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Category: Contractor Chronicles

Navigating the supply and demand challenges in the construction industry

The rising cost of construction and delayed timing for completion of projects has been a major problem in the construction industry in 2021. Contractors and consumers have been subject to the rising cost of construction materials in everything from wood to copper, aluminum to paint. This is a combination of unprecedented levels of demand and bottlenecks in the […]

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Implementing the new lease accounting standards for private construction firms

During the uncertainty of the pandemic in 2020, the Financial Accounting Standards Board (FASB) granted a temporary reprieve for private companies, delaying their deadline for implementing new lease accounting practices. If your construction firm is privately held and hasn’t yet adjusted how you report leases on your financial reporting documents, keep reading for more information […]

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These 5 mistakes are costing your construction firm

Do you find that the percentage of profits displayed on the financial statements for your construction firm doesn’t match the markup percent you bid out? It’s not uncommon to see these discrepancies, but there are ways to minimize them and maximize your profitability.    Construction firm accounting, overhead variables are constantly in motion as travel time, fuel costs vary by job site location, […]

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Prepare your construction business for the next economic downturn

The effects of the COVID-19 pandemic have been unprecedented and far-reaching. Nearly every industry across the world has been impacted in some ways forcing market slowdowns and, in some cases, complete business closures. It’s an unprecedented economic crisis – more challenging than even 2008 in some ways – and the effects have been far felt […]

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Nine financial KPIs construction firms should be tracking

Most industries came to a halt last year when the pandemic shut down businesses around the world. When manufacturers adjusted operations, taking necessary precautions to protect employees, it created a ripple effect of shortages in other areas, including lumbar, tile, and other supplies used to build houses. Amidst all the uncertainty, it may seem easier […]

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