Financial reporting for contractors — Is the latest accounting framework for you? |
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For construction companies, the complex rules involved with Generally Accepted Accounting Principles often don’t provide much guidance that’s of particular interest or use — especially if the contractor never expects to go public or be acquired by a publicly traded company. To accommodate the simpler financial reporting needs of smaller private companies, the American Institute of Certified Public Accountants has introduced the “Financial Reporting Framework for Small- and Medium-Sized Entities,” or FRF for SMEs. This article lists some key financial reporting areas affected by the framework, while a sidebar offers a checklist of “good fit” criteria to help contractors judge whether it’s right for them. Read More |
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| Watch out for the usual suspects when it comes to safety | |
Safety hazards are an inevitable part of a relatively high-risk endeavor such as construction.But every contractor needs to keep a watchful eye out for them. This article offers tips to avoid such hazards as falls, electrocution and structural collapse. It also discusses two organizations that every contractor should maintain contact with regarding safety. |
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Temporary employees: The new normal for contractors |
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As the U.S. labor force continues to evolve, the already large number of temporary employees is expected to only get larger. So it’s important for contractors toreview their current policies to ensure they’re prepared, protected and getting the best value out of each temp. This article lists a number of specific best practices to keep in mind and discusses guidance provided by the U.S. Small Business Administration (SBA). Read More |
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| Construction Success Story — Ownership change leads to renewed customer service | |
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In this issue,“Construction Success Story” looks at the case of abusiness that started going downhill after its founder retired and an investorgroup took over. The founder had been the primary point of contact for every client and performed virtually all of the account management. After the sale,the founder’s responsibilities were divided among three vice presidents, who also had other operational responsibilities. After they beganlosing accounts, their financial advisor suggested, among other things, improving their client management software and hiring an experienced account manager. These changes helped turn the company around. Read More |
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