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Update on New Retirement Account Catch-Up Contribution Rules
The Setting Every Community Up for Retirement Enhancement (SECURE) Actbrought numerous changes to the retirement and...
The construction industry is unique and challenging, offering rewarding successes and devastating failures. Because of this, business owners and contractors must constantly be aware of the ever-changing conditions. The industry requires considerable short-term and long-range planning–not only for the actual construction process but also in meeting the company’s goals for bonding, adequate bank financing and taxes. Effective collaboration in these areas can help enhance your profitability.
SSB understands that the construction industry requires specialized knowledge, technology and expertise.
Our team of trained strategic advisors will work with you to identify your needs and develop a plan that will help you and your business succeed in this uniquely challenging industry.
Recommendations to improve working capital to help increase bonding and financing capacities
Analysis of bidding procedures
Preparation of budgets and projections
Financial statements according to present industry standards
Coordination of business and personal tax planning
Multistate issues—nexus, sales and use tax, franchise, income and other taxes
Structuring of business entities
Equipment leasing company considerations
Business continuation/succession planning
Analysis of potential acquisitions and mergers
Estate planning
Construction accounting involves the specialized accounting practices used in the construction industry. It involves tracking and managing project costs, revenue recognition, job costing, progress billing, financial reporting and compliance with industry-specific accounting standards.
Construction accounting is crucial for accurate financial reporting, proper project cost allocation and compliance with industry regulations. It helps construction companies track project profitability, manage cash flow, make informed financial decisions, maintain financial stability and obtain bonding and credit.
Construction accounting differs from general accounting due to the unique aspects of the construction industry. It involves job costing, work in progress schedules, revenue recognition based on project progress, contract billings, change orders and specialized financial reporting formats. Construction accounting also addresses industry-specific regulations and tax requirements.
3 min read
Sep 26, 2023by Samuel D. Fries
The Setting Every Community Up for Retirement Enhancement (SECURE) Actbrought numerous changes to the retirement and...
4 min read
Sep 21, 2023by Nicole M. Ramson
Attention: Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under...
4 min read
Sep 19, 2023by Kayla A. Emanuelson
Section 529 plans can be a tax-smart way to save for college and other qualified education expenses. Contributions to...
5 min read
Sep 14, 2023by Eric E. Ehrenberg
Are you considering inviting an employee or an outsider to participate in your existing partnership? Before making any...
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Sep 12, 2023by Samuel D. Fries
Cryptocurrencies have gone mainstream. You can now invest in them and use them to buy and sell many products and...
3 min read
Sep 8, 2023by Janice T. Jasinski
Mobile banking has been gaining in popularity, and the pandemic only intensified the interest. Many people are...
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Aug 31, 2023by Andrew G. Klapac
Is it time to close your small business? Unfortunately, closing isn't as simple as handing over the keys to a landlord...
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Aug 29, 2023by Bryant J. Croach
Once annual enrollment has come and gone, it's a good time to brush up on some basic employee benefit plan requirements...
4 min read
Aug 24, 2023by Nico P. Saborse
Joint ventures are common in the construction industry, especially with large long-term projects. These collaborative...
3 min read
Sep 26, 2023
The Setting Every Community Up for Retirement Enhancement (SECURE) Actbrought numerous changes to the retirement and...
4 min read
Sep 21, 2023
Attention: Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under...