Construction Industry Advisor – Winter 2017

Winter 2017_Page_1Construction Industry Advisor – Winter 2017

Soggy Numbers - Six Common Accounting Mistakes to Avoid

In a tumultuous industry like construction, it’s all too easy to let crisp, timely financials go soggy with outdated data and flat-out mistakes. This article describes six common accounting errors to avoid, including inaccurate allocation of overhead and failure to recognize loss contracts. A sidebar looks at a forthcoming accounting standard addressing revenue recognition.

Third-Party Funding Helps Contractors Pursue Claims

To avoid the high cost of litigation, many contractors fail to pursue even strong claims or settle for far less than they deserve. This article explores an increasingly popular option that may help with this dilemma: third-party funding, in which an outside party agrees to finance some or all of a claimant’s legal costs in exchange for a portion of any recovery.

Looking for Skilled Workers in All the Right Places

The construction industry has long faced a shortage in skilled labor. One might hope a new year would bring good news, but statistics and general sentiment indicate that there will be no breakthrough anytime soon. This article offers some ideas for finding skilled construction workers and working toward a solution to the shortage.

Help Yourself and the Environment With Recycled Materials

Using recycled and reclaimed materials for construction projects can benefit the environment. Although doing good is its own reward, construction companies that use or produce such materials can also reap financial advantages. This article looks into construction and demolition sites, where contractors can procure or sell recycled items, and construction byproducts can be turned into building materials.

Click either the title or photo at the top to read the full newsletter.