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But financial operations automation can help contractors navigate these changesand thrive. Thu, 04/10/2025 - 12:00 1:00 p.m. Central The construction industry has faced a major shift in market conditions in recent years.
For contractors, financing is a key step to securing the equipment needed to keep their businesses running. In spite of this, for those looking to finance equipment, the process can often be difficult and confusing.'
Many contractors, both small and large, finance their equipment and software rather than purchase with a lump sum payment because of the cash flow benefits this practice can bring to their businesses. Gross Domestic Product and the Equipment Leasing and Finance Foundation, $0.56 was financed. was financed.
Labor shortages are a critical issue with 77% of contractors reporting increased difficulty in filling skilled craft positions compared to a year ago. While post-election economic policies are still being determined, lower interest rates and inflation are opening financing options for construction project owners.
Unfortunately, much of the responsibility of managing additional work falls on you and your finance team. We’re here to share insights into why technology is key to scaling your finance operations. Learn how you can navigate the increased complexity of managing more projects without adding headcount.
HR, Finance and Accounting Professionals: Learn How to Work Smarter Not Harder at Collaborate 2018. Tax Planning Strategies for Construction Contractors. Not a HR, finance or accounting professional? In the construction industry, no two days are ever alike. 15-18 in Portland, OR) and we want to see you there! Don’t miss out!
To help contractors prepare, Viewpoint recently hosted a webinar on how contractors can get ready for the new standards. So where should contractors start? First, contractors need to know the timeline of the new changes and what the standard includes. With these three steps: Know the Technical Standard.
Standard market surety – how contractors can swing back safely from non-standard. Although 2021 projections are looking up, this unprecedented economic situation put many contractors in a tough spot, with uncertain financials making them only eligible for more expensive nonsurety bonds. Accounting & Finance. Greg Ragsdale.
In 2020, there was some tightening of surety credit for certain sectors, but generally speaking, the premier contractors had no issues securing bonds and that trend is expected to continue and the surety and finance industry is forecasted to be robust for the remainder of 2021 and into 2022.
Navigating the world of finances can sometimes feel like trying to build a house without a blueprint. Between managing budgets, keeping track of expenses, and ensuring you're compliant with tax regulations, it's easy to feel overwhelmed. That's where your financial dream team comes in!
Setting financial goals for your construction business may be one of your most important responsibilities as a leader and business owner. Your financial goals serve as far more than wishful projections; they form the backbone of your road map for success, both internal and external.
In challenging economic times, contractors need to be especially vigilant for warning signs such as uncertain financing, incomplete drawings or an owner with a bad reputation, experts say.
Navigating the world of finances can sometimes feel like trying to build a house without a blueprint. Between managing budgets, keeping track of expenses, and ensuring you're compliant with tax regulations, it's easy to feel overwhelmed. That's where your financial dream team comes in!
Despite tightening credit, high project financing costs and lingering recession fears, the country’s biggest contractors continue to book more new business, said Anirban Basu, ABC chief economist.
If you haven’t built a building in the last couple of years, you may be surprised when your banker tells you that they want to hire a Title Company to handle all of your payments to not only the General Contractor, but also directly to the General Contractor’s second tier Sub-Contractors. Why should you care?
It is time for contractors to get serious about the new accounting lease standard. It is time for contractors to get serious about the FASB ASU 2016?02 While both operating and finance leases will be recorded on the balance sheet, expense recognition is different. Accounting & Finance. accounting and finance.
When a property owner wants to finance the construction of a new building, they typically have to obtain two loans: one loan for the mortgage on the completed home, and another for the land purchase and construction expenditures. Contractor risks with a construction-to-permanent loan. What is a construction-to-permanent loan?
One of the biggest challenges that contractors’ finance and accounting departments face is keeping up with all of the ever-changing tax regulations, incentives and procedures. She discussed the new 21 percent flat tax rate on C-Corps and what that could mean in terms of tax savings for large contractors.
The power of effective bookkeeping using QuickBooks Desktop - plus an Important Update from Intuit. Keeping track of sales, earnings, expenses, and purchases is fundamental to your construction business's overall health and sustainability.
The reasons most often cited for dated information are lack of access to this data at the right time, query driven reporting and a reliance on accounting/finance for information. These modern construction software solutions are helping contractors transform their operations in today’s digital age.
ESOPs as an Alternative Buyer for Construction Companies ccapoccia Thu, 04/13/2023 - 14:33 In an economic environment defined by ever-increasing interest rates, traditional market debt financing doesn’t provide liquidity to corporations as it did in the past.
