The Mobile Workforce Podcast

182. Navigating ASC-842: What Construction CPAs Need to Know

Listen in as Mike Merrill and CICPAC Executive Director Kathleen Baldwin discuss the implications of the new lease accounting standard, ASC-842, on contractors' financial statements and business operations. ASC-842 now requires companies to record the financial impact of their leases on their balance sheets. Baldwin details how this standard affects metrics like working capital, debt covenants and bonding capacity. The conversation underscores the importance of proactive communication with sureties and banks to manage these changes effectively. This episode provides actionable insights for contractors looking to stay compliant and financially sound under the new regulations. Key Takeaways • Implement ASC-842 by ensuring most leases are included on balance sheets, which impacts financial statements and operational decisions. • Assess how changes to lease accounting affect working capital, influencing a contractor's bonding capacity and ability to secure future projects. • Reevaluate debt covenants under ASC-842 to maintain compliance with lenders, as new lease liabilities may alter key financial ratios. • Adopt lease management software, such as LeaseCrunch, to automate lease data management, enhancing compliance and reducing manual errors. • Engage in proactive financial planning by discussing ASC-842 implications with sureties and lenders early, minimizing the risk of financial statement surprises.

181. Technology's Role in Modernizing Expense Reporting in Construction

This episode of the Mobile Workforce Podcast features a conversation between Mike Merrill and CICPAC Executive Director Kathleen Baldwin. Tune in to hear as they delve into how construction companies can manage travel expenses more efficiently, focusing on the benefits of accountable plans and the role of technology in streamlining expense reporting. This discussion provides practical insights for construction firms looking to improve their financial management and compliance with tax regulations. Key Takeaways * Clearly differentiate between accountable and unaccountable plans, focusing on the associated tax implications. * Leverage technology to automate expense reporting systems, simplifying the documentation of travel expenses for construction companies. * Navigate multi-state compliance issues by addressing tax regulations and deductions for employees working in different regions. * Optimize tax deductions by strategically categorizing and documenting travel-related costs to maximize deductible expenses. * Utilize CICPAC resources and guides to stay informed on tax planning and support for construction firms.

180. Mastering Risk Management in Construction

In this episode of the Mobile Workforce Podcast, host Mike Merrill speaks with Rob Remington, a construction lawyer with over 30 years of experience in the field. They discuss the evolving landscape of the construction industry, particularly as it shapes contract management, risk mitigation and the use of technology like project management software and AI. This conversation is vital for contractors looking to protect their bottom lines and improve operational efficiency in a fast-changing market. Key Takeaways: * Implement effective risk management strategies to protect profit margins and avoid scope creep. * Ensure thorough understanding of contract terms to prevent costly mistakes and disputes. * Utilize technology tools like FOUNDATION® and AI to streamline project management and enhance communication. * Proactively enforce lien rights and follow dispute resolution processes to secure financial success. * Address challenges in the supply chain, labor shortages and inflation to manage costs effectively in both private and public projects.

179. Mastering Effective Communication and Employee Engagement

Effective communication is at the heart of any successful construction organization, and in this special episode of The Mobile Workforce Podcast, Mike Merrill and the team from Vantix Electric, including President John Hand, explore how leveraging communication tools can drive project success and foster a strong company culture. The group focuses on how contractors can use digital solutions, like software such as Smartsheet and FOUNDATION® accounting software, to create a single channel for correspondence and data exchange, making it easier to keep the whole team informed and engaged. Key Takeaways: Create a Single Channel of Communication The podcast highlights the importance of consolidating communication efforts to improve project management efficiency. Tools such as Smartsheet and FOUNDATION accounting software are showcased as key resources for organizing project data and facilitating seamless communication across teams. Prioritize Work Ethic and Communication A strong work ethic, resilience, and clear, open communication within teams are absolutely essential for not only achieving project success but also for effectively navigating and overcoming challenges as a cohesive unit. By fostering these qualities, teams can maintain momentum and ensure that everyone is aligned with the project's goals and timelines. Learn from Mistakes The group emphasizes the importance of reflecting on past mistakes and adopting a proactive mindset to address them. By thoroughly analyzing what went wrong and implementing strategic solutions, teams can prevent similar issues in the future, leading to continuous improvement in project management and execution. Fostering Leadership and Personal Growth The conversation also highlights the significance of nurturing leadership skills and personal growth within the company. Emphasizing these aspects contributes to long-term success and a thriving company culture because employees feel like they're constantly working towards goals instead of stagnating at a certain level.

178 Revolutionizing Payment Systems for Your Construction Business

Join Host Mike Merril as he interviews CTO and Product Officer at Basys Chris Borchers and Executive Vice President of Partner Relations at Basys Kenny Thompson. They discuss the intricacies of payment processing systems and how businesses — especially in the construction industry — can save on fees and streamline their payment operations. They'll dive into the steps involved in credit card processing, the evolution of payment technology and specific challenges faced by the construction sector. They also emphasize the importance of security measures like multi-factor authentication and PCI compliance. Key Takeaways • Explore the detailed steps involved in credit card processing, from the issuance of cards to the final funding stages. • Discover how businesses can achieve cost savings through the optimization of their payment processing systems. • Understand how Basys's high Net Promoter Score (NPS) significantly enhances customer retention efforts. • Learn the importance of seamlessly integrating payment systems with overall business operations. • Discover how to implement critical security measures such as Multi-Factor Authentication