Construction Archives - Page 2 of 6 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Navigating Payroll Tax Compliance in Construction

The construction world is constantly evolving, and as projects grow in scale and complexity, so do the administrative challenges. For construction business owners, payroll tax compliance is not just a line item on a checklist—it’s a cornerstone of your operation. As a firm with years of experience working with construction businesses, we’ve seen firsthand the …

Mastering uncertainties and embracing predictability are among the most challenging aspects of managing construction projects. Work In Progress (WIP) schedules emerge as a powerful tool for taming these uncertainties as volatility becomes the norm. Their ability to provide real-time, actionable insights makes them an invaluable asset for savvy construction business owners. Demystifying WIP Analysis …

As a construction business owner, navigating the financial intricacies of your industry can be daunting. Between managing contracts and tracking new regulations, the shift from ASC 840 to ASC 842 in lease accounting standards may seem like just another complexity. However, understanding these changes and their implications is key to ensuring your business’s financial stability …

Profit is the heart of success for any construction job, particularly in an industry known for its wafer-thin margins. Job costing is a powerful tool, helping forecast expenses and identify potential issues before they nibble away at your profit. How can the project be completed within the budget constraints? What risks loom on the horizon? …

Cash flow is a major concern for most construction firms. When cash is low, it could mean being unable to make payroll or purchase supplies for an upcoming project. If that happens, it’s more than the immediate profit at stake; you can damage your firm’s reputation and success. These tips can help you understand how …

Fraud. Scam. Phishing. Regardless of what you call these illicit activities, it’s important to protect yourself against the bad players that take advantage of weaknesses for their gain. Not only is it inconvenient, but there’s often a financial cost when you’re a victim of fraud. The IRS releases an annual ‘Dirty Dozen’ list featuring the …

As a business owner, you understand the importance of making the right decisions and keeping your finances to survive. When you want to thrive, however, you need the kind of insight and experience that will drive strategy and deliver results. The sharp financial perspective of a CFO can make a world of difference in a …

Ransomware attacks aren’t new, but construction firms of all sizes could get caught in the middle of one – even with protection. Data shows the construction industry is among the most targeted for ransomware and other types of digital schemes. Luckily, there are steps firms can take to make themselves less attractive to hackers or …

Like most other businesses, construction firms are open to more scrutiny than ever. Investors and consumers can research company initiatives and review experiences through social media and popular review sites. This more informed collective cares about who they are doing business with, not just what the construction firm can do for them. With all this …

Standard accounting has rules and regulations for businesses in every industry. Some industries, like construction, need a more tailored system to understand their business’s financial picture. In addition to accounts receivable, accounts payable, and payroll, contractors must consider job costing, change orders, progress billings, and customer deposits. Construction accounting offers more in-depth options for tracking, …