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The Value Of Documenting Effective Construction Business Systems

Contractor Bookkeeping

Unfortunately, when a construction business grows, and staff need to be hired – or the owner needs to take time away from the company – it's an absolute liability not having processes and systems documented in one place. To be in business and to remain in business, become a business person!

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The Impact of ASC 842 – The New Lease Standard Is Here

Construction Business Owner

It is time for contractors to get serious about the new accounting lease standard. 02 ASC 842 Leases, the new lease accounting standard issued by the Financial Accounting Standards Board (FASB). The prior accounting standard (ASC 840) only required capital leases to be included on the balance sheet. Accounting & Finance.

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Lendlease recladding costs soar to £151m

Construction Enquirer

He said the liability primarily related to buildings developed by house builder Crosby, acquired by Lendlease in 2005. At the half-year, Lendlease put its liability at around £100m but by June 2023 this has jumped by an extra £51m. Lendlease still does not have documentation for a number of buildings.

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Subcontractor Insurance: 7 Policies Subs Should Consider for Their Business

Levelset

“If something goes wrong, liability could hit the GC’s policy, which dilutes liability insurance limits, negatively impacts their claims history, and forces them to deal with a claim that’s not really their fault.”. General liability insurance. For example, assume you paint residential structures of all types.

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YOUR PERSONAL LIABILITY FOR WORKPLACE SAFETY

Safety Services Company

In many cases, OSHA (along with other federal entities which oversee the management of niche hazards, such as the Department of Transportation) is the primary body which ensures employers are held accountable for their workers’ lives. The OSH Act covers penalties which can occur a result of safety compliance violations.

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How to Effectively Maintain Your Third-Party Auditor Account

Safety Services Company

Insurance Documents: General Liability, Automobile Liability, Limits, Workers’ Compensation, Experience Modification Rates, etc. Keeping your third-party auditor account maintained is crucial to remaining eligible to work with these important Owner Operator companies. 4. Document (Correctly). 1. Monitor.

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House Builders Want Unique Construction Accounting

Contractor Bookkeeping

Builder Accounting begins with a proper QuickBooks setup For Spec Home Builders. Understand to get good, usable information out of any accounting system that they need to be an active participant and code the paperwork. Accountants do not have a crystal ball and or a magic wand…It Is True – Garbage In = Garbage Out.