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Category: Contractor Chronicles

5 steps to a successful succession plan for construction firms

One of the less-talked-about economic side effects of the COVID-19 pandemic is the number of experienced professionals retiring or shortening their retirement timeline. This opens up opportunities for the next generation to step into their shoes, but it also comes with some challenges. Not having a succession plan in place can create uncertainty and unnecessary struggles for your construction firm’s new owners or leadership team.  Why […]

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Internal controls can help prevent fraud for construction firms

The general nature of the construction industry opens up opportunities for firms to fall victim to fraud. The Association of Certified Fraud Examiners (ACFE) reported the median fraud-related loss for construction firms at $200,000 for each incident between January 2018 and September 2019. In addition, 32% of survey respondents said they did not have internal controls in place, while 18% told the ACFE they regularly overrode existing internal controls.   Establishing internal controls is essential to prevent fraud and catch fraud attempts before too much damage is done to the construction firm. Here’s why construction […]

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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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