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Here’s a brief glance at what you’ll find in the March/April issue…
For the owner of a general contracting business in a mostly urban rehab/high-rise market, times were tough. With the economy in gradual recovery mode, work was slowing down and competition was stiff. So, during a visit to his financial advisor, the owner asked for ideas on gaining an edge. She had one that he found quite surprising: supplementary certification. Contractors who seek certification beyond what’s required for licensure, she explained, are in a better position to compete for business and broaden their horizons in areas they wouldn’t normally explore. She mentioned several well-known organizations where he might go for continuing education and certification courses.
Project delays occur for a number of reasons, and can range from small misunderstandings to huge conflicts that may put the financial success of a project on the line. But there are five steps that will help a contractor get to the finish line quicker by getting off to a better start: checking the owner’s financing; having a specific, well-defined contract; collaborating with all parties on a plan of action; creating standardized information management systems and processes; and choosing suppliers wisely. A sidebar to this article lists key questions that a contractor should ask potential vendors when considering a shift to paperless operations.
This tax season, some construction companies may find welcome relief from an uncertain economy and challenging marketplace because of the recently extended net operating loss (NOL) carryback period. This provision is part of the Worker, Homeownership and Business Assistance Act of 2009, a bill passed last November that aims to create jobs and offer respite to struggling businesses and the unemployed. The newly renewed NOL rules allow most businesses to carry back their NOLs for up to five years, instead of the previously sanctioned two.
As the local market picks up or slows down, contractors need to know exactly where they stand financially to reasonably decide whether to move boldly forward or pull conservatively back. And when it comes to determining financial standing, the more accurate and precise one is, the better. That’s where certain key financial measures come into play. This article discusses such measures as return on assets and return on equity, along with a number of important ratios.
Presentations
Preventing and Detecting Fraud in Construction Companies - 2005
The Revolving Surety World; 2005 Presented by Smith Currie & Hancock, LLP
Find out how our expertise in construction accounting can add value to your business. Email us or call us at 1 (888) 875-9770.
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