Under the offsite construction model, major building components or even entire modular structures are prefabricated in manufacturing facilities and transported to job sites for assembly. For various reasons, including lessons learned during the pandemic, it’s become increasingly popular. From a public health and safety perspective, offsite construction reduces the need for onsite labor. Source ..read more

For construction business owners, the arrival of a new year should mean two things: high hopes for a busy twelve months and tax planning. Let’s focus on the latter with some tried-and-true fundamentals. Like any type of business, construction companies can generally deduct ordinary and necessary expenses. These may include tools, office supplies, utilities, insurance, wages, training… Source ..read more

At some time or another, construction company owners must hang up their hard hats. But what will happen to your business when you retire or move on to the next professional opportunity? And what if you suddenly can’t work for an extended period because of illness or injury? Having a succession plan in place is vital to ensuring business continuity. Even if you’re nowhere near retirement… Source ..read more

Some contractors might assume hackers won’t bother with smaller construction businesses. Sadly, they’d be wrong. Construction companies tend to have high turnover rates, which means they store lots of personal data on past and present employees. And they usually have access to technical plans and information about building management systems, which can now often be accessed (read: hacked)… Source ..read more

The construction industry is renowned for its quality craftsmanship. However, it’s also sometimes known for a historical reluctance to adopt new technology. When it comes to your construction company’s accounting and financial management, there’s never been a better time to lean into technology to improve how you handle these mission-critical functions. Here are some ideas to consider. Source ..read more

As year-end approaches, it’s time for some calendar-year businesses to perform physical inventory counts. This activity is more than a time-consuming chore; it’s an opportunity to improve your company’s operational efficiency. Here are some best practices as you prepare to count your inventory and guidance on how to get more from these counts. Accurate inventory counts are essential for many... Source ..read more

Construction companies are required to obtain surety bonds on many types of projects — particularly those that are publicly funded. The bonds essentially guarantee that the work will be completed one way or another. Contractors are urged to manage their operations and financials carefully to preserve or, better yet, increase bonding capacity. But what is this, really? Simply defined... Source ..read more

Accurate estimates are at the heart of every construction company’s financial success. They provide your team with a foundation to create project budgets, control costs, manage cash flow, and ensure profitability. In a perfect world, initial estimates would match actual costs at the end of every job — with no hint of cost overruns or profit fade. But, let’s be honest, that hardly ever happens. Source ..read more

Section 179D of the Internal Revenue Code allows a deduction for the cost of energy-efficient improvements to new or existing commercial buildings, as well as certain residential rental buildings. Originally a temporary incentive that was renewed several times, the tax break became permanent under legislation passed in late 2020. The legislation also called for the maximum deduction amount to be... Source ..read more

Here’s an often-overlooked fact: Meticulous recordkeeping plays a key role in running a successful construction business. Without proper documentation, you’ll likely struggle to support your position if a dispute arises. Worse yet, you may be unable to adequately defend yourself in the event of a claim. The simple truth is properly documenting your work can have a big impact on your construction... Source ..read more