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Category: Construction

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July 19, 2021
What You Can Do to Prevent Fraud in Your Construction Company

Fraud is costly for all victimized companies, but it’s even worse in the construction sector. According to the Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse, construction companies affected by fraud los...

March 25, 2020
Construction Considered Essential Services Under Executive Order 20-20

On Wednesday, March 25, 2020 Governor Tim Walz issued Executive Order 20-20 ("Stay Home Executive Order") directing Minnesotans to stay at home and limit movements outside their homes beyond essential needs for two weeks.  The Executive Order is in effect for two weeks begi...

November 20, 2019
Bridging The Gap Between Budgeting And Risk Management

At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some common types of risks to researc...

November 6, 2019
Is Multicloud Computing Right For Your Business?

Cloud computing — storing data and accessing apps via the Internet — has been widely adopted by businesses across industry and size. Like many technological advances, though, new derivatives continue to emerge — including so-called multicloud computing. ...

October 21, 2019
Putting the Brakes on Lapping Schemes

Lapping schemes are one of the most common ways crooked employees skim money from their employers. In these schemes, a perpetrator uses receipts from one account to cover theft from another. Here’s what lapping looks like and how you can help prevent it....

September 13, 2019
MN Tax Law Conformity Bill – What You Need to Know

The Minnesota Legislature recently passed a tax bill that conforms or partially conforms several Minnesota tax laws to changes made under prior Federal tax bills. Below is a link to a listing provided by the Minnesota Society of CPAs (MNCPA) of the items that now conform or...

September 13, 2019
Start Your Strategic Planning Early for Best Results

Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are som...

September 3, 2019
Understanding the Fraud Triangle

Fraud experts have long suggested that the presence of three conditions, known as the “fraud triangle,” greatly increases the likelihood that an employee will commit fraud. Over the years, this conceptual framework has been expanded to become a “fraud diamond.” Under...

August 27, 2019
Shedding Some Light on Business Credits for Solar Energy Property

We all know that solar energy can save you money on future energy costs. But did you also know that there is a federal Solar Investment Tax Credit (ITC) of up to 30% of the total cost of the energy property? The energy property must meet performance and quality standards, mu...

August 15, 2019
Early Revenue Recognition Fraud

Early revenue recognition has long accounted for a substantial portion of financial statement fraud. By recording revenue early, a dishonest business seller or an employee under pressure to meet financial benchmarks can significantly distort profits. Fortunately, fraud exper...

August 10, 2019
Is it Time to Hire a CFO or Controller?

Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut it anymore.  If you can re...

August 9, 2019
ASC 606 Revenue Recognition Guidance Introduces Transfer of Control

ASC 606 provides different guidance about revenue recognition because it explains things differently about completion of contracts. Instead of thinking about revenue recognition based on being able to estimate the contract value and duration, it considers it in terms of “p...