On May 13th, Meaden & Moore held a webinar titled “What You Need to Consider as You Seek Loan Forgiveness” to provide information concerning the Paycheck Protection Program through that date with a focus on loan forgiveness items. Since this is a topic that is on everyone’s mind, there were a significant number of attendees and in turn a lot of questions. We answered as many as we could during the webinar, and answered the rest via a follow up email to the participants with the questions we didn’t get to during the webinar.Read More
Treasury and the SBA updated their FAQ on May 3, 2020 with Q&A item 40. This indicates that if you make an attempt to rehire an employee and they refuse to come back to work, you will not be penalized in your forgiveness calculation for them. You do need to follow certain documentation guidelines as described below. This thankfully offers some clarity on this situation as it has been a common occurrence with some employees for a variety of reason.Read More
The Treasury Secretary stated in an interview on Tuesday, April 28th, that Treasury would audit Paycheck Protection Program Loans over $2 million. Then on Wednesday, April 29th, Treasury and the SBA updated their FAQ with Q&A number 39 stating that the SBA would review loans over $2 million (and any others they deem necessary, so being under $2 million isn’t a guarantee they won’t look at it) when the applications for forgiveness are submitted.Read More
Contract Delays, Unavailable Employees, Material Cost Increases, and Collecting Accounts Receivable
In Ohio and other states, construction is an essential business and jobs have been able to continue with various restrictions. However, that doesn’t mean that projects are still going as planned or are business as usual. Some states have even shut down construction, so who knows what’s next. Some questions we’ve been getting from clients are below, along with recommendations on how to address. Most of these are legal questions, so we’d recommend contacting your attorney to explore further if you think anything may apply to you. However, we wanted to get some basic information out to help get you started.Read More
I hope this finds you as well as possible in our current situation. I wrote this prior to the “stay at home” order that was issued, but now this takes on even more urgency because of all the unknowns that currently exist. This is a rapidly changing situation with announcements made almost daily with little advance notice. If you haven’t already, I’d suggest signing up for our alerts to keep up to date.
I recently attended a construction conference and one of the sessions featured a speaker from Dodge Data and Analytics, who do a lot of research related to the construction industry. Part of the presentation focused on industry technology and the impact it’s having on construction firms. Here are some of the takeaways.
Building Information Modeling (“BIM”) software is already in use at a lot of contractors. It is software that allows a contractor to create a digital model/plan of a building, highway, etc. which has significant advantages over a traditional blueprint or paper-based plan. It provides a great visualization tool to job owners during the bid and planning phases, during the construction process to provide updates/check progress, and when the project is finished provides a complete digital map of the final project to the job owner. It can be adjusted easily if a change is needed to the design. It can be used for projections and what if scenarios (like where should I position a large crane, what’s the most efficient placement for materials staging), among other uses that help with planning and in turn reduce inefficiencies. It can also be used to track progress compared to the plan, catch potential issues earlier, and reduce rework. Even though it is commonly called BIM, it applies to construction projects other than just buildings, such as civil projects. To show how BIM can reduce time and costs, the presentation mentioned that Turner Construction reported efficiency increases of 143% for mechanical, 67% for plumbing, and 36% for fire protection from using BIM and related resources. Some of the other technologies available today integrate with BIM making it even more powerful. Learn more about BIM here.Read More
Freight management helps companies gain an understanding of where their shipments are, builds better customer relationships, reduces the need for excess inventory and improves reliability across the supply chain.Read More
Forecasting is a key element in conducting your business. The realism that good forecasting provides can help you develop and improve your strategic plans by increasing your knowledge of the marketplace. The forecast that your sales force provides is the source of information that allows you to manage virtually all aspects of your business.Read More
Higher Turnover May be Great for Inventory but Not so Much for Your Audit Team
Auditor that could be your kid – “What on earth is demurrage?”
You – “Seriously? What do your workpapers say from last year about it? Or maybe try using this thing called Google.”
Or, in the scenario that you get an auditor that knows everything there is to know.Read More
If you didn’t have a stack of invoices that need keyed into your accounting system and coded to expense accounts would you be sad? Hopefully not unless you’re one of those people that really likes typing. If you aren’t one of those people and want to avoid getting carpal tunnel, then you may be interested in accounting automation using artificial intelligence (AI) tools and how it can streamline your processes, free up time, and increase accuracy.Read More