Implementation of ASC 606: Higher Education

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance for recognizing revenue from contracts with customers. The core principle of ASU 2014-09 is that revenue should be recognized when promised goods or services are transferred to customers in an amount… Read more »

Coronavirus Update for YHB Offices

YHB is committed to responding as quickly as possible to developments regarding COVID-19 (Coronavirus). We are following the recommendations provided by the Commonwealth of Virginia and the CDC. [updated July 20, 2020 | 8:25am] In response to additional guidance given by the Virginia Department of Health and the CDC concerning COVID-19 (Coronavirus), YHB will be… Read more »

YHB Named on 2020 Firms to Watch & Regional Leader List

YHB has been recognized in the nationally published Accounting Today’s 2020 Top 100 Accounting Firms annual publication Firms to Watch list and as one of the top regional leaders in the Capital Region (Delaware, Maryland, Virginia, Washington, D.C., and West Virginia). This honor continues YHB’s legacy as a regional leader within the accounting world. YHB has appeared… Read more »

Being Smart in a Smart World

Some days I feel pretty darn old, though I’d be lying if I said I actually was. But what I am, is old enough to remember the days when most homes had just one computer (if you were lucky). I’m old enough to remember the computer making the funky dialing tone when it would establish… Read more »

2020 Community | Annual Life & News Update

As we turn the page and are now well into 2020, your team at YHB is already running full speed ahead. We kicked off the year with the acquisition of Woodcock & Associates, P.C. in Fredericksburg, VA, a CPA firm recognized for its construction industry consulting expertise. With this acquisition, YHB now has eight locations… Read more »

“Yeah, I Know I Need to Work On My Estate Plan, But……”

As CPAs, we assist our clients with many aspects of their financial life, such as tax matters, acquiring and disposing of assets, how their investments are structured, and more. Therefore, we often assist clients with their estate planning, from the initial planning, to periodic updates, and the implementation of the plan, as well as assisting… Read more »

7 tips for avoiding construction disputes

A single construction dispute can turn a profitable job into a loss; multiple ones can put a contractor out of business. This article describes seven strategies for avoiding them, including careful drafting of contracts, adhering to accurate scheduling and considering alternative delivery approaches. A single construction dispute can turn a profitable job into a loss;… Read more »

Respond quickly to succession plan troubles

Family-owned construction businesses often face distinctive challenges when it comes to succession planning. Emotions can run high, and the business owner’s lifelong working legacy may be at stake. This article discusses various ways to address succession planning concerns and conflicts. Family-owned construction businesses often face distinctive challenges when it comes to succession planning. Emotions can… Read more »

New accounting standard: Are there leases hiding in your contracts?

Construction businesses with a calendar year end have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases, to stay in compliance with Generally Accepted Accounting Principles. This article explores one of the biggest new challenges: embedded leases. A sidebar provides a brief recap of the overall rule changes under ASC 842. Late last… Read more »

The potential of robotic process automation

Robotic process automation (RPA) refers to software tools that automate repetitive, rule-based human tasks. Examples include creating invoices, managing documents and performing certain HR tasks. This article looks into potential uses of RPA for construction companies. Robotic process automation (RPA) isn’t new, but improvements in the technology and shrinking costs have made it more accessible… Read more »