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Listen in as Mike Merrill and CICPAC Executive Director Kathleen Baldwin discuss the implications of the new lease accounting standard, ASC-842, on contractors’ financial statements and business operations.
ASC-842 now requires companies to record the financial impact of their leases on their balance sheets. Baldwin details how this standard affects metrics like working capital, debt covenants and bonding capacity. The conversation underscores the importance of proactive communication with sureties and banks to manage these changes effectively. This episode provides actionable insights for contractors looking to stay compliant and financially sound under the new regulations.
Key Takeaways
• Implement ASC-842 by ensuring most leases are included on balance sheets, which impacts financial statements and operational decisions.
• Assess how changes to lease accounting affect working capital, influencing a contractor's bonding capacity and ability to secure future projects.
• Reevaluate debt covenants under ASC-842 to maintain compliance with lenders, as new lease liabilities may alter key financial ratios.
• Adopt lease management software, such as LeaseCrunch, to automate lease data management, enhancing compliance and reducing manual errors.
• Engage in proactive financial planning by discussing ASC-842 implications with sureties and lenders early, minimizing the risk of financial statement surprises. -
This episode of the Mobile Workforce Podcast features a conversation between Mike Merrill and CICPAC Executive Director Kathleen Baldwin. Tune in to hear as they delve into how construction companies can manage travel expenses more efficiently, focusing on the benefits of accountable plans and the role of technology in streamlining expense reporting. This discussion provides practical insights for construction firms looking to improve their financial management and compliance with tax regulations.
Key Takeaways
Clearly differentiate between accountable and unaccountable plans, focusing on the associated tax implications. Leverage technology to automate expense reporting systems, simplifying the documentation of travel expenses for construction companies. Navigate multi-state compliance issues by addressing tax regulations and deductions for employees working in different regions. Optimize tax deductions by strategically categorizing and documenting travel-related costs to maximize deductible expenses. Utilize CICPAC resources and guides to stay informed on tax planning and support for construction firms. -
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In this episode of the Mobile Workforce Podcast, host Mike Merrill speaks with Rob Remington, a construction lawyer with over 30 years of experience in the field. They discuss the evolving landscape of the construction industry, particularly as it shapes contract management, risk mitigation and the use of technology like project management software and AI.
This conversation is vital for contractors looking to protect their bottom lines and improve operational efficiency in a fast-changing market.
Key Takeaways:
Implement effective risk management strategies to protect profit margins and avoid scope creep. Ensure thorough understanding of contract terms to prevent costly mistakes and disputes. Utilize technology tools like FOUNDATION® and AI to streamline project management and enhance communication. Proactively enforce lien rights and follow dispute resolution processes to secure financial success. Address challenges in the supply chain, labor shortages and inflation to manage costs effectively in both private and public projects. -
Effective communication is at the heart of any successful construction organization, and in this special episode of The Mobile Workforce Podcast, Mike Merrill and the team from Vantix Electric, including President John Hand, explore how leveraging communication tools can drive project success and foster a strong company culture.
The group focuses on how contractors can use digital solutions, like software such as Smartsheet and FOUNDATION® accounting software, to create a single channel for correspondence and data exchange, making it easier to keep the whole team informed and engaged.
Key Takeaways:
Create a Single Channel of Communication
The podcast highlights the importance of consolidating communication efforts to improve project management efficiency. Tools such as Smartsheet and FOUNDATION accounting software are showcased as key resources for organizing project data and facilitating seamless communication across teams.
Prioritize Work Ethic and Communication
A strong work ethic, resilience, and clear, open communication within teams are absolutely essential for not only achieving project success but also for effectively navigating and overcoming challenges as a cohesive unit. By fostering these qualities, teams can maintain momentum and ensure that everyone is aligned with the project's goals and timelines.
Learn from Mistakes
The group emphasizes the importance of reflecting on past mistakes and adopting a proactive mindset to address them. By thoroughly analyzing what went wrong and implementing strategic solutions, teams can prevent similar issues in the future, leading to continuous improvement in project management and execution.
