Construction companies regularly pursue joint ventures to win larger contracts and manage bigger projects. In an economic downturn, they can be a useful option for companies that need additional resources and capital, want to share the risk, complement their...
Record levels of inflation are weighing on the construction industry when contractors are already feeling the squeeze from labor and supply shortages. According to Associated General Contractors analysis, contractors are seeing staggering increases in construction...
As a business owner, your company’s financial statements play a significant role in monitoring your company’s performance and financial standing. However, the information presented in financial statements is susceptible to distortion when certain economic factors come...
Modern construction companies have come to depend more on digital resources to get projects built. But a risk of cyberattacks comes with these technological advances. Even though the construction industry traditionally has relied more on brick and mortar than networks...
In construction, change is constant. On average, more than one-third of projects will have at least one major change along the way, according to a study of more than 12,000 projects by the Independent Project Analysis group. Although change orders can be a hassle when...
One of the less-talked-about economic side effects of the COVID-19 pandemic is the number of experienced professionals retiring or shortening their retirement timeline. This opens up opportunities for the next generation to step into their shoes, but it also comes...
The general nature of the construction industry opens up opportunities for firms to fall victim to fraud. The Association of Certified Fraud Examiners (ACFE) reported the median fraud-related loss for construction firms at $200,000...
The rising cost of construction and delayed timing for completion of projects has been a major problem in the construction industry in 2021. Contractors and consumers have been subject to the rising cost of construction materials in everything from wood to copper,...
During the uncertainty of the pandemic in 2020, the Financial Accounting Standards Board (FASB) granted a temporary reprieve for private companies, delaying their deadline for implementing new lease accounting practices. If your construction firm is privately held and...
Do you find that the percentage of profits displayed on the financial statements for your construction firm doesn’t match the markup percent you bid out? It’s not uncommon to see these discrepancies, but there are ways to minimize them and maximize your...