Construction
Job Costing
How is my job costing system affecting my bottom line?
Bonding
Am I looking to improve my bonding ability and capacity?
Revenue
What are the best ways to add new revenue streams?
Accounting
Am I aware of the various tax accounting methods available to contractors that help defer tax payments into the future?
Tax Compliance
Am I in compliance with construction tax matters, such as lookback interest?
State & Local Tax
When is the last time I checked my company’s compliance with state and local tax laws?
Tax Deductions
Which tax deductions specific to the construction industry have I taken advantage of recently?
Tax Credits
Am I receiving tax credits for design, engineering, or process improvements?
Technology
Tax Credits
Am I receiving research and development tax credits for designing new technologies, applications, and process improvements?
Tax Deductions
Am I maximizing the 20% Section 199a deduction?
Profitability
What are the key financial ratios to monitor the growth and profitability of my business?
Business Entity
Am I currently using the best entity type for my business?
State & Local Tax
Am I up-to-date on the complexities of state and local taxation and economic nexus?
Foreign Operatios
Have I completed a transfer pricing study for my foreign subsidiaries?
Offshoring
Have I considered offshore resources for growing my business?
Transition Planning
Am I eligible for Section 1202 Qualified Small Business Stock when selling my company?
Healthcare
Retirement
What are my options when it comes to retirement / profit sharing planning?
What is the most economically-sound way to transition my practice?
Budgeting
How do I improve cost containment?
Do I prepare an annual budget?
Do I compare my monthly performance to my budget?
Revenue Cycles
Do I have a process for optimizing my revenue cycle and management plan?
Economics
How can I become more profitable?
How do my costs compare to my competitors?
Receivable Management
Am I computing my daily utilization percentages every day by provider?
Insurance Management
Do I have the right payor and patient mix contracts?
Tax Planning
Does my Q4 planning consider the factors impacting my current tax situation (i.e. equipment, purchases, bonuses, collections, retirement)?
Compensation & Bonuses
Do I have a formalized comp model for physicians and non-physicians, and what is it based on?
GovCon
Compliance Plan
Do I have a government contract compliance plan?
Is my accounting system DCAA compliant?
Accounting
Does my time tracking system integrate with my accounting system?
Financial Statements
Am I submitting the appropriate financial statements in compliance with revenue thresholds?
8(a)
Have I reviewed the 8(a) excessive income and distribution compliance?
Site Rates
Am I leaving money on the table by not separating on-site and off-site rates?
Awards
Am I listed on all the appropriate award databases – such as SAM, GSA, etc?
Pricing Models
Do I have forward pricing models?
Tax Credits
Are my government contracts eligible for research and development tax credits?
How far do you want to go?
Thought starters to get the ball rolling