Month: June 2015

Owner’s Draw in Business

When an owner of a small business operation transfers money from the business bank account to their personal bank account the transaction is commonly referred to as a ‘Draw’.  There are other terms but this is the traditional term used.   The technical definition is: ‘A transfer of earnings from the business on behalf of the …

Owner’s Draw in BusinessRead More »

Job Cost Reports – Balance Sheet Set

Construction accounting uses job cost reports to inform management of progress and existing issues with projects.  There are several different sets of reports.  The balance sheet set functions as an overall financial picture for the company.  The balance sheet set informs us of four overall monetary pieces of information: It basically identifies how much is …

Job Cost Reports – Balance Sheet SetRead More »

Fair Labor Standards Act – HR Compliance

The Fair Labor Standards Act of 1938 (FLSA) promulgates rules related to minimum wages, compensation related to overtime, and recordkeeping requirements.  The Act also defines the terms ‘Exempt’ and ‘Non-Exempt’ employees related to overtime.  Most recently Congress added to the Act some notification requirements related to the Affordable Care Act. This article is designed for …

Fair Labor Standards Act – HR ComplianceRead More »

Owner Compensation in an S-Corporation

One of the tax attributes of an S-Corporation over other forms of tax entities is the ability to reduce the overall tax obligation.  Naturally the lower the overall tax requirement the more profit generated for the owner(s).   The S-Corporation allows an owner to reduce their tax responsibility via the compensation package assigned to the owner.  …

Owner Compensation in an S-CorporationRead More »

Roofer – Business Dynamics

Within the residential construction industry is a subset referred to as ‘Trades’.  Within this group exists one particular trade that has its own set of business dynamics.  Roofers depend heavily on labor to accomplish their task.  They are also highly susceptible to weather conditions and dangerous situations.  There are a multitude of issues they face.  …

Roofer – Business DynamicsRead More »