Finance

Be a Good Neighbor: Protect Against Claims by an Adjacent Landowner During Construction

Construction in close quarters can mark the beginning of costly and emotional disputes, which can escalate to costly legal battles during and after construction. Here's how contractors can avoid a lawsuit.

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.

Surcharging Helps Preserve Profits in a Troubled Economy

by Jonathan Razi | Aug 22, 2020
Business | Business Development | Finance

Given today's uncertain economic climate, it’s more vital than ever for construction professionals to find ways to minimize costs while answering customers' needs, safeguarding profits and elevating their competitive profiles.

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.

What Contractors Don’t Know About Equipment Leases Could Cost Them a Fortune

by Marc Betesh | Aug 15, 2020
Departments | Equipment | Finance | Fleet Management

It is never too late to negotiate, or renegotiate, lease agreements—especially when market conditions have changed. In the shadow of COVID-19, businesses are evaluating every aspect of their operations and restructuring lease agreements for assets and property to conserve cash and gain better control over their portfolios.

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.

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

by Nitin Gulati | Aug 8, 2020
Accounting | Business | Finance | Project Management

Big-budget construction projects require general contractors that are capable of handling large-scale work with not only an effective project management team, but also a strong financial foundation.

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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Be a Good Neighbor: Protect Against Claims by an Adjacent Landowner During Construction

Breaking Down the Work-in-Process Schedule

Surcharging Helps Preserve Profits in a Troubled Economy

Steps Contractors Should Take After Receiving a PPP Loan

What Contractors Don’t Know About Equipment Leases Could Cost Them a Fortune

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

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

Potential Construction Liabilities Contractors Need to Know

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