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.

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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.