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AAFCPAs’ Dan Stanhope Attains Certified Construction Industry Financial Professional

AAFCPAs’ Partner Dan Stanhope, CPA, MSA has been awarded the Certified Construction Industry Financial Professional (CCIFP) credential issued by the Institute of Certified Construction Industry Financial Professionals (ICCIFP). Dan was awarded the CCIFP credential in recognition of his earned expertise in the complex specialty of construction accounting and financial management. The rigorous credentialing exam verified Dan’s construction industry knowledge in the specific domains of: accounting and reporting; income recognition methods;... continue reading

AAFCPAs’ Partner Dan Stanhope Awarded 40 Under Forty 2019

AAFCPAs is honored to announce that Partner Daniel Stanhope, CPA, MSA was selected for the Worcester Business Journal’s 2019 40 Under Forty Awards. These distinguished awards recognize the best and brightest business leaders under 40 in Central Massachusetts. “We are exceptionally proud Dan has been singled out for his accomplishments and continued commitment to impact the region’s economy and community,” said Dave McManus, CPA, CGMA, AAFCPAs’ Co-Managing Partner. Dan joins... continue reading

AAFCPAs Guidance for Contractors: Best Practices For Optimizing The Balance Sheet For Users Of Your Financials

AAFCPAs Guidance for Contractors: Best Practices For Optimizing The Balance Sheet For Users Of Your Financials

AAFCPAs reminds readers of the critical importance of the balance sheet, and advises our construction clients to ensure their presentation of this statement of financial position is optimized in order to demonstrate a solid foundation. Your balance sheet provides a ‘snapshot’ of your company’s financial position at a single point in time, and provides critical insight to surety and bank lenders regarding your ability to meet short and long-term debt... continue reading

Unique Tax Breaks for Breweries

Is your business familiar with the unique tax breaks available in the brewery industry?  AAFCPAs has provided for your convenience the below tax insights that could have a major impact on reducing your tax burden: Section 179 Depreciation Breweries are capital intensive businesses, and equipment investments can be significant. Section 179 allows breweries to deduct the property placed in service in the year of acquisition as opposed to depreciating it... continue reading

Burden calculations: How to allocate your indirect cost pools to specific jobs

Burden calculations: How to allocate your  indirect cost pools to specific jobs

Indirect costs are a necessary part of doing business and a factor unavoidably impacting your company’s profit margins.  It is important for contractors to allocate indirect costs to specific jobs in order to truly understand your true cost structure.  In an earlier blog, I illustrate how Ready-Access to True Costs Will Guide Profitability. Read more>>. If indirect costs are not budgeted and allocated appropriately, contractors may have false expectations or... continue reading

AAFCPAs Promotes Five to Partner to Support Firm Growth

AAFCPAs Promotes Five to Partner to Support Firm Growth

Westborough, MA 1/13/2016 – AAFCPAs is excited to announce the promotion of five additional Partners to our team.  Julie Chevalier, Dan Stanhope, Matt Troiano, Charlie Webb, and Matthew Boyle provide best value assurance, tax & advisory solutions, with outstanding client service to AAFCPAs’ growing client list of nonprofit organizations, privately-held commercial companies, and high-net-worth individuals & their families. Julie Chevalier, CPA, Tax Partner Julie is responsible for ensuring that clients... continue reading

The Construction Work-In-Process (WIP) Is A Strategic Tool, Not Simply A Compliance Schedule

WIP monitors key performance indicators & reveals trends affecting profitability. For contractors, the Work-In-Process (WIP) schedule is part of a fundamental dashboard used to determine revenues and gross profit that should be included in your regular, monthly reporting package. The WIP schedule provides a snapshot at a point in time of where your profitability stands on a job-by-job basis, and can provide assurance that your contract revenue, contract costs, underbillings, and... continue reading

Ready-Access to True Costs Will Guide Profitability

In construction, there is the phrase: “costs drive revenue,” meaning that the driver behind how you recognize revenue is your costs.  Owners, estimators, project managers and accounting staff all need to fully comprehend a company’s true cost structure to clearly understand their financial position.  This information needs to be presented to the appropriate people (management) in a timely manner so important business decisions can be made. These financial metrics and... continue reading