IRS Halts ERC Processing

The IRS issued a moratorium on the processing of new claims for the Employee Retention Credit (ERC) effective on September 14, 2023, through at least the end of the year. This moratorium is in response to the rising level of concerns surrounding questionable claims and aggressive marketing to ineligible applicants. Additionally, the IRS has issued […]

Keep Change Orders from Becoming Claims

Does this story sound familiar? A contractor is behind schedule on a project. The owner is pressuring the general contractor (GC) to complete the job on time. The GC is pressuring the subcontractors and threatening to pass on penalties for late completion. Contract days are running thin. … Then, a change order! What appears to […]

Watch: Why Organizations Must Have a Data Destruction Policy

Highlights of the August 23, 2023 edition of the HBK Risk Advisory Services monthly webinar series hosted by William J. Heaven, CPA/CITP, CISA, CSCP, Senior Director, HBK Risk Advisory Services, and this episode featuring Jennifer Lamar, CEO, and Kevin Lamar, VP Business Development, Northern Shores Services. Watch On-Demand. Northern Shores Services offers the option of […]

Be Prepared and Proactive to Manage Potential Banking Challenges

Financial stability and effective banking relationships are crucial for the success of any construction company. Cash flow can be a never-ending issue. For many contractors, their lines of credit allow them to continue to operate through long and delayed cash-flow cycles. Other construction companies simply need a line of credit available for bonding for larger […]

The AI Era: Who Will Fill the Labor Gaps?

With projected labor shortages of 2.1 million by 2030 and the use of AI (Artificial Intelligence), Industrial Robotics is expected to increase by nearly 14 percent by the end of 2023. But the replacement of manual labor with advanced technologies creates its own demand for workers, including programmers, engineers, and mechanics, as well as traditional […]

Construction Companies Need to Use Budgets as a Financial Road Map

In the dynamic and competitive construction industry, financial management plays a pivotal role in companies’ success and sustainability. One crucial tool is a financial budget. Developing and adhering to a comprehensive budget allows construction companies to effectively plan, monitor, and control their financial resources. Financial budgets work in several ways for construction firms: [...]

Internal Controls in Manufacturing

In accounting terms, internal controls are the process of having a reliable and efficient process to report accurate financial information. However, internal controls are more than that for many businesses, specifically manufacturers. They are an integral part of their day-to-day accounting and operational processes to become more efficient in all aspects of their business. Implementing […]

Donor Data: A Complex Issue

Is donor information disclosure required? It’s important to know if your organization might need to disclose donor information. Some organizations are required to file a Schedule B with their Form 990, 990 EZ, or 990PF, including: Organizations described under Section 501(c)(3). Some common examples are religious organizations; scientific and literary organizations; public charities; [...]

Watch: Top Cybersecurity Habits to Protect Yourself in 2023

Highlights of the July edition of the HBK Risk Advisory Services webinar series hosted by William J. Heaven, CPA/CITP. CISA, CSCP, Senior Director, HBK Risk Advisory Services. Watch On-Demand. Practical advice for protecting yourself and your company from cybersecurity attacks. How hackers obtain personal identifiable information (PII): the most sensitive personal informatio.n Credential [...]

Keep Cash Flowing: Accounts Receivable Best Practices for Startups

Understanding and using accounts receivable best practices is vital for startups seeking a healthy cash flow. Have you ever wondered why some businesses find it easy while others struggle to manage their cash flow? A core aspect of the answer is how they manage customer credit and accounts receivable. If you master those best practices, […]