Archive for the ‘Industry News’ Category
By Alicia Rader, CPA, Manager | Tim Ayler, CPA, Partner
Team Members of the Construction Services Group
What comes to mind when you hear the word “lean”? Is it a fit person or a certain cut of beef? What about when you hear the words “lean construction”? The lean production concept has flourished in the manufacturing industry for years, but has been severely under-utilized by contractors despite evidence that implementation will improve the entire construction process for both the contractor and the consumer. This article will highlight the potential benefits of implementing lean construction concepts and how to begin thinking and operating lean.
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by Jeff Curiel, CPA and Amanda Meko, CPA | Team Members of the Not-for-Profit Services Group
The 990 provides not-for-profit organizations with a tremendous opportunity to tell their story as the form is required to be made available to the public. While many organizations make the form available on their website, GuideStar.org publishes the last three years of the form for most organizations. Taking the time to properly understand the form’s requirements and pending changes can help your organization present itself favorably and accurately and avoid some of those tax reporting headaches down the road.
By Tim Ayler, CPA, Partner and Shaun King, Audit Senior | Members of the Construction Services Group
As the economy slowly begins to stabilize, so too is the construction industry. In turn, more contractors will be in demand for work. To help obtain this work, contractors across the state are relying on surety bonds. A surety bond is a guarantee from a surety to a project’s owner that a general contractor will adhere to the provisions of a contract.
by Heather Phillips, CPA and Amanda Meko, CPA | Team Members of the Not-for-Profit Services Group
With the start of March comes a change in time, warmer weather (hopefully!), and the time of year to do some spring cleaning. Annually in the state of Indiana, most business entities, including non-profits, are required to file personal property tax returns as of March 1st. This is also a good time of year to make sure you have a handle on your organization’s property.
by Tim Ayler, CPA | Partner and Director of the Construction Services Group
As the year end approaches, many companies are beginning to worry about paying taxes and begin looking for those tax deductions that are not obvious to them. This is about the time when I usually get a question about donating inventory as a tax deduction, and whether it would be beneficial to get rid of slow moving inventory in order to take advantage of a tax break.
By Tim Ayler, CPA, Partner, Director of Construction Services Group | Alicia Rader, CPA, Manager, Construction Services Group
Financial reporting on an executive level and project level is essential for a construction company to stay afloat and thrive. Executive-level reports provide an overall picture of the company’s financial situation while project-level reports are specific to each individual job’s performance. Making sure the information is accurate and timely, along with using the reports wisely will ensure the company’s overall health and increase the company’s potential for continued growth and profitability.
by Heather Phillips, CPA | Manager, Not-for-Profit Services Group
When the real estate bubble burst after decades of inflation, many home-owners saw their property decline in value. Some decided to “stay the course” hoping to see prices start to go back up, while others had to sell – sometimes suffering a hefty loss. The commercial real estate market has experienced similar trends. According to the real estate website Trulia, the housing market is 32% back to “normal” through July 2012 (“normal” being “the rough estimate of the long-term pre-bubble average”).
by Tim Ayler, CPA, Partner, Director of the Construction Services Group and Brian Enright, CPA, Member of Construction Services Group
In general, contractors’ financial statements and job schedules look very different than they did a few years ago. Few contractors came away from the initial downturn in the economy unscathed, and are now feeling the effects of the ‘new’ normal. In most cases, all components of the balance sheet have declined as contract volume has declined and margins have been squeezed.
by Tim Ayler, CPA, Partner, Director of the Construction Services Group | Shaun King, Member of the Construction Services Group
Every day people make plans that don’t go exactly as planned. For those in the construction business, adjustments to plans aren’t always as simple as making a phone call or switching a schedule. Many times, for a contractor to get paid there needs to be a change order issued. As with any adjustment in plans, there are many items to consider.
by Amanda Meko, CPA | Partner, Director of Audit & Other Assurance Services and Team Leader of the Not-for-Profit Services Group
What type of research do you perform before making a significant purchase? You may compare the product you’re considering with similar products online to evaluate price and features. You likely will read reviews of other individuals who purchased the products. You may even seek out the opinion of a friend or family member. Your donors may also be performing similar research on your organization before choosing to give. Most organizations have invested in a website, but may not have considered other web resources that donors are using to research prospective charities. The following highlights some of those resources and how you can maximize them.