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July 11, 2022

Challenges Facing the Construction Industry

By Rob Trammell, Tax & Advisory Principal
ASL Construction Group

Labor Shortage

The construction industry, like almost all industries, is facing a shortage of available workers.  Many companies could be doing more work if they were able to find the employees to staff the jobs.  In addition, the workers you currently have are in high demand.  There are many other competitors and companies actively looking to hire. (more…)

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Categories: Construction Corner, Summer 2022
Tags: Construction Industry, Inflation, Labor Shortage, Rob Trammell,
November 11, 2021

Insurance Red Flags - Contractors Be Aware!

By Becky Watson, CPA, Audit Manager
ASL Construction Group

I had the opportunity to interview Ralyssa Robinson, CRIS, MLIS, a Commercial Insurance Broker with Bozzuto & Associates Insurance Services, and pick her brain about top insurance concerns for contractors, and how they can minimize risk and prepare for today’s working environment. (more…)

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Categories: Construction Corner, Fall 2021
Tags: Becky Watson, Bozzuto, Contractors, Insurance risks,
July 21, 2021

Fraud Trends in the Construction Industry

By Deepa Bhat, CPA, CFE, ACA, Principal
ASL Construction Group

The COVID-19 pandemic created challenging circumstances for many Bay Area construction contractors. The combination of government orders and fear of virus transmission led to the delay or cancellation of many scheduled projects. And unfortunately, even prior to the COVID-19 pandemic, construction companies were dealing with another challenging situation, employees and vendors perpetrating fraud schemes against the company. According to the ACFE 2020 Report to the Nations, the median fraud-related loss experienced by construction companies was $200,000 per incident (based on investigations that occurred between January 2018 and September 2019). This means, construction is in the top six of the highest median loss experienced, behind mining at $475,000; energy at $275,000; real estate at $254,000; telecommunications at $250,000; and health care also at $200,000. This unfavorable ranking reflects the need for construction companies to do more to prevent and detect fraud schemes to limit losses. (more…)

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Categories: Construction Corner, Summer 2021
Tags: Certified Fraud Examiners, construction companies, Construction Fraud, Deepa Bhat,
February 22, 2021

2020 – The Year That Was and What Lies Ahead for the Construction Industry?

By Deepa Bhat, CPA, CFE, ACA, Principal
ASL Construction Group

I was once again at my annual Board retreat (virtual, alas!) for the Builders’ Exchange of Santa Clara, and came away with some fascinating data – both historical and predictive.  Like many of us, I was curious to understand the impact of COVID-19 on this industry in 2020.  These were the top takeaways from this meeting: (more…)

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Categories: Construction Corner, Winter 2021
Tags: Builders’ Exchange, Construction Updates, Deepa Bhat,
February 10, 2020

What Lies Ahead for the Construction Industry?

By Deepa Bhat, CPA, Principal
ASL Construction Group

I recently attended our annual Board retreat for the Builders’ Exchange of Santa Clara, and came away with some fascinating data – both historical and predictive. As someone who routinely works with contractors, I was intrigued by the statistics and forecast data presented to the group. Here’s a list of my top takeaways from the meeting: (more…)

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Categories: Construction Corner, Winter 2020
Tags: Builders’ Exchange of Santa Clara, Construction forecasts, Construction spending, Deepa Bhat,
November 7, 2019

Have You Implemented ASC 606?

By Becky Watson, CPA, Audit Manager
ASL Construction Group

The end of the year is coming fast and with it comes the requirement to adopt FASB ASC Topic 606 Revenue from Contracts with Customers by all calendar year-end private companies (this standard was applicable to public companies for calendar year 2018).  If you have not yet implemented the new accounting standard, here are a few items to consider. (more…)

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Categories: Construction Corner, Fall 2019, Revenue Recognition
Tags: ASC 606, Becky Watson, construction companies, Performance-based Compensation, Revenue Recognition,
July 31, 2019

Top Three Considerations for Better Reporting – Are You Doing These?

By Deepa Bhat, CPA, Principal
ASL Construction Group

As we were wrapping up the reviewed financials for my General Contractor client, I asked the Controller, “what are some of the issues often overlooked by contractors as it relates to accounting?” And she was happy to oblige me with her top three issues for contractors to consider for better reporting: (more…)

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Categories: Construction Corner, Summer 2019
Tags: construction companies, Construction contractors, Deepa Bhat, Project Management Software,
May 21, 2019

Local Construction Industry Resources

By Jerry Quintos, CPA, Director
ASL Construction Group

Are you a construction industry company utilizing all your local resources here in Silicon Valley? Most of you probably are, but some of you… perhaps not. I’m thinking about the Construction Financial Management Association of Silicon Valley (CFMA), Builders’ Exchange of Santa Clara County (Builders’ Exchange), and the Construction Group here at Abbott, Stringham & Lynch (ASL). (more…)

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Categories: Construction Corner, Spring 2019
Tags: Builders’ Exchange, construction companies, Construction Financial Management Association of Silicon Valley,
February 5, 2019

Benchmarking Contractor Financial Statements Leads to a Wealth of Information

By Deepa Bhat, CPA, Principal
ASL Construction Group

As we head into another busy tax season, I am mentally preparing myself to answer questions from my contractor clients on how they stack up within their industry and against their peers. Lucky for me, I have access to industry benchmarking data that makes my client conversations productive and informative. In addition, as a bonus, the benchmarking reports provide a deep insight into the Company’s present and, often, their future. (more…)

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Categories: Construction Corner, Winter 2019
Tags: Benchmarking, construction companies, Deepa Bhat, financial statements,
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