Setting Profit Goals and Managing Cash Flow in Construction

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.