With the Infrastructure Investment and Jobs Act (IIJA) now actively funding projects, a new chapter unfolds for the construction industry. This landmark $1.2 trillion legislation is more than just a promise; it’s a reality shaping the future of infrastructure in America. As construction business owners and contractors, understanding the implications of this funding and preparing …
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As a business owner, do you wonder whether to focus more on profit or cash flow? Understanding the nuances of financial management is crucial. At the heart of this are two fundamental concepts: profit and cash flow. Profit measures your business’s financial gain, while cash flow represents the movement of money in and out of …
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Gaining a competitive edge in today’s market requires more than understanding one’s financials. It requires using financial metrics strategically to enhance business success. The Profit Margin Ratio is a crucial financial metric that predicts future viability and competitiveness. Understanding the Profit Margin Ratio Profit margins allow businesses to identify operational efficiencies or deficiencies. It’s not …
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In construction, change orders are a common yet complex aspect that can significantly impact a project’s profitability. As an accounting firm specializing in construction, we understand the challenges and opportunities of managing change orders effectively. Our experience has shown that a well-structured change order process is a necessity and a strategic advantage. This article offers …
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The imminent enforcement of the Corporate Transparency Act (CTA) is a critical turning point that demands immediate attention from business owners to avoid severe penalties. Ultimately, business owners need to understand that it’s the business owner’s responsibility to ensure you are following and meeting all reporting requirements for your business. This article will review some …
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In the business world, blending passion with profitability is essential. Financial accounting has evolved into a strategic cornerstone that sets successful enterprises apart. In the age of data-driven decision-making, integrating financial strategy is vital. This article will help you understand how strong financial accounting can help you achieve your goals. The Intersection of Strategy and …
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The Internal Revenue Service (IRS) unveiled proposed guidelines on Digital Asset Reporting, highlighting the mandatory reporting requirements for digital assets, from cryptocurrencies to non-fungible tokens (NFTs). This move comes in tandem with the exponential growth and mainstream acceptance of digital assets. In this article, we’ll review the reasons behind the proposed guidelines, what they mean …
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Have you ever stood at the base of a skyscraper, looked up, and wondered about the intricacies that brought such an architectural marvel to life? As a construction business owner, you’re probably all too familiar with the challenges and complexities behind such ventures. And just as the building process involves layers of planning, materials, and …
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Owning a business is an exciting journey filled with highs and lows. Establishing a clear, profit-driven strategy is one key factor that can tilt the scales toward success. The recent tax court case, Gregory v. Commissioner, highlighted how blurring the lines between hobbies and genuine business ventures can have significant financial implications. Not only did …
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As of Sept. 14, 2023, the Internal Revenue Service (IRS) announced an immediate halt to the processing of new claims for the Employee Retention Credit (ERC) program. This decision is effective until at least the end of the current year. It comes in response to a significant influx of questionable ERC claims. Why the IRS …
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