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February 6, 2023

Change Orders and Construction – Best Practices to Go With the Flow

By Jaime Exley, CPA, Director of Accounting Solutions
ASL Construction Group

“The only constant in life is change” – Heraclitus

Every contractor understands the reality that construction projects are complex and have many moving parts. The ways in which a contractor manages changes during a project significantly impacts project profitability and cash flow. In many cases, construction companies’ reputations rise and fall with their ability to successfully navigate changes in project scope. (more…)

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Categories: Construction Corner, Winter 2023
Tags: Change orders, construction companies, Jaime Exley,
November 21, 2022

Tips to Manage Your WIP Schedule

By Deepa Bhat, CPA, CFE, ACA, Assurance & Advisory Principal
ASL Construction Group

It’s been a while since we’ve had a deep dive article on work in progress (WIP) schedules (to refresh your memory, see Red Flags on a Contractor’s Work in Progress Schedule). As I review the WIP schedule for a new client, I find myself referring to this article for all the recommendations I’d like to make to this client. A few additional observations are noted below: (more…)

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Categories: Construction Corner
Tags: construction companies, Deepa Bhat, WIP Schedules,
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,
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,
May 9, 2018

Contractor Financial Statements – How to Identify Warning Signs Before It’s Too Late

By Deepa Bhat, CPA, Principal
ASL Construction Group

It is not unusual for contractors to go through an entire fiscal year anticipating healthy profits only to end the year in a significant loss position. Here are some tips to identify and correct potential issues before they derail the Company’s financial performance: (more…)

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Categories: Construction Corner, Spring 2018
Tags: construction companies, Contractor Financial Statements, Contractors, Deepa Bhat, WIP,
April 5, 2018

Revenue Recognition Under the New Standards – Where to Start?

By Josh Cross, CPA, Principal
ASL Construction Group

Sometimes the hardest part of any major implementation project is figuring out where to start.

How about we start with trying to identify the most appropriate implementation method for your construction company.  One of the questions we get all the time is: Which implementation method is best for my company?  Unfortunately, there is no universal answer, but we will give you some insights into what we are hearing within the industry. (more…)

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Categories: Construction Corner, Revenue Recognition
Tags: construction companies, full retrospective adoption, josh cross, modified retrospective adoption, Revenue Recognition,

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