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Posts by Jonathan Lovell

What Do Sureties Look At When They Review A Contractor’s Financial Statements?

The construction industry is diverse, with construction businesses specializing in HVAC, plumbing, electrical, excavation, fire protection, general contracting and other trades. One thing most contractors have in common, though, is who uses their...
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4 Key Insights From an Employee Benefit Plan Auditor

With employee benefit plan audit season not too far in the rearview mirror, it’s a good time to reflect on lessons learned. I’m sharing a few insights, from the point of view of an employee benefit plan auditor, for clients who are required to have their...
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5 Tips Contractors Should Know for Work in Process

A work in process (WIP) schedule is one of the most important financial tools for a contractor—and it may be underutilized. Not only does a WIP schedule give a construction company and project stakeholders insight into a project’s financial performance,...
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Accounting for Common Area Maintenance Expenses

Common area maintenance (CAM) costs are expenses incurred by a landlord to maintain or manage common areas in places like shopping centers or office buildings. For example, a parking lot in a shopping center or the lobby in an office building requires...
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What Construction Contractors Need to Know About Backlog

Backlog is an important measure of the health of a construction company. Here’s what contractors need to know about backlog and how it can help (or hurt) their profitability.
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Everything Construction Contractors Need to Know About New Lease Accounting Standards [2022]

A new lease accounting standard for construction companies and contractors takes effect on December 15, 2021. This article covers the rules of the new standard and how your company can prepare.
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