Contractors
Building the foundation for success with tailored solutions for every construction challenge.
As a contractor, you're not just building structures; you're building relationships, reputations, and a legacy of quality and reliability. Each day, you face the complexities of managing your team, meeting client expectations, and adapting to the industry's ever-changing demands. Your passion for craftsmanship drives you, but running a successful business requires more than just skill on the job site.
At MNP, we understand the multifaceted nature of your work. We've partnered with countless contractors to provide the support and experience needed to streamline operations and enhance profitability. Our tailored solutions help you focus on what you do best — bringing your projects to life.
What’s your challenge?
Managing cash flow
Managing client payments, supplier invoices, payroll, and rising bonding requirements is a constant balancing act. One delay or regulatory hurdle can quickly derail your projects.
Keeping your costs in control
Volatile material and labour prices, supply chain disruptions, and inventory inefficiencies can all strain your budget and compromise project quality.
Navigating complex tax compliance and regulation
The tax landscape is ever-changing, and keeping up with the latest rules can be overwhelming. Missing a regulation could mean hefty fines or penalties.
Mitigating risks
Every project brings its share of uncertainties, from safety concerns to supply chain disruptions. Effective risk management isn't just about foreseeing challenges; it's about preparing for them to keep your projects on track.
Integrating new technology
Adopting new technology boosts efficiency and competitiveness, but successful integration requires informed decisions — especially when aiming to qualify for high-value bids and drive growth.
How we can help
Ease cloud accounting and bookkeeping
Through ease, our cloud accounting and bookkeeping solution, you gain a clear view of your financial landscape in real time, empowering you to make informed decisions and manage cash flow effectively.
Performance improvement consulting
Our advisors will help you identify operational inefficiencies, optimize processes, and enhance project profitability through tailored performance improvement strategies.
Tax planning
Confidently navigate the complexities of tax regulations with our proactive tax planning services. We ensure you maximize deductions and tax credits while minimizing liabilities, all while staying compliant.
Risk management advisory
From identifying potential risks to implementing mitigation strategies, our advisory services help safeguard your projects and your business's reputation.
Digital advisory
Embrace digital transformation with guidance on integrating cutting-edge technologies, including AI, that streamline project management, enhance collaboration, and drive operational efficiency.
Frequently asked questions
You can optimize your tax strategy by exploring deductions specific to contractors, such as home office expenses, travel costs, and equipment depreciation. Additionally, there may be Federal and Provincial training tax credits for Skilled Trades available for both employees and employers. Keeping detailed records and consulting with a tax professional can help identify opportunities to minimize tax liabilities legally.
Effective cash flow management involves creating realistic project budgets, billing promptly and accurately, negotiating favourable payment terms with clients, and monitoring expenses closely. A strong cash flow forecasting system can help identify gaps before they become issues.
Managing change orders efficiently prevents payment delays, while streamlined accounts receivable ensures timely client payments. Leveraging tools like construction accounting software or enterprise resource planning (ERP) systems automates financial processes, boosting cash flow control.
Ensuring compliance requires staying updated on industry regulations, maintaining accurate financial records, filing taxes on time, and following labour laws related to hiring and payroll. Engaging with industry associations and consulting legal and accounting professionals can provide guidance on specific compliance issues.
Key financial metrics to track include gross profit margin, net profit margin, accounts receivable turnover, and accounts payable turnover. These indicators reveal your profitability and efficiency.
Don't overlook the current ratio, which ensures you have enough liquidity to meet obligations, and the debt-to-equity ratio, which affects your borrowing capacity for project financing. Finally, monitor return on investment (ROI) to gauge the success of your investments.
Improving project cost control involves:
- Creating detailed project budgets.
- Monitoring expenses against budgeted amounts.
- Identifying cost-saving opportunities.
- Renegotiating vendor contracts if necessary.
- Avoiding labour shortages and ensuring effective project management.
- Regularly reviewing project performance metrics.
Implementing robust project management software can also streamline budgeting and cost-tracking processes.
Technology solutions such as project management software, accounting software, time-tracking tools, and cloud-based collaboration platforms can streamline business operations for contractors. These tools automate repetitive tasks, improve communication and collaboration, and provide real-time visibility into project and financial data.
Case study
Challenge
Brad Dodds, owner of Dodds Building and Contracting, faced significant challenges in managing the financial aspects of his growing construction business. As a carpenter turned business owner, Brad needed help understanding industry benchmarks, controlling expenses, and monitoring cash flow effectively.
Solution
Working with MNP, Brad adopted ease, a cloud accounting and bookkeeping solution, to transform his financial operations. With the help of an MNP business advisor, Brad integrated ease seamlessly into his business processes. This solution offered real-time financial insights, automated data entry, and streamlined expense tracking.
Outcome
By implementing ease, Brad cut his bookkeeping time by more than half, reducing it to under 10 hours per month compared to potentially 40 hours or more previously. This efficiency not only saved time but also enhanced Brad's flexibility to work remotely, whether at home, on-site, or anywhere else.
Insights
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Performance
May 20, 2025
How to ensure your assessment is accurate to maximize your property tax savings
Property tax errors happen all the time, and many organizations may not realize just how much they’re overpaying.
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Agility
April 16, 2025
Building smarter, together: Takeaways from the 2025 CCA Annual Conference
At a pivotal moment for Canada, the 2025 CCA Conference explored how construction leaders are adapting to labour shortages, procurement changes, and sustainability goals.
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Progress
March 20, 2025
Building beyond today: Succession planning in real estate and construction
Vancouver Island’s construction sector faces unique succession risks. Without a plan, many owners may lose business value when it’s time to exit.
