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DALLAS / FORT WORTH

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Accounting - Defining true job costs for construction bids

DALLAS/FT WORTH - At the heart of a profitable construction company is an accurate bidding process. An accurate bid involves much more than expected materials or your sub-contractor and labor costs. Other variables to consider are the weather, the subs (or GC), customer expectations and how you expect your competitors will bid. The more you factor in these variables across all bids, the closer you can get to a competitive that matches true costs....

Created by : cwright
04/27/2017 06:00:00 | Viewed: 0
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Accounting – The real cost savings you should look for in a fixed price environment

DALLAS/FORT WORTH – Construction companies experience unique accounting structures due to expenses driving revenue as projects move through various stages of completion. By managing a variety of costs, maintaining safety for employees and hiring the right people, owners and project managers can improve cash flow and bid smarter on fixed price contracts....

Created by : cwright
03/29/2017 18:24:00 | Viewed: 0
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Accounting – Soggy numbers: 6 common accounting mistakes to avoid

DALLAS – You’re probably familiar with the term “crunch the numbers.” Well, in a tumultuous industry like construction, it’s all too easy to let crisp, timely financials go soggy with outdated data and flat-out mistakes. Here are six common accounting errors to avoid....

Created by : cwright
02/24/2017 17:32:00 | Viewed: 0
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Accounting – Why you should keep a close eye on your estimates

DALLAS/FORT WORTH – I think everyone would agree with the statement that a strong foundation is key to a successful project.  In constructing the foundation you have to consider many factors ranging from the ground it is being built on to the load it must help support. For contractors, a strong foundation is analogous to strong project estimates. Solid estimates on a project consider the scope of work to be performed and proper budgeting of co...

Created by : cwright
01/25/2017 20:17:00 | Viewed: 0
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Accounting – New construction or remodeling: sales tax consequences

DALLAS/FORT WORTH – Like many other states, Texas has unique rules for imposing sales tax on the construction industry. In addition to imposing sales tax on the sale of materials, Texas also imposes sales tax on certain services. A variety of factors impact the taxability of the sale of various materials and services, including the type of contract (separated versus lump-sum), whether the work is performed on residential versus commercial prope...

Created by : cwright
12/29/2016 20:08:00 | Viewed: 0
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Accounting – Contractors: 5 questions to start your year

HOUSTON – Ready or not, a new year is just around the corner. As your construction business looks to make it a successful one, consider these five best practices for optimizing your financial position....

Created by : cwright
11/28/2016 16:05:00 | Viewed: 0
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Accounting – Profit fade: It’s a numbers game

HOUSTON – As a construction business owner, you’ve probably started a job with high hopes only to find that the anticipated profit had somehow evaporated. That is, the costs of performing the work equaled or exceeded the revenue it brought in....

Created by : cwright
10/25/2016 15:06:00 | Viewed: 0
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Accounting – Buying, leasing and renting … oh my! Strategic thinking for construction equipment acquisitions

HOUSTON – Some construction companies buy and maintain large fleets of equipment. Others choose to lease these assets and, in some cases, purchase select pieces at the end of the arrangement. Still others opt to rent what they need, for only as long as they need it....

Created by : cwright
09/30/2016 13:38:00 | Viewed: 0
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Accounting – Lease accounting changes

SAN ANTONIO – Does your company lease office space, construction equipment, vehicles or other physical assets with terms longer than 12 months? Then this new leasing standard, ASU 2016-02 (Topic 842), released by the Financial Accounting Standards Board (FASB) in 2016 could have some major financial reporting impacts for you. A list of practical tips to help implement the new standard are listed below....

Created by : cwright
08/30/2016 18:28:00 | Viewed: 0
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Accounting – Internal fraud and controls

SAN ANTONIO – “Oh what a tangled web we weave when first we practice to deceive. But once we’ve practiced for a while, oh my, how we have improved our style.” – Unknown perpetrator...

Created by : cwright
06/27/2016 13:40:00 | Viewed: 0
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