Construction businesses can save time and avoid hassle by maintaining an inventory of critical materials and supplies. But managing that inventory for tax purposes can be challenging.
Articles by Mikaela Knutson
Mikaela Knutson is a Senior Manager for BeachFleischman’s Accounting and Assurance department. Mikaela has provided accounting, auditing, and financial statement services for a variety of privately-held businesses since 2010.
Industry Experience
FASB votes to exempt private companies from disaggregation of income statement project
As costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB’s project to up the ante on expense disclosures.
New accounting rules for supplier finance programs
Newly issued rules on how to report supplier finance programs will provide critical information on the financial health of companies. Here’s what you should know if your company participates in these kinds of arrangements.
FASB proposes last-minute changes to lease accounting rules
New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases continue to be a sticking point, but help may be coming soon.
Using agreed-upon procedures to target specific items of concern
If you want to know more about a specific account or nonfinancial matter, an agreed-upon procedures engagement may fit the bill.
Private business owners: Don’t wait until year-end to evaluate financial performance
The year is almost half over. Is your business on track to meet its goals for 2022? Interim financial reporting can help gauge your progress.
3 numbers to know: costs, markup, and profit
“Let’s pretend we’re in business to make money,” goes an old, sarcastic joke. Construction companies can build their bottom lines by mastering three key profit numbers.
