The construction industry has faced its fair share of challenges in recent years. But now, with continued federal funding, the industry is expected to experience growth. This funding will give opportunities for contractors to bid on various projects and secure new business.
HORNE’s cyber team recently earned The Cyber AB Certified Third-Party Assessor Organization (C3PAO) designation which allows HORNE to perform specific cyber security assessments for Organizations Seeking Compliance (OSC) through contractual agreements.
In most companies, developers are focused on meeting project deadlines, and that often leads to applications that are insecurely coded. Custom development can multiply vulnerabilities. Some 48 percent of developers think they leave vulnerabilities in their code, according to the State of Developer-Driven Security Survey 2022 from Secure Code Warrior.
When it comes to sustaining or growing a business today, the status quo isn’t good enough anymore. We are in exponential times where the change around us is no longer incremental and we must anticipate the opportunities and challenges facing us in the future.
Exponential times have raised the bar for us to sustain business growth today. We are experiencing fast-moving change in so many facets of our businesses. Incremental thinking will only put us further behind so an effective strategic plan must be a priority.
A critical challenge facing businesses today is leadership development. Opportunities for exponential growth and succession of various leadership roles require companies to plan and be intentional to develop the leaders to secure a bright and growing future.
The global pandemic reshaped the way we work. Not only did it expedite the shift to remote teams, it also highlighted the importance of work-life balance and allowed many workers to re-think their personal and career goals.
Cybersecurity and cyber insurance are a priority in today’s world, but in the past few years, these issues have become even more important for companies with employees working remotely. Working from home has multiplied the risks and occurrences of data breaches, and breach costs also have grown.
Cybersecurity risks challenge your business development. You need to address the bad risks so you can take the good risks that let you grow and maneuver to stay ahead of your competition. You also need expert insights into cyber risk and how you must defend your organization and protect your growth.
Technology’s power to disrupt is undeniable. One of the clearest examples rests in our pockets and purses. Decades ago, one would need a camcorder, gaming system, computer, stereo and encyclopedia – as well as a telephone – to replace just one of our mobile devices.
Since the early 1700s, when the first insurance companies were formed, organizations have sought to leverage data. What’s unique about now is the sheer amount of data available, thanks to how fast it’s generated.
Join us at HORNE Construction Forum 2022, on November 16th, beginning with breakfast at 8:30 a.m. This forum will offer networking opportunities, educational insights, post-election discussions and tips to help you embrace change and think differently about the future of business.
The U.S. House of Representatives and the U.S. Senate each have passed the Inflation Reduction Act, a $430 billion package that includes several changes to tax laws. President Biden signed the bill into law on August 16
Construction Executive has once again ranked HORNE as one of the top construction accounting firms in the country. The industry publication ranked HORNE number 26 on its annual list of the Top 50 Construction Accounting Firms for 2022. HORNE moved up two spots from 2021’s ranking of number 28.
Emily Carpenter is a senior manager in construction at HORNE where she specializes in business advisory and accounting services. She focuses on general ledger reviews, sales tax and payroll consulting, reporting and payments, 1099s and preparation of financial statements.
The pandemic presented unprecedented challenges for American businesses and local governments. As our nation heads toward a post-Covid environment, equally unique opportunities are taking shape. What does this mean for you?
2021 Tax Planning. Changing entity types, accounting methods, new deductions for qualified businesses, new depreciation alternatives and new tax incentives for qualified investments are just some of the provisions in the TCJA that will require careful analysis and proactive planning for construction clients. The CICPAC Tax Thought Leadership Committee has compiled an updated summary of those changes potentially impacting construction clients in this whitepaper.
The CICPAC Tax Thought Leadership Committee has compiled a summary of the tax provisions included in the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) that may impact our construction clients. This whitepaper provides an overview for further consideration for tax planning in 2021 and beyond.
Entrepreneurs and business owners spend years building their business — and often years before that dreaming of and planning for it. Every owner knows the journey it took, from the highs of launching the business or securing the first customer to the lows of meeting an early payroll liability or facing the uncertainties of the recent pandemic.
Nexus is defined as a substantial connection to a state that allows the state to tax a taxpayer. Although this may seem pretty straightforward, things can get a little complicated for contractors working on out-of-state jobs. It’s important to determine if your construction company is responsible for state sales tax or income tax before bidding on an out-of-state job to ensure an accurate bottom line on the project and to also ensure compliance with state agencies.
If you simply are not emotionally ready to sell, if there is still fire in your belly — enough fire to fuel your continued investment in the company — or if you ultimately want to leave the business to family members or employees, then you may not be in a position to sell your business — yet.
With the endless expansion of technological advancements in the past couple of decades, companies are now able to collect enormous volumes of data from all areas of business. Data analytics is the solution to transform all the data into information that can be used to improve your company’s bottom line. Identifying your company’s key performance indicators (KPIs) is the most important part of using data analytics to help achieve your business’s goals. KPIs can have a variety of origins ranging from measuring financial ratios to customer relationships.
