D&M Construction Industry Newsletter

December 2023

Kaitlyn H. Axenfeld

CPA/CFF, CFE

Audit Partner

Featured Article From Our Experts

Exploring FASB's ASU 2023-05

The Financial Accounting Standards Board (FASB) has released Accounting Standards Update (ASU) No. 2023-05. The update provides guidance on the recognition and initial measurement of assets and liabilities contributed to a joint venture at the time of its formation. In this article, you will learn what your construction company needs to know about this new guidance to ensure you remain compliant if you engage in joint ventures.

Seven Questions Contractors Should Ask Before Seeking Outside Financing

Construction business owners, are you at a point where you are considering outside financing? If so, we recommend discussing these seven critical questions with your leadership team to help you determine if outside financing is right for your business and what type of financing to pursue.

Construction Companies: Lean Into Tech To Optimize Accounting and Financial Management

The construction industry is sometimes known for its reluctance to adopt new technology. However, it’s crucial for you to keep up with the latest technological advancements, especially when it comes to accounting and financial management. This article provides ways that your construction company can leverage technology to improve its financial processes.

Contractors: Watch Out for Occupational Fraud

Construction businesses can fall victim to occupational fraud in various places, including in the office and on the jobsite. That’s why you need to be particularly diligent when it comes to looking for and reacting to fraudulent activities. This article looks at some data from the latest report published by the Association of Certified Fraud Examiners (ACFE) to help you identify potential schemes and protect your business.

Our Annual Nonprofit Conference is designed to provide valuable insights into the financial and operational challenges the nonprofit industry faces and how to overcome them. You will gain knowledge and skills to help you manage your organization or serve on a board more effectively. The conference will be held virtually, and CPE credit will be offered.

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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 maintain active involvement with our construction clients and the many organizations affecting their businesses. We stand out from our competition by conducting one-on-one, year-end planning meetings to review your operations and plan for income taxes, banking and bonding concerns. Our comprehensive familiarity with all aspects of construction allows us to help you in business planning and long-term goals, while also 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

200 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.