The Impact of AI on Accounting Practices in the Construction Industry
Artificial intelligence (AI) is transforming construction accounting by improving efficiency, accelerating reporting and enhancing financial data management. However, it is not a cure-all—its success depends on strong internal controls, reliable data and ongoing human oversight. When misapplied, AI can introduce new risks. In this article, you'll learn how to implement AI responsibly and maximize its value in construction accounting.
How much is your construction company truly worth? When it comes to valuing a business, many contractors rely on simple rules of thumb—such as applying a multiple of earnings or using a percentage of revenue plus assets. However, these shortcuts often oversimplify a complex reality and can lead to significant over- or undervaluation. This article explains the limitations of these methods and emphasizes the value of a comprehensive, professional approach to accurately assess your company’s worth.
How To Run a Leaner, More Profitable Construction Business
Like many contractors, you may wish you could fast-forward projects to completion—more efficiently and profitably. Lean construction principles can help you get there. By identifying and addressing small inefficiencies across your operations, you can improve workflows, reduce waste and enhance financial performance. This article explores how adopting lean practices can streamline project delivery and strengthen your bottom line.
The Infrastructure Investment and Jobs Act (IIJA), along with state and local initiatives, continues to drive a surge in construction opportunities nationwide. But more projects don’t necessarily mean more profitable ones. Successfully navigating this environment requires careful evaluation of risks, resources and project requirements. This article highlights why a disciplined, selective approach to bidding is essential to protect margins and position your business for long-term success.
Dannible & McKee, LLP is a leading CPA firm that has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Known for our technical expertise and deep industry experience, we are committed to delivering high-quality service tailored to our clients' needs. As trusted advisors to the construction industry, we are highly respected among construction leaders and actively engaged with many organizations that shape the sector. We stand out from our competition by conducting one-on-one, year-end planning meetings to review your operations and plan for income taxes, banking and bonding concerns. With a comprehensive understanding of all aspects of construction, we help businesses navigate daily operational challenges, maximize cash flow and develop long-term strategies for sustained success.