Most construction business owners will spend a lifetime making sure their businesses succeed. After all of your hard work, do you really want to leave the fate of your business in someone else’s hands? As it is likely your largest asset, you’ll want to ensure your business is protected through a detailed estate plan. This plan should focus on minimizing estate and gift taxes as well as protecting your wealth for your family.
Statistics indicate baby boomers account for more than 50% of the construction industry. That means half of owners, along with their skills and knowledge, are headed towards retirement. Even more alarming is only half of those owners have a succession plan. If your company faces a disruption or change in ownership it reduces its chance of survival to only a small percentage. Even owners who don’t have an immediate retirement on the horizon need to have a plan.
You’ve done it. You’ve built a booming construction company and now you’re ready to relax. As a business owner, it’s important to plan your exit from the company years in advance to ensure you can depart with confidence. How will your exit impact you and your family?
Less than a year. That’s how long it took a successful construction company to permanently close after the owner unexpectedly passed away. Before his death, the company was thriving. But without a business continuity plan in place, the business didn’t survive a year.
Jarod Myers is the director of ExecuSearch and Talent Solutions, Construction team. He leads, consults and collaborates with leadership to provide executive & professional talent placement services, HR/TA systems and process mapping solutions for small to medium size Construction businesses.
Greg Kurth is a manager in construction services at HORNE where he specializes in federal and multistate tax compliance, identifying tax planning opportunities and other financial and business advisory assistance.
Matt Elkins is a director at HORNE. He provides assurance services as well as management advisory services to the construction industry. He joined HORNE in 2007. His experience includes job cost accounting, revenue recognition, management reporting and analysis for contracts.
Justin Egger is a senior manager in the construction services practice at HORNE. He specializes in corporate and individual tax compliance, resolution of tax controversies, and tax planning. He strives to simultaneously manage the tax department’s workflow, provide timely and accurate deliverables, and build and maintain relationships with clients and prospective clients.
Mitch Beckwith is a director at HORNE where he helps construction clients navigate their tax and general business administration needs. Mitch has experience in many industries including construction and general contracting, food and accommodation services, real estate, manufacturing, healthcare and agriculture.
When you’re busy juggling projects, it’s hard to picture walking away from your business. But sooner or later, all businesses transition — whether through acquisition, inheritance, retirement or the death of the owner.
Fraud has always been a concern for contractors. But recent technological advances such as cybersecurity, artificial intelligence and internet-enabled machinery have opened a new realm of potential risk and exposure.
Day-to-day financial tasks are time consuming and take in-house resources that are often better used in other areas. Free yourself from having to staff, train and oversee back-office functions, and remove the headaches and worries of turnover and compliance with Managed Accounting Services from HORNE.
CONSTRUCTION Audit & Assurance Find the opportunities you’ve been missing. Where can you improve performance? How can you evaluate job costs more accurately? What can you do to increase the chance that bonding is available when you need it? At HORNE, we work...
With owner-operated companies, it’s easy to blur the line between personal and business finances. How can you take a long-term financial view for both? Is it smarter to leave money in the business or take it out? What’s the best way to manage your personal and business taxes?
Wes Winborne’s construction clients come to him for peace of mind. Whether they face tasks like audit and tax support, internal control reviews, or guidance for issues like job costing, bonding or computer consulting, I am dedicated, experienced and ready to do what it takes. Our team knows construction and the financials behind it. To help you focus on your building your business, we focus on taking care of accounting and offering helpful guidance.
The construction industry is constantly evolving and contractors need a visionary partner to help guide them to successfully compete, grow and plan for the future. Lee Klein not only serves clients by delivering on opportunities and helping them solve today’s problems but also has the foresight to help them anticipate and prevent tomorrow’s.
Joel Bobo truly enjoys contractors. This construction industry is filled with people who are hard-working, loyal and family-oriented. We help contractors accomplish important tasks that strengthen their business, including helping them maximize bonding capacity, understand their internal cost structure, increase profitability while keeping tax burden at a minimum, and create succession planning.
You can’t predict and protect profitability unless you understand the true cost of doing business. A thorough analysis of job costs can reduce your risk of loss, as well as help fine-tune profitability as your business grows.
Many companies and individuals have applied for funds from the Small Business Administration (SBA) 7(a) Relief Loans Paycheck Protection Program (PPP). Our previous communication addresses the recent suspension of the PPP due to inadequate funding. For our clients that did not receive funds or approval prior to the suspension, we will continue to work on completing applications and submitting to lenders in anticipation of additional funds being made available under the PPP.
Businesses today have to make tough decisions and search for funds to keep doors open and employees paid. Many applied for the SBA’s PPP loan to offset losses during the COVID-19 shutdown. The loan offers short-term relief, but there may be another opportunity for businesses to find additional monies in the form of unclaimed Mississippi state tax incentives.
It has come to our attention that a new email phishing or “spoofing” scheme is being sent to businesses seeking financial assistance due to COVID-19. The emails are an attempt to scam business owners that have applied, or are considering applying, for Paycheck Protection Program loans backed by the U.S. Small Business Administration. These emails may look legitimate and appear to come from your bank.
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