D&M Construction Industry Newsletter

July 2023

A Look Back at Adoption of the New Accounting Standard for Leasing

Private companies were required to adopt the new leasing accounting standard, FASB ASC 842, on December 31, 2022. With frequent updates and modifications in the guidelines along the way, there was much to consider when assessing a company's leasing activity and seeing what it would take to comply. In this article, I will share some of the insights gained and lessons I learned during the implementation process and the ongoing activity moving forward.

Use Proactive Measures To Manage Materials and Labor Costs

Construction business owners, are you taking all necessary steps to manage materials and labor costs in the current inflationary climate? In this article, we’ve compiled some proactive strategies you might want to consider.

Beefing up Benefits May Save Tax Dollars for Construction Businesses

Construction companies are facing a prolonged struggle to attract and retain highly skilled workers. A crucial strategy for achieving this is by providing competitive compensation and benefits packages. This article provides an overview of some of the most highly valued options to consider.

Should Your Construction Business Invest in Custom Software?

As a construction business owner, you may often be urged to purchase the latest software. However, off-the-shelf products may not always provide the specific functionality you require. Eventually, you may want to consider investing in a customized solution. This article outlines five important factors to consider to help you decide if building your own software is the right move.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. We are highly respected among construction leaders, and we are actively involved with our construction clients and the many organizations affecting their businesses. We go beyond our competition by conducting one-on-one, year-end planning meetings to review your operations and plan for income taxes, banking and bonding concerns. Because of our comprehensive familiarity with all aspects of construction, we’re able to assist you in business planning and long-term goals, all while resolving your daily operational needs to maximize cash flow.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

213 North Street #1, Auburn, NY 13021

220 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

To learn more about Dannible & McKee, visit us at: www.dmcpas.com.