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.

182. Navigating ASC-842: What Construction CPAs Need to Know

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.

181. Technology's Role in Modernizing Expense Reporting in Construction

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.

180. Mastering Risk Management in Construction

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

179. Mastering Effective Communication and Employee Engagement

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

178 Revolutionizing Payment Systems for Your Construction Business

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.

177. Why Data is the Future of Construction Management

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.

Blurb

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.

 

176. The Impact of Generational Differences on Construction Work Culture

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 com

175. How to Leverage Technology to Transform Your Construction Management

Listen as host Mike Merrill speaks with YHB CPAs & Consultants [https://yhbcpa.com/] 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 [https://yhbcpa.com/] 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/

174. The Benefit of Year-Round Compliance

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.”

173 Why Your Construction Business Needs a Construction-Specific CPA

The Mobile Workforce Podcast is centered around conversations with experts that have been where you are and have made it to the other side. Each week, our trailblazing guests share their experiences to inspire change, challenge the status quo and share what it takes to travel the road to profitability while managing a remote workforce. If you are looking to improve your operational efficiency and champion processes that maximize profit, these conversations will lead you and your team to the cutting edge.