Tax time is always a little painful for business owners—even more so when you end up saddled with a large tax bill. Fortunately, maximizing your tax deductions is one of the best ways that you… Read More »4 tax deductions construction business owners overlook
Everybody looks forward to payday. It’s a time-honored agreement between employer and employee that exchanges honest work for honest pay. However, payroll is more than cutting a check to your employees every two weeks. Payroll… Read More »Construction payroll 101: A beginner’s guide for contractors
Being a contractor is not for the faint of heart. It’s natural to look at business challenges and blame the usual suspects: a terrible labor market and all-too-common supply issues. But there is one overlooked… Read More »5 signs your team has an accountability problem – and the simple hack to fix it
Tax planning is an essential process for construction business owners—it’s equally as important as other priorities like job costing, scheduling work, and running payroll. But taxes can also feel daunting for non-experts, which means they… Read More »4 common tax planning mistakes in construction (and how to avoid them)
Construction accounting is unique from any other industry. It requires specialized skills and knowledge that traditional accounting rarely dips into such as work-in-progress (WIP) and retainage. The key difference, however, is that construction accounting requires… Read More »Construction accounting methods 101: Accrual, cash basis, and revenue recognition
Starting your own contracting business is an exhilarating experience. It brings a rush of excitement, optimism, and a healthy dose of uncertainty about the future. While much can be learned on the job through trial… Read More »What is labor burden? How to calculate your true payroll costs
Achieving financial success begins with the end in mind. If you don’t know where you’re going as a business, you’ll likely end up somewhere you don’t want to be. For this reason, contractors must set… Read More »Setting financial goals in construction
The legendary Jack Welch, former CEO of General Electric, once said– “change before you have to.” Nowhere does this quote hold more weight than in the construction industry, as the last few decades have seen… Read More »A construction software buyers guide: Tools & resources for contractors
Profit is the fuel that keeps everything running. Whether it’s a small mom & pop shop, or an international giant, no business can last long that doesn’t consistently turn a profit. However, the actual term… Read More »Identifying indirect costs in construction
As a business owner, you must be willing to take calculated risks, but when it comes to the job site, contractors will find there’s much less room for taking chances. This is because, as a… Read More »How to write a construction RFI: Free template & best practices