Fostering Leadership and Personal Growth
The conversation also highlights the significance of nurturing leadership skills and personal growth within the company. Emphasizing these aspects contributes to long-term success and a thriving company culture because employees feel like they’re constantly working towards goals instead of stagnating at a certain level.
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Join Host Mike Merril as he interviews CTO and Product Officer at Basys Chris Borchers and Executive Vice President of Partner Relations at Basys Kenny Thompson. They discuss the intricacies of payment processing systems and how businesses — especially in the construction industry — can save on fees and streamline their payment operations. They’ll dive into the steps involved in credit card processing, the evolution of payment technology and specific challenges faced by the construction sector. They also emphasize the importance of security measures like multi-factor authentication and PCI compliance.
Key Takeaways
• Explore the detailed steps involved in credit card processing, from the issuance of cards to the final funding stages.
• Discover how businesses can achieve cost savings through the optimization of their payment processing systems. • Understand how Basys's high Net Promoter Score (NPS) significantly enhances customer retention efforts.
• Learn the importance of seamlessly integrating payment systems with overall business operations.
• Discover how to implement critical security measures such as Multi-Factor Authentication
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In this episode, join Host Mike Merrill as he talks with Pronovos President Bruce Orr about how leveraging precise project data, such as WIP reports and KPIs, can dramatically enhance profitability and operational efficiency in the construction industry. During the conversation, Bruce emphasizes the need for a cultural shift toward data-driven decision-making, highlighting how up to date information can guide construction owners to make more accurate decisions faster — therefore driving a transformation at the company.
Key Takeaways
• Accurate metrics are essential because they ensure that projects stay on track, minimizing risks and maximizing profitability.
• Identifying critical KPIs like projected final costs is crucial for contractors to monitor project metrics effectively.
• Training is essential in helping construction teams adopt and effectively use new technologies.
• AI is revolutionizing data processing in the construction industry by making project management more predictive and efficient.
• Advocating for greater transparency among contractors and subcontractors is key to improving collaboration and efficiency. By fostering open communication and data sharing, the industry can overcome traditional barriers.
Struggling with inconsistent project outcomes and cash flow in your construction business? We’re here to help. In this episode of the Mobile Workforce Podcast, Mike Merrill sits down with Bruce Orr, president of Pronovos, a leader in data-driven construction management solutions. Bruce shares his journey and insights into how construction companies can leverage data, specifically through tools like WIP reports, to protect profits, streamline operations and ensure project success. Whether you're facing challenges with project reviews or looking to implement AI in your workflows, this episode offers practical advice and strategies.
“I think that the importance of dashboards can't be understated and KPIs can't be understated, but I also think that you have to understand where your organization is to be able to implement them,” Bruce Orr said.
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Join Mike Merril as he chats with Bruce Walt, Partner at HORNE, about the significance of understanding generational differences in the workplace, particularly in the construction industry.
He breaks down the characteristics of six generations, emphasizing how technology and major events shape their behaviors and expectations.
The conversation highlights the importance of integrating technology in work processes, offering flexible work schedules and fostering inclusion to attract Millennials and Gen Z.
Walt also underscores the need for health and well-being programs to support workers, noting that addressing these areas can lead to greater employee satisfaction and retention.
Key Takeaways
· Understand the unique characteristics and formative experiences of different generations (Silent Generation to Polars).
· Technology drives individualism and alters workplace dynamics, necessitating its integration in modern work environments.
· Flexibility in work schedules and environments is vital for younger generations.
· Emphasizing inclusion and diversity is essential for future workforce success.
· The importance of physical and mental health initiatives in improving workforce satisfaction and productivity.
Are you struggling to handle your multigenerational workforce? We’re here to help. Join us as HORNE Partner Bruce Walt delves into the unique traits of six generations and how technology shapes workplace dynamics. Learn why flexibility, inclusion, and health initiatives are key to connecting different generations and retaining younger workers.
“You gotta showcase your purpose,” said Bruce Walt. “How are we contributing to a greater good? That is particularly impactful to Gen Z. Millennials tend to be more about the individual, but Gen Z wants to be part of something bigger.”