Rising costs during a construction project affect not only the project’s profitability — they affect a contractor’s ability to survive. Contractors must manage costs while staying competitive with other contractors bidding for the same work. Related: 5 ways contractors can tackle a construction labor shortage.
Contractors today deal with challenging projects, often with multiple performance obligations. When implemented properly, they offer improved cash flow and better accounting insight, which benefits contractors and customers. New revenue recognition standards will require contractors to adjust accounting practices.
In this busy construction market, contractors are always looking for ways to find more skilled workers to fill important roles on their teams. Contractors who do manage to find the workers they need also face another challenge: retaining those employees.
A construction loan is high-interest, short-term financing that you can use to custom-build your home. Upon approval, the money is sent to the contractor in intervals as the construction work progresses. If the appraisers approve, the lender makes more draw payments to the contractor. What to consider about construction loans.
If you’re a contractor or safety professional, these changes are more than just another to-do on your compliance listthey bring important updates for recording and submitting workplace injuries and illnesses. Low-hazard industries like retail, real estate, and finance may get a pass. Not all industries are in the mix, though.
Financing is a critical component of construction projects, influencing everything from project scope to execution. Understanding the regulations surrounding construction project financing is essential for developers, contractors, and stakeholders. Financing options may include loans, equity financing, and government grants.
Minnesota Contractors Argue Against Testing, Vaccination Mandates. The Associated General Contractors of Minnesota, along with other construction trade groups, took a stance against the state’s mandatory COVID-19 vaccination requirements, saying the mandate would be costly and time consuming. cbroderick. Fri, 08/27/2021 - 09:51.
You must secure financing for the project. Developers must understand the various financing options, such as traditional bank loans, private equity, and government programs. The developer may also be responsible for arranging to finance the project, which can consist of a combination of equity and debt.
When attending this event, I always try to find the key takeaways for clients like shopping center landlords, retail developers and restaurant operators, plus, national commercial general contractors such as Englewood Construction. Commercial construction financing is available for viable and stable projects. Dealing with e-commerce.
You might have a more challenging time getting financing for new projects and have to pay more for the funding you get. When interest rates go up, borrowing money becomes more expensive. This can impact your ability to make a profit on construction projects.
Roofing isn’t a one-person job; you’ll need, at least, two roofing contractors to work on a single site. Plus, establishing your business credit will make financing your business easier. . If you have more projects, you’ll need to hire more workers to go to various working sites. 8) Brand name. 11) Accounting.
If you’re a contractor still using too many manual processes or having to do even more work because of outdated technologies, that last item might be foremost on your mind, and it might be time for a change. Contractors commonly complain of inadequate cost control, disconnected billing systems, inefficient approval workflows and more.
Most specialty contractors would agree, on every project, the two most important budget items to manage with the utmost accuracy are labor and material.
Recent major projects for major contractors include the City of London Academy, the Jersey International Finance Centre and One Capital Square, Cardiff. The firm has been in business since 1997 and specialises in the design, manufacture and installation of architectural precast facades.
Planned $237M purchase ends after few weeks, with Italian contractor missing deadline for $20M loan to prop up Clough finances, and "no reasonable prospect" of deal being completed, firms say.
Financing terms with a lender. Owning your business requires many skills, and among the most important might be the ability to manage negotiations. As a business owner, you could find yourself negotiating in many circumstances, such as: Salary and job expectations with a potential employee. Payment terms with a supplier.
Ours is an industry that builds wealth and a better standard of living by actually creating something, not just through creative finance. A contractor and everyone working with them on a project can point to that project after completion and say “We did that.” And it is usually something that lasts.
However, they may also face challenges such as limited resource access, difficulty securing financing, and increased competition from larger firms. Due to their size, they are often more flexible and able to adapt to market or project scope changes. Over the years, we have had many successful construction clients.
The goal of every construction project management is to complete the project, and the balancing of resources, finances, time, and feasibility plays a crucial role in its completion. . They can choose to either put up a bid or let general contractors bid to build the project. This process is called a design, bid, and build contract.
Managing cash flow in the construction industry is difficult in any economy, but during a recession, specialty contractors face even more financial challenges than usual. One of the most significant challenges during that time was the lack of financing for commercial construction companies.
When contractors are willing to share their knowledge and expertise with others, it creates a sense of community and fosters growth and success for everyone involved. Additionally, when contractors are generous with their time, resources, and even their finances, it can significantly impact the success of other businesses and individuals.
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