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    1. The Top Five Accounting Errors Construction Companies Make

      The Top Five Accounting Errors Construction Companies Make

      Every construction company owner and financial executive has dealt with a financial statement. Financial statements are either an ongoing tool used to manage a business or as a required deliverable for a lender or bonding company related to borrowing requirements or securing coverage on jobs. It is critical for the individual responsible for the financial statement’s final review to know what errors might be lurking behind the numbers.

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    2. The Top Five Accounting Errors Construction Companies Make

      The Top Five Accounting Errors Construction Companies Make

      Every construction company owner and financial executive has dealt with a financial statement. Financial statements are either an ongoing tool used to manage a business or as a required deliverable for a lender or bonding company related to borrowing requirements or securing coverage on jobs. It is critical for the individual responsible for the financial statement’s final review to know what errors might be lurking behind the numbers.

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    3. Communicate Effectively for Strategic Project Planning

      Effective strategic planning is vital to the success of any construction company, but creating an effective plan requires strong abilities to communicate, think strategically, determine relevant information and collaborate. When planning a project, innovative thinking should be strongly encouraged and useful information should flow freely. Any company with employees who embrace the idea of strategic project planning will have a much greater chance of being successful.

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    4. Six Myths (and Tips) for Equipment Financing

      Six Myths (and Tips) for Equipment Financing

      Most bankers try to avoid risk at all costs. Their tactics for avoiding risk include requiring lots of financial documents, taking a long time to review the documents and requiring down payments or additional collateral. But today is a new day; don’t be held hostage by your banker. MYTH #1  You have to put money down. Contrary to what many believe and what your banker tells you, you don’t have to put money down to buy commercial vehicles.

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    5. U.S. DOT Releases 30-Year Outlook on Infrastructure

      U.S. DOT Releases 30-Year Outlook on Infrastructure

      With the current highway bill expiring May 31, the topic of infrastructure has taken center stage in Washington, D.C., as several government agencies discuss funding and policy for the years ahead. Lawmakers have struggled to come up with a way to pay for a transportation funding extension beyond the revenue that is collected by the 18.4 cents-per-gallon federal gas tax.

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    6. The Importance of Construction to State Economics

      The Importance of Construction to State Economics

      A new state-by-state economic analysis developed for Associated Builders and Contractors (ABC) demonstrates the value added by the private construction industry to the nation’s economic health. From 1997 through 2013 (the latest year for which annual data are available), the value added by the private construction industry as a percentage of national gross domestic product (GDP) declined from a high of 6.14 percent (in 1997 and 1998) to a low of 3.69 percent in 2011 and then rose to the still-too-low 3.73 percent in 2013. Although this is an accurate look at the sector, it understates ...

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    7. Construction Mergers and Acquisitions Soared in 2014

      Construction Mergers and Acquisitions Soared in 2014

      The engineering and construction industry recorded a strong finish to its merger and acquisition (M&A) activity for 2014, according to Engineering growth, a quarterly analysis of the global deal activity in the engineering and construction industry by PwC US. In 2014, the industry saw 218 deals worth more than $50 million and a total deal value of $172 billion—a value that’s more than triple from last year’s total of $55 billion and slightly below the 10-year high set in 2007.

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    8. Tax Credits Extended for One More Year

      Tax Credits Extended for One More Year

      President Obama signed the one-year “tax extenders” bill (H.R. 5771) Dec. 19, retroactively renewing 55 previously expired tax credits and other key policies for the 2014 tax year. The bill had strong support in Congress, with the Senate voting 76-16 and the House voting 378-46.

      The laws, which had expired Dec. 31, 2013, are now in place through Dec. 31, 2014.

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    9. Managing Growth: Why Some Contractors Succeed and Others Fail

      Managing Growth: Why Some Contractors Succeed and Others Fail

      The construction industry has faced six years of economic downturn. While some firms are thriving, the vast majority of companies have experienced declining revenues, margin pressure, challenging projects and balance sheet deterioration. Now, construction company owners and senior leaders are focused on managing profitable growth after the recession. The key to any successful business is developing a written business plan and communicating it to the entire organization.

