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Contractors can calculate KPIs, too

Successful companies of all types use key performance indicators (KPIs) to monitor their financial health and spot red flags. Well, you know what? Construction businesses can do it, too. And you should. Let's review some of the most important KPIs for contractors to calculate. Profitability metrics Net income is among the most widely cited metrics related to profitability, but there are plenty of... Read More

Protect your manufacturing company with group captive insurance

In recent years, manufacturers have increasingly turned to group captive insurance as a strategic alternative to traditional insurance models. Commercial insurance policies can be costly and may not cover all the risks manufacturers face today. Those risks can range from equipment breakdowns and product liability to workplace safety issues. Group captive insurance allows manufacturing companies to... Read More

Manufacturers: Do you know the telltale signs of vendor fraud?

Vendor fraud can be a significant risk in the manufacturing sector, where companies rely on numerous third-party suppliers for raw materials, components and services. Deceptive practices can erode your manufacturing company's profitability, compromise product quality and damage relationships with legitimate suppliers. Such purchasing schemes usually are a form of occupational fraud, where an employee of the... Read More

Disaster victims may qualify for tax relief … including on amended returns

Victims of presidentially declared disasters in recent years who couldn't previously claim a casualty loss deduction may now be able to claim a refund. Additional tax relief also might be available. Read on to learn more about the potential opportunities for victims of certain disasters. Loosened restrictions for casualty losses The tax relief comes via the Federal Disaster Tax Relief Act (FDTRA), which... Read More

Powers of Attorney as Part of Your Estate Plan

A Power of Attorney (POA) can be an essential tool in estate planning. Understanding the different types of Powers of Attorney is important in choosing the right instrument to fulfill an individual's particular needs. A Power of Attorney is a legal document that allows a person (commonly referred to as the "principal") to grant authority to another person (commonly referred to as the "agent", "proxy",... Read More

Understanding Foreign Trade Zones and How They Can Be an Effective Planning Tool to Mitigate Tariffs and Related Costs

With the new regulations on tariffs, there are some cost-saving measures on foreign merchandise that is re-exported as finished goods. By optimizing entry procedures, businesses can leverage the supply chain to decrease cost while boosting agility, stability, and resiliency. Over 90 years after the Foreign Trade Zone ("FTZ") Act of 1934 was first established and subsequently introduced the nation's first... Read More

Make smarter, data-driven decisions after determining your products’ profitability

For manufacturers, knowing which products are profitable is essential for strategic decision-making and long-term success. While total revenue can provide a sense of overall product performance, profitability analysis can deliver a clearer picture of which products contribute the most (and the least) to your bottom line. Unless you track the costs of manufacturing each product, you're missing an opportunity... Read More

Key Strategies for Contractors to Minimize the Impact of Tariffs

To minimize the impact of tariffs in the construction industry, there are some key strategies for construction companies to consider. These may include: incorporating price escalation clauses in contracts diversifying suppliers to source materials from sources not subject to tariffs negotiating material price adjustments with suppliers securing long-term supply chain... Read More

Reviewing the look-back method for long-term construction contracts

Among the most common challenges of any long-term construction project are fluctuating job costs. However, variations in the cost of materials and labor over time aren't the only cause for concern. Permitting issues, economic changes and evolving regulations can all contribute to a total project cost — and, in turn, taxable profit — that differs significantly from the original estimate. In the... Read More