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Join Host Mike Merrill and Foundation Software CRO Steve Antill as they discuss the importance of data collection efficiencies in refining a contractor’s back-office.
Antill highlights how Foundation Software, an industry leader in innovative construction solutions, enhances data collection through strategic acquisitions and the development of new tools for project and human resource management.
The conversation also looks at how different generations in the industry are adopting new technology — highlighting how easy-to-use software can improve data accuracy and make operations run more smoothly.
Key Takeaways:
Data and insights help clients make informed decisions and stay competitive. Consistent client education, conferences and e-letters help businesses maximize their software. Integrating different software tools to enhance efficiency and data accuracy. Foster industry collaboration through events to encourage networking among professionals.Struggling to streamline your construction business operations? We’re here to help. In this episode of the Mobile Workforce Podcast, host Mike Merrill speaks with Steve Antill, CRO of Foundation Software, a leading provider of construction solutions.
They discuss the importance of data collection efficiencies, the evolving landscape of the construction industry and how Foundation Software’s suite of products helps businesses optimize their back-office functions.
Antill also shares insights on economic trends, the company’s strategic acquisitions and the development of new tools for project management and Human Resources management.
“We've seen this massive generational shift in the leadership of companies, a lot of these family-owned construction companies, that next generation that did grow up,” says Steve Antill. “Using a computer is taken over and you've seen these offices go from, you know, one computer and 10 filing cabinets to now they have FOUNDATION, they have Procore, they use WorkMax and, and you're just like, this is so cool to see how your company's evolved over the last 10 years is this new generation of leadership has come into the company and has embraced it.”
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Listen as host Mike Merrill speaks with YHB CPAs & Consultants Matt Smith, CPA, and Dorrie Franzello Kurtz, CPA. They discuss the importance of year-round accounting compliance in the construction industry.
They highlight how continuous collaboration between different departments can lead to more thorough audit trails and better project outcomes. They also explore the critical role technology plays in providing real-time information for more timely decision-making.
Key Takeaways:
· Maintain compliance throughout the year rather than just at year-end.
· Interdepartmental communication is essential for successful project management and financial health.
· Leverage technology for better data visibility and efficiency.
· Educate project managers on financial implications to improve accountability.
· Regular meetings with external financial statement users can prevent surprises.
Struggling to keep your construction firm compliant year-round? We’re here to help. Join Mike Merrill as he sits down with YHB CPAs & Consultants Matt Smith, CPA and Dorrie Franzello Kurtz, CPA, to discuss strategies for continuous compliance in the construction industry. Learn about the importance of interdepartmental communication, the necessity of leveraging technology and how to maintain consistent collaboration.
“We can't make you money, but we can sure keep you from losing it,” said Dorrie Franzello Kurtz.
When looking for the right construction software for your operations it’s important to assess your needs. WorkMax is a software that allows you to connect information from the field and office to provide you with real-time insights into workforce efficiency and productivity.
https://workmax.com/workmax-employee-time-tracking/
https://workmax.com/insight-productivity-management/
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Listen as Host Mike Merrill and Foundation Software CPA Liaison John Corcoran discuss the critical role of CPAs in the construction industry. Corcoran gets into the nitty gritty of why it’s so important to have a CPA who understands construction-specific financial matters. He will expand on how networking and getting involved with professional associations — like CFMA — are vital for staying competent and connected in the industry. The episode also touches on the personal sacrifices required for career success and the evolving focus on mental health and diversity within the industry.
Key Takeaways
Success in the construction industry heavily relies on professional networking. Active participation in industry-related associations and conferences are crucial for CPAs to stay updated and competent. There are appropriate ways to make personal sacrifices for professional success. The construction industry is evolving to address broader issues like mental health and gender diversity. Implement strategies to safeguard the mental health of your crew.Join Host Mike Merrill and Foundation Software CPA Liaison John Corcoran as they discuss the vital role of construction-specific CPAs and the importance of networking and professional associations like CFMA. They will also explore personal sacrifices necessary for career success and explore the industry's evolving focus on mental health and diversity.
