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Assessing Key Tax Methods for Contractors ccapoccia Tue, 12/17/2024 - 14:24 C ontractors face challenges that necessitate careful consideration of accounting methods for their contracts, especially for tax purposes. The choice of tax accounting methods for contracts can significantly impact financial statements, cashflow and tax liabilities.
5 Tax-Saving Opportunities After Year-End ccapoccia Tue, 03/04/2025 - 09:35 Tax planning is critical in managing cashflow and ensuring the government gets no more than its fair share. Most contractors know they must manage taxes but may be too busy to plan. However, there are still options to mitigate tax liability.
In the world of small businesses, positive cashflow is king. The driving force keeps your business engine running smoothly, covering all your liabilities. Cashflow problems ensue, threatening the survival and growth of your construction business. But what happens when outflow exceeds inflow?
Data Security in the Cloud » Collaborating on Cashflow. The topic of cashflow never seems to get old – after all, sustained negative cashflow often results in slashing budgets, personnel, and in the worst cases shutting down of a company. Technology for Collaboration & CashFlow.
Many State and Federal projects require a contractor to be bonded. In a way, a surety bond is like insurance; it is a three-part agreement between the contractor, the organization requiring the bond (e.g. This report illustrates how a contractor bills a client versus the work they have actually completed. So let’s talk bonding.
Cashflow can make or break any business, especially in the construction industry. To successfully grow, construction firms need to effectively manage cashflow to procure materials, pay vendors and salaries, fund new projects, and finance other day-to-day business operations. This is a trap contractors often fall into.
In the meantime, service agreement customers are a source of cashflow and are predetermined to call you instead of your competition when repairs are necessary. The Balance Sheet is the summary report which shows all of the assets minus the liabilities which equals the "Book Value" or owner''s equity. Five Benefits. #1
While there are numerous reasons to change software applications, there are two that regularly come up in our discussions with prospective clients: cashflow control and project cost control. Back to CashFlow. Public Exposure and Liability on Construction Sites. Wally Evans Blog. Recent Posts. February 2009.
» Relationship between the designer and the contractor. One part of our industry that I simply cannot get my head around is the oftentimes adversarial relationship that exists between the building design professionals and the building contractors on a particular job. Public Exposure and Liability on Construction Sites.
A lot of contractors have asked me about Section 179. Most of these contractors are considering an investment in equipment or software, and they want to know if it can actually help their construction business. Public Exposure and Liability on Construction Sites. The Best Time to Go Live is…. Wally Evans Blog. Recent Posts.
Professional liability insurance provides contractors coverage from financial losses that happen as a result of their errors, mistakes, or negligence. For instance, a plumber who fails to properly lay a pipe could cause water damage that leads to an expensive repair for the general contractor.
It crystallizes our mission to make contractors’ jobs easier and we put that mission into our own words: “When better is possible, good is not enough.” For instance, Foundation Software’s vision is this: “To provide the best in accounting software and service for the labor intensive contractor.” Wally Evans Blog. Recent Posts.
Committing Intentional Project Communications » Public Exposure and Liability on Construction Sites. The contractor doing the work was working for the city at the time. Points to Ponder: It is the contractor’s responsibility to create a work area and zone free from hazards that could cause injury or harm to persons or property.
You know, lots of contractors using an off-the-shelf accounting program ask me the same question: Why is construction-specific accounting software so much more expensive? Construction-specific systems allow contractors to instantly track and analyze job progress and performance. Public Exposure and Liability on Construction Sites.
One problem that even the most savvy contractors deal with is profit fade, when a job continues to incur additional costs that are not factored into the estimate. In turn, profit fade can dramtically affect cashflow and hinder the possibility of booking new jobs. Public Exposure and Liability on Construction Sites.
Previously, we discussed some ways to improve cashflow within a company. This evolved from a question that was posed by contractors on a message board regarding the difference between profits and cash. It’s the financial statement that summarizes the company’s assets, liabilities and equity at any moment in time.
I know a lot of contractors are getting into bidding season, and this got me thinking about communication. I know from my days as a general contractor that plans and specifications are altered continuously as subcontractors become involved, materials are changed, and change orders are issued. And then you wait. Wally Evans Blog.
Mid-January is a time of reflection for many contractors. Public Exposure and Liability on Construction Sites. Home » Blogs. « “How good do you want to be?” ” Pardon the Commercial Interruption… » Year-End Wake Up Call. Creating year-end financial reports. Closing your general ledger. Recent Posts.
Working capital measures the difference between a construction company’s current assets and current liabilities. Businesses whose assets (like cash, accounts receivable, inventory, or materials) exceed the value of their liabilities (like wages, debts, vendor payments, or overhead costs) have working capital to use to maintain or grow.
Many contractors go into business because they’re great at what they do. I know a successful excavating contractor that took over his father’s grave digging business when he was younger. Public Exposure and Liability on Construction Sites. Wally Evans Blog. Recent Posts. Is There No Free Lunch or Construction Software?
» Contractors Seeking Credit Should Prepare to be Prepared. Bank lines of credit are lifelines for many contractors, yet convincing a bank to provide or renegotiate a line of credit is not easy. Many contractors negotiate payment due dates with their vendors to get themselves out of short-term cash binds.
It requires written standards that can be referred to at any time by employees, sub-contractors, and clients alike. If a sub-contractor tried to pass off second-rate bricks, or if lines of communication with the client temporarily broke down, lessons can be learned for future instances.
