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...
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.
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...
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.
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...
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...
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:
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...
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...
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...
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...
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...