By Andy Knutson, CPA In 2017, we worked with a construction subcontractor that had struggled with profitability in recent years despite many project successes. The company’s bonding agent, who was concerned about the situation, had requested a reviewed financial statement and referred us to provide it. During our initial meeting with the owners and their […]
2018 Tax Filing Considerations for Contractors
For most contractors and construction-related businesses—particularly for those structured as pass-through entities—the 2018 tax season is anything but business as usual. With the Tax Cuts and Jobs Act (TCJA) on the books, there are several tax law changes that could impact your tax filing this year. Here are a few things to consider as you […]
How to Choose the Right Bonding Agent for Your Company
By Andy Knutson, CPA In the commercial construction industry, it’s common practice for project owners (typically public entities) or general contractors to request a construction surety bond to protect against contractor or subcontractor default. To secure a construction surety bond, the first step is to contact a bonding agent. A bonding agent serves as […]
4 Telltale Signs of an Inadequate Accounting System
By Andy Knutson, CPA As your business grows and evolves, you may change your space, equipment, and employees to keep up. But what about your accounting system? Although some companies may never outgrow a basic accounting system such as QuickBooks, others, particularly those in retail, manufacturing, and construction industries, may quickly find it lacking. This […]
Improve Your Internal Controls For a Better Year Ahead
By Andy Knutson, CPA Internal controls are best defined as the policies and procedures an organization employs to create value and minimize fraud risk. They are critical not only for fraud prevention but also for accurate financial reporting. For these reasons, business owners must be careful to avoid complacency. Even if your controls seem to […]