Retrospective Review of Revenue From Contracts With Customers

by Robert Mercado, Christopher Sisk | Aug 13, 2020
Accounting | Business | Contracts | Finance

The most significant impact of Topic 606 on construction contractors’ financial statements relates to the presentation of contract assets and contract liabilities, and the disclosures associated with Topic 606. The recording of what is known as “the cost to fulfill a contract” is another area that has been affected.

Five Things Every Auditor Needs to Know About Taxes This Year

by Robert Nevill | Aug 10, 2020
Accounting | Business | Taxes

Here are five things that every auditor should be able to discuss with construction clients for this coming tax year.

Potential Construction Liabilities Contractors Need to Know

From financial imbalance to trouble retaining cash flow, circumstances are unfavorable for contractors that rely on banks for surety credits. To prevent loss of liquidity, contractors should use software and other technology to keep their accounting data in place and avoid risks with project deliveries.

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Breaking Down the Work-in-Process Schedule

Steps Contractors Should Take After Receiving a PPP Loan

Topic 606: A Retrospective Review of Revenue From Contracts With Customers

Five Things Every Auditor Needs to Know About Taxes This Year

Potential Construction Liabilities Contractors Need to Know

Contractors as Bankers: The Good, the Bad and the Ugly

Accounting and Financial Statement Considerations in the Era of COVID-19

Deconstructing the Income Statement

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