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    10. Hiring and Retaining the Right People

      Hiring and Retaining the Right People

      In his book “Good to Great,” Jim Collins states: “The old adage ‘People are your most important asset’ is wrong. People are not your most important asset. The right people are.” The end goal is to have a robust organization that has the right people in the right positions, with a set of systems and a culture that keeps them in those positions and excited to be there.

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    11. Industry Sees High Merger and Acquisition Activity in Q3

      Industry Sees High Merger and Acquisition Activity in Q3

      Merger and acquisition activity in the engineering and construction industry accelerated during the third quarter of 2014, according to a report by tax and financial consulting firm PwC US. The number of transactions exceeding $50 million increased 40 percent compared to the previous quarter. Announced deals totaled $28 billion—significantly less than the $75 billion recorded in the second quarter of 2014, but still among the highest on record.

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    12. 5 Ways Construction Accounting Software Can Change Your Business

      5 Ways Construction Accounting Software Can Change Your Business

      Accounting and financial management are the backbone of any successful construction company and can help lead to greater success and profitability. Whether you already use construction-specific software or you have an off-the-shelf program, here are 5 ways that great construction accounting software can change your business! Download Your FREE eBook Now! Since 1985, Foundation Software has assisted thousands of labor-intensive contractors with their accounting software and job costing.

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    13. Transforming Construction Projects Into Energy-Efficiency Projects

      Transforming Construction Projects Into Energy-Efficiency Projects

      In an age of increasing energy costs coupled with greater awareness of the need to conserve natural resources, more building contractors are eager to do the right thing when it comes to identifying and remedying energy inefficiencies in commercial projects. But, the time has come to broaden the meaning of green building to include the opportunity to tap a new revenue stream in construction.

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    14. How the New Revenue Recognition Accounting Standard Will Impact Contractors

      How the New Revenue Recognition Accounting Standard Will Impact Contractors

      On March 28, the Financial Accounting Standards Board (FASB), the organization responsible for establishing accounting principles generally accepted in the United States (GAAP), issued its highly anticipated revenue recognition standard. The release of ASU 2014-09, Revenue from Contracts with Customers, is the final step in a protracted international process to develop a single worldwide revenue recognition standard.

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    15. FASB and IASB Issue Converged Standard on Revenue Recognition

      FASB and IASB Issue Converged Standard on Revenue Recognition

      The International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB), responsible for U.S. Generally Accepted Accounting Principles (U.S. GAAP), issued a converged standard on the recognition of revenue from contracts with customers. The previous requirements of both IFRS and U.S. GAAP were different and often resulted in different accounting for transactions that were economically similar.

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    16. Do You Have an Ideal Hire?

      Do You Have an Ideal Hire?

      Many construction companies have a target market when it comes to new customers, but does the human resources team have a vision of its ideal employee? If the company has a high turnover rate, managers may be hiring the wrong types of people. Here are some tips for getting the right employees on board. Think about your best employees. They probably have some common personality characteristics.

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    17. Construction Materials Prices Increase for Fifth Consecutive Month

      Construction Materials Prices Increase for Fifth Consecutive Month

      Overall construction materials prices increased 0.4 percent in April and are up 1.5 percent year over year, according to the May 14 Producer Price Index released by the U.S. Department of Labor. Nonresidential construction material prices were up 0.5 percent for the month and are 1.4 percent higher than the same time last year.

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    18. Is There Coverage for Damage Caused by Faulty Construction? The Courts Change Course

      Is There Coverage for Damage Caused by Faulty Construction? The Courts Change Course

      Contractors face uncertainty whether claims brought against them for property damage or bodily injury allegedly caused by their faulty workmanship are covered under their standard commercial general liability (CGL) policies. While the courts have not always been friendly toward contractors, some recent cases have had more favorable outcomes.

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    19. Q&A Panel: Multifamily Market Is Active, But Growth Will Taper

      Q&A Panel: Multifamily Market Is Active, But Growth Will Taper

      The recent 2014 Ackerman Real Estate Summit—an exclusive forum for industry leaders to exchange insights on the trends impacting investment in U.S. commercial real estate—brought to light current lending and credit forecasts and explored creative areas for growth. In the opening Q&A panel, three experts discussed their outlook for the multifamily market, and their discussion is summarized here.

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