(Published in Construction Executive/May 2015 issue)
Most contractors that are still in business were able to cut costs and right size their balance sheets throughout the recession. Now they are looking to take advantage of growth opportunities in an effort to increase top line revenues and bottom line net income. Continue reading “Driving Profitability in a Thriving Economy”
Category: Insights
Posted on February 28, 2017
Winning Strategies in the War for Talent
(Published in Construction Executive, June 2016 issue)
A top concern for most construction companies is the future of the workforce, including both field and office personnel. During the last several months, contractors have seen an increase in bidding opportunities with less competition, along with increased gross margin, which indicates a growing need for personnel. When the economy was in a downward spiral, many construction workers left the industry and haven’t returned. Plus, overwhelming numbers of workers are retiring and fewer people are joining the industry. All of these factors have combined to create a war for talent.
Companies can use several strategies to help retain current employees and attract new ones. Continue reading “Winning Strategies in the War for Talent” →
Raising Your Interest in Working Capital Management
Posted on July 7, 2016 by Scott Olinger, CPA, CGMA
Lower interest rates in recent years have dimmed the spotlight on the essential business function of working capital management. Many companies have chosen to take advantage of lower interest rates by borrowing against their lines of credit instead of continually improving their working capital processes and collection practices. This strategy may be workable now, but what happens when interest rates begin to rise? Continue reading “Raising Your Interest in Working Capital Management” →
Taking Command of Your Equipment Fleet
(Published in Construction Accounting and Taxation, March/April 2013 issue.)
Total annual construction spending put in place in the United States has dropped from a high of over $1 trillion pre-2008 to below $800 billion in the last few years according to FMI Corporation 2012 data. This 20 percent drop in spending has caused most contractors to evaluate their costs more diligently and in many cases to make drastic expense cuts. For construction companies with a large equipment fleet, this can be a daunting task. Continue reading “Taking Command of Your Equipment Fleet” →
Where Opportunity Knox Video Premieres at Army Transition Assistance Conference
The Where Opportunity Knox program is part of the Army’s Transition Assistance Program at Fort Knox. It serves soldiers across the globe in transition to a civilian career after their service. Continue reading “Where Opportunity Knox Video Premieres at Army Transition Assistance Conference” →
FASB Delays New Revenue Standard
The FASB has agreed to a one-year delay of the effective date for the new revenue reporting standard. Based on feedback from stakeholders and in light of forthcoming amendments to the new revenue standard, the FASB agreed to push back the implementation dates to allow adequate time for effective implementation. While the IASB is considering a similar one-year deferral of the new revenue standard, it has not released a final decision. Continue reading “FASB Delays New Revenue Standard” →
Indiana’s Significant Tax Law Changes
Indiana recently enacted several pieces of legislation that will have major effects on the state’s tax laws. Signed by Governor Mike Pence in early May, these bills affect areas such as the tax amnesty program, income tax, sales tax, and property tax.
2015 McGladrey Manufacturing & Distribution Monitor Report
With over 1600 participants from 15 different countries, McGladrey’s 2015 Manufacturing & Distribution Monitor Report presents the perspectives and expectations of manufacturing and distribution executives based around the world. Of the companies represented, 65% are based in the United States. This year, the Monitor is a series of reports on topics of concern for manufacturers and distributors, including: the executive summary, global growth, investing for growth and innovation, and information technology and data security.
Continue reading “2015 McGladrey Manufacturing & Distribution Monitor Report” →
Several States to See Increasing Unemployment Taxes
Federal unemployment taxes could be on the rise for employers in several states. The 5.4% regular credit against FUTA tax is reduced for firms in states that don’t repay loans from the federal jobless fund by November 10. Employers in Indiana and South Carolina face a 1.8% cut in their FUTA credit, which means up to $126 in extra tax per employee. Firms in Kentucky, Ohio, California, Connecticut, New York, and North Carolina are in line for a 1.5% credit reduction, or up to $105 more in tax per employee.
For more information contact Aaron Wilzbacher, CPA at 800.880.7800 ext. 1322 or awilzbacher@hsccpa.com.
Benchmarking: What’s the Score?
How would it be to coach a team and know your team’s score but not your opponent’s? Most companies prepare their financials on a regular basis so they know their own score, but how do they compare to others in their industry? Benchmarking is an important tool to help you see how you stack up against your competition. Just like a coach will review their stats and see where they have strengths and weaknesses, a business owner should regularly do the same. Continue reading “Benchmarking: What’s the Score?” →