Construction Archives - Wiss & Company, LLP

Construction Ahead: Opportunities and Challenges in 2022

Written on June 22, 2022. Posted in Construction.

CONSTRUCTION AHEAD: OPPORTUNITIES AND CHALLENGES IN 2022 The Infrastructure Investment and Jobs Act (H.R. 3684) will inject approximately $3 trillion into upgrading and expanding U.S. infrastructure, presenting a long horizon of opportunity for the construction industry. But to what extent will ongoing supply chain disruption, labor shortages and competition for materials continue to pose challenges for developers and project owners? Investors, project owners and other stakeholders...

Real Estate in the Rear View + Outlook for 2022

Written on February 10, 2022. Posted in Construction, Real Estate.

2021 was the first full year that the global economy cycled through the pandemic. What were the predictions going into 2021 and where did we actually end up? Here we take a look at how the real estate and construction industries fared last year and where they’re headed in 2022. Economic Recovery 2021 Prediction: ?-Shaped 2021 Reality: K-Shaped 2022 Outlook: K-shape will continue As 2020 wound down and economists and prognosticators put 2021 in their sights, there were plenty...

Doing Better and Being Better: An Interview with Christopher Cowan, Partner

Written on November 8, 2021. Posted in Construction, Wiss Gets Personal, Wiss Gives Back.

Chris, you’re passionate about giving back to the community. Can you tell us more about that? We’re not here without the support of our communities. I believe we really have a moral obligation to give back. It’s an obligation of ours to leverage the voice and respect that we have within the community, to help those who are less fortunate than we are. I’ve always wanted to do better and be better. I give back whenever I can and try to encourage others to do the same. “I’ve always...

Gain More Certainty About Surety Bonds

Written on January 29, 2021. Posted in Construction, Financial Planning, General Business.

Looking to better understand the Surety Bond process? Join Tim Kennedy and Brian Reingold of our Construction Services Group for a 30-minute webinar to gain more certainty about your financial picture so that if you need a Surety Bond, you are better equipped. They’ll answer the top 10 most common questions and provide insights into your 3 keys to success: Building a well thought out Business Plan Ensuring quality Financial Management Selecting a Surety Agent Access the Webinar...

Contractor Billings: Management, Strategy, & Effects on the Financial Statements

Written on May 14, 2019. Posted in Construction.

Updated 7/30/2019. In the construction world, management is key. It takes a tenured project manager to have a successful and profitable job, so when it comes to the billing department, take a strategic approach. Contractor billing breakdown Now some may be asking, “Why does billing matter? Don’t contractors earn revenue regardless of how much they bill?” And that is true – Generally Accepted Accounting Principles (GAAP) state that to be accurate, the best way for a contractor...

3 Areas Contractors Should Focus on to be Successful in 2019

Written on February 26, 2019. Posted in Construction.

By Timothy Kennedy As we formally say good bye to 2018, we enter a new year that brings lots of promise. In order to seize the opportunities that will be presented to you in 2019, consider solidifying your approach to the following areas of your business: Accounting software A robust accounting software that is customized for your needs is a must in 2019. Contractors have unique needs that need to be addressed in order to have an accurate financial picture. Some of the items that...

Utilizing Job Costing to Help Manage the Bottom Line

Written on August 15, 2017. Posted in Construction.

By: Wiss Employee Is your bottom line understated simply because you don’t have the necessary documentation or lack the accounting insight to allocate job costs to contracts? Or are you paying too much in taxes because you have an overly aggressive cost allocation strategy? If you are in either situation, the lack of a sound job costing strategy is costing you money. In the construction industry, there are three main types of costs: direct costs, indirect costs, and general and administrative...

The Art of the Contract Schedule

Written on February 21, 2017. Posted in Construction.

By Wiss Employee When accountants hear the word “estimate,” most go into a panic. In an industry where accuracy and precision are paramount, the mere thought of a number not being exact can create a sense of unrest. However, in the construction industry, estimates are unavoidable. A slight one to two percent change in an estimate on a large contract could add or subtract a substantial amount of profit or loss to or from the bottom line. At Wiss, we work with our clients to strike...

The Best Accounting Software Platforms for Growing Contractors

Written on March 31, 2016. Posted in Construction.

By Tim Kennedy As a part of the accounting team of a small construction company, you likely use QuickBooks as your accounting software. It’s affordable, intuitive and user-friendly.If your needs are still simple — you’re in the growth stage and generating a few million dollars in annual revenue — QuickBooks provides a reliable platform to manage your accounting needs. QuickBooks is at its best, handling simple cash inflows and outflows (rent, utilities, insurance, vehicles, paying...

How to Avoid Risk and Stay Lean in the 2015 Construction Boom

Written on April 7, 2015. Posted in Construction.

By Wiss Associate Historically, the U.S. construction industry trails the economy by about a year. So when the economy tanks, the industry hangs on by finishing existing projects. And when things begin to improve, construction firms lag while investments are made, new projects are green-lighted and contracts are signed. Today, the economy, from the viewpoint of the construction industry, is 80 to 90 percent back to where it was before the recession. So now it’s time to figure out...