“Networking is so important,” Corcoran said. “I'm a CPA. I'm in the construction industry, but as far as technology and technical things, I'm very, very substandard on it, but I've become a pretty good networker and that's what helped me all through my career.”
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Are you looking to optimize your financial strategies and drive profitability? Then tune in to explore better construction accounting practices!
In the latest podcast episode of the Mobile Workforce Podcast, host Mike Merrill welcomes CPAs Barry Weber, Partner at Eide Bailly, a CPA and consulting firm, and Brian Cronnelly, CCIFP Outsourced Accounting Manager also at Eide Bailly.
Their conversation focuses on strategies that contractors can use to enhance their business operations through financial reporting, tax crediting and leveraging industry benchmarks to improve decision-making and profitability. Weber and Cronnelly stress the importance of timely and accurate billing reports and overview the impact of recent changes in energy tax credits.
Key Takeaways:
· Timely financial reporting is necessary for regular and accurate financial statements, aiding decision-making.
· Recent changes in energy tax credits significantly impact the construction industry.
· Benchmarking against industry standards helps set realistic goals by comparing financial metrics with industry averages.
· Effective cash flow management strategies help avoid high-interest expenses and ensure business liquidity.
· Implementing tech solutions like geofencing can improve operational efficiency and reduce costs.
Quote:
“A big one we look at is working capital. If you don't have the funds to keep your projects going, you'll need to find other financing sources,” said Cronnelly. “One important KPI is backlogged working capital—how much you have in current work compared to your working capital. If you can't fund your projects, it's time to talk to a banker.”
Exit and Self-Promo:
When looking for the right construction software for your operations it’s important to assess your needs. WorkMax allows you to connect information from the field and office to provide you with real-time insights into workforce efficiency and productivity. Equipped with great features like geofencing, WorkMax is sure to reduce your labor costs while improving operational efficiency.
https://workmax.com/workmax-employee-time-tracking/
https://workmax.com/insight-productivity-management/
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If you’re looking to understand how to leverage technology
In the latest podcast episode of the Mobile Workforce Podcast, host Mike Merrill welcomes Mike Ode, President of Foundation Software, a leading provider of construction software.
Their conversation focuses on the transformative impact of software in the construction industry. They discuss the evolution from hardware to industry-specific software solutions that bridge the gap between fieldwork and office management.
**Key Takeaways**:
Construction software helps you easily maintain records and track key performance indicators
Companies can improve productivity and make more informed decisions with the help of construction software
Choosing the right technology partner is crucial to your company’s long-term success
“Software has allowed us to fill the gap between the field and office,” Ode said. “The quicker you get accurate data, the quicker you can make informed decisions. When you can adjust on the fly, it can be the difference between making money or losing money on a job, period.”
When looking for the right construction software for your operations it’s important to assess your needs. WorkMax is a software that allows you to connect information from the field and office to provide you with real-time insights into workforce efficiency and productivity.
https://workmax.com/workmax-employee-time-tracking/
https://workmax.com/insight-productivity-management/
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In the latest episode of the Mobile Workforce Podcast, host Mike Merrill welcomes Dr. Anirban Basu, a prominent economist known for his engaging analysis of economic trends, particularly in the construction sector. The discussion provides valuable insights into how current economic conditions, such as consumer spending trends and government policies, are shaping the construction industry.
Key Takeaways:
- The continuous influence of consumer spending and federal spending
- Predictions for the construction industry's growth amidst economic challenges
- Practical strategies for businesses to prepare for future economic shifts
"The transformation of the economy, you know data centers, medical facilities, infrastructure, obviously the electrical grid, all of these things are being transformed and they create demand for contractor services.”
When preparing for potential economic changes, it’s crucial to reduce labor costs and improve project management. WorkMax’s construction time tracking and productivity management software allows you to do just that by connecting information from the field and office to provide you with real-time insights into workforce efficiency and project progress.
https://workmax.com/workmax-employee-time-tracking/
https://workmax.com/insight-productivity-management/
Struggling to navigate the unpredictable economic currents? Anirban Basu brings clarity to the complexities!
