How Smaller Contractors Can Improve Year-Over-Year Profits

How Smaller Contractors Can Improve Year-Over-Year Profits

Smaller contractors rarely have the resources to set off a major overhaul in a short time. But, in an industry so tied to overall economic health (and therefore volatile) as construction, it’s not uncommon for contractors to run into unexpectedly tight finances. In these situations, contractors have to figure out ways to improve year-over-year profits…

5 Tips for Accurate Construction Job Costing

5 Tips for Accurate Construction Job Costing

A construction business is like a three-legged stool. One leg is the ability to build the structures that customers are looking for, the second leg is customer service and marketing, and the third leg is accounting. No business can run successfully without accurate accounting but for construction, where the costs of a project can vary based…

5 Reasons a Paperless Accounts Payable System is Good for Your Construction Business

5 Reasons a Paperless Accounts Payable System is Good for Your Construction Business

The overall financial outlook for construction in 2018 is consistent and stable. Commercial construction is expected to see a 12.4 percent increase in starts, while residential projects will see growth at six to nine percent. While the industry, in general, has seen a resurgence since the recession, individual companies are facing challenges to profitability. Analysts…

Prepare to File 2017 Tax Returns Now

Prepare to File 2017 Tax Returns Now

It’s never too soon to start preparing to file your federal income taxes. The IRS will begin processing tax returns for 2017 on January 22, 2018. Tax season is a busy time but it doesn’t have to be a headache if you start organizing now. Doublecheck your company files. You need to supply your accountant with…

Determining the True Cost of Payroll

Determining the True Cost of Payroll

Construction is a risky business, highly competitive, and seasonal. Budgeting is crucial, but construction company owners delegating the management of their accounts and payroll to a bookkeeper may not know how much their employees are really costing them. Business Insider reports that 70% of small businesses, those employing up to 100 employees and having assets of…

Four Reasons Why Controlling Labor Costs on a Daily Basis is Important

Four Reasons Why Controlling Labor Costs on a Daily Basis is Important

Are labor costs helping or hurting your bottom line? How much time are crews wasting each day? Consider this. If you have a 20-person crew and each employee wastes just three minutes per hour, that’s eight hours of wasted time by the end of the day. That’s the equivalent of one employee’s full day’s work.…