10 Best Practices for Road Builders

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In a presentation to our construction industry niche group, Robert Davidson presented his top 10 list of the most common causes of contractor failure as well as his 10 best practices for road builders. Based on 48 years of experience–providing audit, tax and consulting services to over 500 contractors since 1976–Robert has amassed a great deal of experience in the construction industry and shared some of his wisdom with BMSS. For the full presentation, please click here.

  1. Stay focused on the financial health of the Company – set conservative benchmarks and balance sheet goals and use conservative financial reporting practices
  2. Know your true job costs
  3. Implement and Utilize Good Internal Control Systems
  4. Manage Contract WIP Reporting – The WIP schedule is the #1 Financial Report
  5. Focus on Cash Flow
  6. Stay on Top of Bidding and Estimating Process
  7. Take Care of Your People
  8. Consider Independent Board of Directors and Peer Group Participation
  9. Stay Alert for Acquisition Opportunities
  10. Avoid Dumb Mistakes (Avoid “turnovers”)
  11. Bonus Best Practice – Be Positive and Enthusiastic

About BMSS

BMSS Advisors & CPAs was established in 1991 with the vision of creating a CPA firm that would provide peace of mind for its clients while sustaining a healthy, happy culture for its employees. As this dream has been realized, BMSS has grown to become one of the Southeast’s top advisory and accounting firms, now with eight offices throughout Alabama and Mississippi.

The CPA firm specializes in several industries, including (but not limited to) manufacturing, wholesale distribution, construction, technology, nonprofit, and government contracting. In addition to tax planning, compliance and assurance services, the firm boasts a robust business advisory practice area which includes transaction advisory, valuation, client accounting solutions, and CFO advisory services. BMSS also specializes in state and local tax, estate planning and employee benefit plan audits.

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