Join host Mike Merrill and renowned economist Anirban Basu as they do a deep dive into the state of the economy, particularly focusing on the construction industry. Anirban shares his expert insights on consumer behavior, federal spending, and economic predictions, offering valuable strategies for staying afloat in turbulent times.
As we navigate a landscape of high interest rates and inflation, understanding the underlying economic dynamics is crucial. Dr. Basu explains how despite high interest rates and inflation, consumer behavior remains strong, supported by significant federal spending and transformational projects like infrastructure enhancements.
“The consumer, who is much of the economy, has continued to spend despite high interest rates,” Dr. Basu said. “Right now, the economy has so much job creation, so many job openings, you have to think the consumer is going to continue to spend through the summer and into the fall. But the consumer cannot continue to borrow this way. It’s not sustainable.”
Dr. Basu offers a deep dive into how these factors are influencing the construction industry and presents actionable advice for businesses looking to weather potential downturns. Additionally, he addresses the critical challenge of replacing the aging workforce with skilled labor, emphasizing the role of education and policy in shaping future opportunities. Tune in to understand the economic forces at play and how they might affect you and your business.
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Are you looking for steps to adapt to evolving workforce demands? Discover transformative strategies in our latest podcast episode.
Join Mike Merrill and renowned human relations expert Brent Kedzierski as they explore evolving workforce management trends to help you improve workplace productivity while attracting and retaining employees.
"Every generation reshapes the workforce based on their experiences. Right now, we're shifting from living to work to working to live. Understanding and adapting to this change is key to future success." - Brent
Key Takeaways:
- Embrace technology to improve safety and efficiency.
- Shift from work-life balance to prioritizing life.
- Engage and value employees to boost productivity.
In order to keep their companies competitive, construction professionals have to stay ahead of the evolving trends in workforce management. In this podcast, Brent discusses the historical shifts from efficiency-focused practices to modern, post-pandemic approaches that prioritize worker well-being and life outside of work.
Brent and Mike give advice on how to deal with the shift from traditional management theories to the current model that emphasizes work-life balance. One of the common tools they highlight to help implement this change is through the use of technology.
"Technology should support, not replace, human workers,” Brent said.
Construction technology can create, track and store crucial information. Employers can use this technology, oftentimes in the form of a software, to build their safety programs and track compliance, manage productivity, deadlines and much more.
See how WorkMax's construction time tracking and productivity management software can help you revolutionize your workforce management. With WorkMax, you can connect information from the field and office to provide you with real-time insights into workforce efficiency and project progress.
https://workmax.com/workmax-employee-time-tracking/
https://workmax.com/insight-productivity-management/
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Wondering how to balance tradition and modernization in your family business? In this episode, Matt DiBara of DiBara Masonry shares how integrating modern technology has revitalized their century-old masonry business, making it more efficient and competitive. Key Takeaways: Balancing tradition with innovation Empowering employees through tech Planning for future growth with AI Use technology to minimize site visits "My big pressure was always how can we innovate? And I started really taking over the business right around 2008 and I was petrified by what I saw with companies go out of business... And so I became obsessed with how do I modernize this business" - Matt DiBara Matt DiBara was able to keep the culture of an honest day's work for an honest day's pay through the use of construction technology. While many business owners fear a negative impact on their workforce from technology, DiBara Masonry has embraced it by combining technology with its family-based guiding principles. In doing this, Matt was able to empower his workforce while retaining the culture, helping his business grow. Matt discusses the difference construction estimating software has had on his workforce. With their increased operational efficiencies, they have become more competitive and taken their company to the next level by limiting time-consuming site visits and letting his employees take ownership through state-of-the-art software. The EDGE is the most robust construction estimating software for commercial contractors, takeoff professionals, and construction estimators.
