MKS&H Articles

Do you have a true picture of your construction company’s financial position?

[fa icon="calendar'] Aug 24, 2016 12:00:00 PM / by Brian Finley posted in Construction Industry

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As the owner of a construction company, it can sometimes be difficult for you to get an accurate understanding of the financial position of your company; at the same time, it is so important because it is the key to operating a successful business.

One issue accountants see with construction companies is that the actual net income the company derives for each project does not always comply with accounting standards. We provide the assurance that the financials are in line with the standards, bringing the revenue amount to where it should be. But, the solution is not always what the company wants to hear, because often the income is decreased as a result, and the company is less profitable than expected.

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Are your customers the RIGHT customers for your business?

[fa icon="calendar'] Aug 17, 2016 3:59:07 PM / by admin posted in Advisory

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One thing you know after your years in business is that not all customers are the right customers. You also know that not having the right customers can lead to lots of lost time, energy, and money. Are your customers difficult to satisfy? Are they returning products? Working with you once and not returning? You could offer the best products or services in your industry, but if the wrong people are buying them, there’s a disconnect that could be costing you.

Here, we’ve compiled a quick guide for bringing in more “perfect fit” customers while minimizing your exposure to the not-so-perfect ones.

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Why should you pay attention to Perpetual Care Trusts?

[fa icon="calendar'] Aug 10, 2016 1:02:18 PM / by Jennifer Milas posted in Death Care Industry

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Proper management of the cash flow of your perpetual care trust can maximize the ultimate benefit of the trust to your cemetery company or non-profit cemetery association, and your customers. In many cases, however, not enough attention is paid to ensure proper tax planning, which is sufficient to eliminate the tax burden of the trust earnings and maximize cemetery reimbursement for maintenance expenses. Here, we’ve summarized the key points related to perpetual care rules and taxes that you should be aware of.

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5 things great leaders do during mergers & acquisitions

[fa icon="calendar'] Aug 2, 2016 1:21:39 PM / by admin posted in Advisory

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According to a 2016 Merger & Acquisitions (M&A) survey by KPMG, 91% of companies planned to initiate at least one acquisition in 2016. That’s a significant jump from 63% in 2014. These transactions can be highly stressful and a lot of work and sweat for all involved.

Executives would love it if they could just snap their fingers and all M&A activities transpired successfully and quickly. The two companies would merge seamlessly, with a shared vision, merged cultures and technologies and happy customers.

Unfortunately, that rarely happens.

 

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Programs, Exemptions and Credits to boost Maryland Manufacturing

[fa icon="calendar'] Jul 27, 2016 3:19:13 PM / by Lee McIntyre posted in Manufacturing

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Maryland has a strategic location in the mid-Atlantic, in one of the nation's busiest corridors. Approximately one-third of the US population lives within a day's drive, and the state offers many advantages for businesses. It has a deep port, rail lines, major highways, and a highly educated workforce. Maryland ranks first in the nation for having the highest percentage of professional and technical workers.

However, Maryland generates less than 10 percent of its GDP in its manufacturing sector, and employs less than 10 percent of its workers in manufacturing. Manufacturing provides an engine of economic growth, good quality jobs, and opportunity for investment, and state and local governments have developed a myriad of ways to encourage new and expanded manufacturing operations in the state.

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The Best Ways to Motivate your Employees

[fa icon="calendar'] Jul 20, 2016 1:37:51 PM / by admin posted in Advisory, Employees

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You love what you do, and you’re good at it. Most likely, your employees are good at their jobs too, or they wouldn’t be there. That said, what are you doing to keep those individuals motivated, satisfied and happy, so they continue to engage and give 100% (or more)? How do you keep them from becoming robots: coming to work each day, punching the clock, doing only what they’re asked and leaving at 5 pm? Or worse, leaving the company?

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Tips for Sustainable Construction Cash Flow

[fa icon="calendar'] Jul 11, 2016 7:38:35 PM / by Tim Stolz posted in Construction Industry

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Everyone has heard the saying… Cash is King. The point of this saying from an accounting perspective is that it is not enough for a business to be profitable in order to be successful. In addition to profitability, a business must be well capitalized and have proper cash management to even stay in business, let alone provide worthwhile returns to ownership. In the world of construction, these points are magnified by the unique and complex cash management challenges faced by the industry.

Management of cash flow begins for the contractor well before a job actually starts. There are important decisions which need to be made in developing a bid and in entering into a contract. Here are a couple important cash flow factors to consider before committing to a new construction contract:

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How To Reveal Secrets Your Customers Are Keeping From You

[fa icon="calendar'] Jul 6, 2016 12:10:22 PM / by admin posted in Advisory

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It’s so easy to get sucked into the day-to-day operations of running your business. And on the surface, there’s nothing wrong with that. You wouldn’t have a business without a strong product; you need to deliver high quality, so your customers return and refer friends who refer friends, and so on.

 

But, how much time do you spend understanding and exploring how well what you’re doing works for your customers? Are you giving them what they really need and want and is it enough to keep them from walking, or running, to one of your competitors?

 

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How to Navigate the Intricacies of Manufacturing Sourcing

[fa icon="calendar'] Jun 29, 2016 12:39:39 PM / by Shawn Burman posted in Manufacturing

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MKS&H's expertise in the manufacturing and distribution field allows us to help clients overcome some of their largest hurdles. The top question stemming from a highly competitive global marketplace in the manufacturing industry is, "What strategies can I employ to help me cut costs in the production cycle?" The majority of the time this leads to a conversation around Lean Manufacturing and Six Sigma philosophies, but we also look deeper into our client's supply chain strategies.

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How Successful Leaders Deal with Failure

[fa icon="calendar'] Jun 22, 2016 1:14:37 PM / by admin posted in Advisory

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Everyone fails at some point in his or her career. It happens to even the most successful leaders. Apple fired Steve Jobs. Western Union fired Thomas Edison for secretly conducting experiments in his office. Walt Disney's newspaper editor told him he wasn't creative enough and then fired him. A Baltimore TV producer told Oprah Winfrey she was "unfit for television news," and then let her go. And look at all of the important, relevant things they went on to do, and the companies they started and led, after surviving those failures.

The mark of a truly successful leader is how he or she reacts to failure. This group, and countless others like them, kept learning, leading and pushing forward to get what they wanted.

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