Public Exposure and Liability on Construction Sites » Better Project Management through Better Communication. Contractors need to proactively evaluate and address how project teams – including subs and vendors – are communicating. Public Exposure and Liability on Construction Sites. Home » Blogs.
For those of you contractors doing government work: relish the competition involved with bidding. Public Exposure and Liability on Construction Sites. Even if you’re already good at what you do, competition is healthy. Competition is what makes us strive for success, what makes us work harder and what makes us want to be the best.
One of my favorite parts of this job is getting to talk with professionals in the industry who work with contractors for a living. And, let’s face it: the kind of individual driven to be a general contractor is often not the kind that relishes tedious office work and long hours spent analyzing numbers. Wally Evans Blog. Recent Posts.
Contractors in today’s marketplace are caught in the middle of a paper and paperless culture. Many contractors haven’t taken advantage of digital document solutions, and the ones that have are still dealing with high volumes of data. Public Exposure and Liability on Construction Sites. Wally Evans Blog. Recent Posts.
There is just something special about being around contractors. One of the things I enjoy most about my position at ComputerEase is that I have the opportunity to deal with different contractors everyday and have the opportunity to help them with their construction software needs. Public Exposure and Liability on Construction Sites.
« Public Exposure and Liability on Construction Sites. Let’s look at a few important improvements that most contractors can make. It’s obviously to your advantage if your partners have easy access to your project documents – from owners or other contractors employing you to the subs and vendors you employ.
What happens when construction expert George Hedley gathers 15 different contractors from all over the country, puts them in a room for 2 days and leads an open discussion? Ideas start flowing and problems are solved. What I can tell you is encouraging: There are contractors who are succeeding in this economic climate.
Evaluating a subcontractor’s health before awarding work has become more important than ever for general contractors. Formula: (Cash and Cash Equivalents + Marketable Securities + Accounts Receivables) / Current Liabilities . Formula: Current Assets / Liabilities . Days of Cash on Hand . Current Ratio .
Relationship between the designer and the contractor » The Difference Between Selling Used Cars and Selling Software. They just plod along telling unsuspecting contractors that their software can do everything imaginable. Public Exposure and Liability on Construction Sites. Construction Business Owner Magazine.
One of my favorite books is Good to Great by Jim Collins, which crystallized our mission to make contractors’ jobs easier, characterized by the quote, “When better is possible, good is not enough.” Public Exposure and Liability on Construction Sites. Wally Evans Blog. Recent Posts. Is There No Free Lunch or Construction Software?
I know a lot of construction business owners (especially contractors who have grown their small businesses into medium-sized companies) who were once “digging graves with a shovel.” Public Exposure and Liability on Construction Sites. Especially if your company grows, and there’s a lot more, well, digging to do. Wally Evans Blog.
Construction projects rely on contractors completing the work they started and meeting the design intent. In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor.
I was in a conference room full of general contractors a couple of years ago, and the presenter asked, “How many of you prequalify your subcontractors?” When I was a general contractor, I sent out invitations to bid, but the communication didn’t end there. Public Exposure and Liability on Construction Sites. Wally Evans Blog.
Contractor, do for me? It is up to us, the contractor, to shape the message effectively and communicate to the client what the building will cost, an estimated time line to completion and any inherent issues that need to be addressed as early in the project as possible. Public Exposure and Liability on Construction Sites.
« Contractors Seeking Credit Should Prepare to be Prepared. Public Exposure and Liability on Construction Sites. About Us Contact Us Advertise Press Releases Upload Artwork Via FTP -->. Free Subscriptions. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. Home » Blogs. Wally Evans Blog.
Connection between our company and our customers, between industry peers, between contractors and their project teams. Public Exposure and Liability on Construction Sites. We are in the final week of preparing for our annual Users’ Conference , and I couldn’t be more thrilled. Our conference theme this year is Connection. Recent Posts.
Contractors work in the middle of a chain of risk passed onto them. Even if this doesn’t become an actual source of profit in and of itself, contractors who actively work to understand and control risk are in a position to make smarter project decisions that lead to higher profit margins. Wally Evans Blog. Recent Posts.
Venture tools are built to give contractors visibility and control over three key areas of construction operations: Documentation. I remember the amount of time I used to spend as a general contractor following up on project notifications and issues. Public Exposure and Liability on Construction Sites. Communication.
« Relationship between the designer and the contractor. Public Exposure and Liability on Construction Sites. Free Subscriptions. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. Home » Blogs. Don’t Dig Your Own Grave! » My How You’ve Grown! 26 years old. Recent Posts.
With web-based software, these mobile devices are capable of running complete versions of a company’s enterprise software, resulting in real-time information flowing freely from the field to the office and a true collaborative environment. Contractors and software vendors alike keep looking for better ways to connect the two.
When You Hire A 1099 Contractor They May. Having a contractor’s license is not proof enough you are a business verses an employee. If you hire a 1099 Contractor (Specialty or Trade Contractor) they just become your employee in the eyes of the tax agencies. When a being a licensed contractor is just not enough!
Public Exposure and Liability on Construction Sites. Tags: accounting , construction , contractors , features , foundation , job costing , software , support. You deserve a great support system, so make sure you do your research when looking into new construction accounting software, or any software for that matter! Wally Evans Blog.
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