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Overwhelmed with payroll every busy season? We've got the solution. Join Mike Merrill as he chats with Jim Welsh, a construction payroll expert, who shares invaluable advice on preparing your payroll system for the busy season. Discover why now is the perfect time to streamline your processes.
Key Takeaways:
- Seasonal preparation tips
- Importance of software integrations
- The right timing for system updates
"This is the time of year to really analyze your payroll and look back at some of the painful points of the previous year. Technology and the right processes can turn a traditionally hectic time into a period of smooth operation." - Jim Welch
The episode opens with a discussion on the natural cyclical nature of construction and the varying employee counts that come with it. Welsh advises companies to use the quieter months to analyze past payroll challenges and to adopt technology solutions tailored to their specific needs. He emphasizes the importance of timing when implementing new systems, suggesting the off-season as ideal. Through the conversation, it becomes clear that delaying the adoption of modern payroll solutions only prolongs inefficiency and potential non-compliance issues. Welsh stresses that while the transition may seem daunting, the long-term benefits far outweigh the initial effort. The talk concludes with a call to action for companies to proactively seek out and implement payroll technologies that align with the unique demands of the construction industry, ensuring smoother operations and a focus on growth during the peak season.
Payroll4Construction is a complete construction-specific payroll service that offers everything from free construction reporting and union tracking to multi-state processing and complete tax filing. You submit the time, we do the rest. https://www.payroll4construction.com/
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Are you doing enough to protect your workers and avoid OSHA citations? Join Mike Merrill as he sits down with attorney Mike Pascoe, an expert in OSHA compliance, to discuss the evolving landscape of construction safety. Dive into a world where technology, training, and proactive planning become your best defense against workplace hazards and OSHA violations. **Key Takeaways:** - Explore the influence political changes have on OSHA's priorities - Learn how to enhance safety through integrated technology - Understand the importance of consistent training and planning. "Technology has taken away the excuse of not knowing or responding to safety incidents." - Mike Pascoe
Make safety a priority on your job site by discussing hazards and safe work practices with SafetyHQ's customizable toolbox talks.
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Overwhelmed by payroll and inaccurate reports? Discover the game-changer, mobile time tracking.
Join host Mike Merrill and construction time tracking expert Ron Craft as they explore the revolutionary benefits of digital time tracking in construction. Learn how this technology can streamline your processes, improve accuracy, and save substantial amounts of money.
Key Takeaways:
-Learn the top benefits of time tracking technology:
- Streamline payroll
- Eliminate unauthorized overtime
- Enhance job visibility
- Improve compliance and safety
"You know... all these guys, I mean they're out in the field, they're heads down, they're working hard but they don't know if they're winning or losing, right? But if you give them a mobile app where it shows them in real time job progress and productivity and they're able to see." - Ron Craft
At WorkMax, we know how complacency can cause a business to stagnate. With INSIGHT, you get construction productivity tracking that allows stakeholders to see real-time productivity data that ensures you're on a continued path for growth.
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Feeling stuck in your business growth? Discover how to leap forward.
Join Mike Merrill, John Lenker, and Assaf Arie for a second captivating discussion on the vital steps for contractors to elevate their businesses. Learn from the experts at LENKER, a management consulting firm that specializes in the construction industry. Key Takeaways: Avoid complacency Build unified principles Understand financials Adapt and grow "Do not feel comfy. Kodak felt comfy. Where are they today?" - Assaf Arie "One bad storm can take the whole thing down if you're not set up right." - Mike Merrill At WorkMax, we know how complacency can cause a business to stagnate. With INSIGHT, you get construction productivity tracking that allows stakeholders to see real-time productivity data that ensures you're on a continued path for growth. -
Learn how to grow your construction business from 1 million to 100 million with the experts that have led others to the same success. Join Mike Merrill as he talks with John Lenker and Assaf Arie, who share invaluable insights on growing your contractor's business.
At WorkMax, we know that running a contracting business can be challenging, but with our Construction Time Tracking Software, you can reduce labor costs and help your business grow with more profitable projects.
Check out the LENKER Group at LENKER.com/mobileworkforce
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