May/June 2010

Construction News & Updates
Offices in Ohio, Florida & Pennsylvania | (800) 733-8613 |

www.hbkcpa.com
 
 

As previously communicated, The 2010 HIRE Act can create opportunities for your business.
Our Construction Industry Group is comprised of approximately 50 team members devoted to keeping pace with the changes that impact your industry and in turn providing you and your company with strategies and solutions customized to fit your unique needs.
 
HBK Team
Our team members are active in the construction industry.  Many of our professionals have obtained their CCIFP  certificate (Certified Construction Industry Financial Professional). In addition to attending national, regional and local education forums, we are actively involved in construction organizations. 
 
Why HBK?
HBK’s Construction Industry Group doesn’t just understand the issues unique to your industry; we understand the complexities involved with a closely held business. Our team of professionals is well versed in business valuations, personal financial planning, succession and exit strategy planning, and assisting in matching owner and family goals with the company’s strategies and objectives.
                                              
Firm Profile
  • Founded in 1949
  • The 68th largest firm in the U.S.
  • Over 250 team members
  • Eleven offices throughout Florida, Ohio and Pennsylvania
  • Traditional CPA and Business Consulting services
  • HBK Sorce Financial, independent, personal financial planning & investment advisory services


Comments & Feedback

Cash Flow Management for Contractors

By Kellie Hanas, CPA

A common misconception is that profit and cash flow are one and the same.  This is only true at the end of a job when all payables are paid and all receivables are collected.  Cash flow management is a crucial, ongoing process.  In turbulent times cash flow management becomes more challenging and consequences more severe: limiting bonding capacity, limited credit, falling out of favor with vendors or losing the confidence of the bank or surety. Full Article

Looking Back Might Get You Cash

By Benjamin Myers

Most taxpayers that are required to do look-back calculations are not doing them or are filing the required forms with errors in them.  With the high incidence of errors and non-compliance with look-back, the IRS is stepping up its enforcement of this requirement. 

 Full Article

                                                                                                                        

                                                                                              

Keeping your wheels on the road — Key aspects of fleet management

There’s no doubt that fleet management requires an investment of time and finances. But the long-term savings, decreased equipment downtime and better efficiency gleaned from the effort can be significant. One must begin by comparing savings and tax considerations in regard to buying equipment vs. renting it. Maintenance and antitheft issues must then be addressed. A contractor might also need to hire a dedicated fleet manager or outsource the duties to a fleet management company. A sidebar to this article shows how to prepare for the next tier of Environmental Protection Agency engine emissions regulations.
Full Article

Don’t wait to get paid — How to build a good collection process from the ground up

Building a good collection process begins with developing a realistic payment plan and then including it in the job contract. Contractors must employ prompt and frequent follow-up to avoid giving the impression their bills can be given lower priority. This is not just an issue for accounts receivable staff; collections should be a companywide concern. As a last resort, it may be necessary to resort to a collection agency. But this might mean burning a bridge one may need to cross in the future, so the pros and cons of this harsh measure must be weighed carefully.
Full Article

More and more contractors turn to lead services

In this tough economy, more and more contractors are turning to lead services to get the jump on competitors. There are three primary choices: a subscription-based service, a pay-per-lead service, or a database service. The first two are more economical. Yet those who are serious about using a lead service, and can afford to do so, might want to take a calculated risk and sign up for a database in order to quickly achieve more precise results. But due diligence is important.
Full Article

Construction Success Story — Contractor reaches for his slice of Recovery Act pie

A soft economy, as well as the prospect of snagging a piece of the American Recovery and Reinvestment Act (ARRA) pie, prompted a small midwestern contractor with little experience in government jobs to consider expanding into the public sector. While the lure of ARRA dollars was strong, he met with his financial advisor to determine whether an investment in government bidding could yield an appropriate return. Together, they developed a targeted approach.
Full Article

 

 

This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and, accordingly, assume no liability whatsoever in connection with its use. ©2010   CONmj10