For construction companies, accurate estimated costs to complete on uncompleted contracts are vital to maintain reliable financial statements and effective project management. In this article, I will highlight best practices for calculating and updating estimates using the cost-to-cost method, ensuring reliable reporting, informed decision-making and stronger stakeholder confidence while mitigating operational and financial risks.
Construction projects can face claims from owners or other parties for a variety of reasons. While you can’t eliminate the risk entirely, understanding the most common claim triggers can help you reduce exposure. Here’s a look at key risk areas every contractor should watch.
As a busy construction business owner, every minute counts. Benchmarking is the process of comparing your company’s performance, processes and practices against industry standards or top-performing competitors. In this article, we explain how internal and external benchmarking can help you understand where your business stands, identify risks, and make more informed, data-driven decisions to enhance profitability and long-term success.
Building Your Construction Company’s Bonding Capacity
Not every construction project requires bonding, but for public and large private jobs, your bonding capacity can make or break your opportunities. Understanding performance bonds, financial requirements, and surety expectations is key. This article breaks down what you need to know to strengthen your bonding position and expand your project potential.
In today’s evolving economic environment, staying up to date on key accounting standards and regulatory changes is essential for contractors. In this session, our experts will cover critical audit and tax updates, provide a detailed walkthrough of the work-in-progress (WIP) schedule and explore the latest procedures, risks and industry trends impacting your bottom line.
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.
