https://www.youtube.com/watch?v=TVEebo7Jd4g Cash flow is a normal problem for construction contractors – even in a profitable business! There are some pretty straightforward explanations for this. We have an accumulation of costs before we get the billings, so...
https://www.youtube.com/watch?v=hfnSuCwSYtI Bonding is very important for our business in construction. Many of our contractors have to have a strong bonding program in order to get work. Beyond that, during times of financial instability, project owners rely...
https://www.youtube.com/watch?v=JDXEUJtQ8YQ In the construction business especially, banking is very important. Why? Because we have natural timing differences in costs versus billing. Additionally, sometimes we need financing for larger equipment and/or a...
Today, we've got a super quick tip to help you control your construction costs. This is especially helpful with the rising costs we've been seeing in construction! https://youtu.be/VOsuY6Wkimg
Today, we're checking out our top 3 favorite reports to run in QuickBooks Desktop! These tell you all kind of important information that help you to run your construction company better. https://youtu.be/U-g_8Di0KDw
Calculating backlog is one of the most valuable insights for a construction company. It gives you visibility, overhead coverage and allows for decision making on markup on jobs. Calculating backlog while using the WIP schedule (the WIP schedule is the best tool for...
Percentage of completion accounting is the method in which determines the timing of when revenue is recognized. Not to worry – once you understand the concepts of percent complete accounting and its affect on construction earnings, you’ll see how powerful this is for...
Underbillings and overbillings are one of the most misunderstood concepts in construction account. Learn more about how these two concepts work and why they are so important to the health of your company in this video. https://www.youtube.com/watch?v=Sp9G7jMg4kY...
This month the Monthly Mission was to calculate your break-even point to see if you are starting the year on solid ground. The break-even calculation creates some simple revenue goals, basically how much revenue is needed to cover your basic operating costs each...
Have you ever wanted a crystal ball? Haven’t we all! We especially wanted/needed a crystal ball when deciding on the financial direction to take our construction company. Even us CPAs needed help making business decisions…. especially job-related, sales-funnel...
During the shutdown there was a surge of interest in updating or changing accounting software. We get it: there was just a bit more time to contemplate life and what tech would make it better. However, new software is expensive and not just from the cash side. Many...
Getting a “no” answer from a bonding agent or surety is frustrating. And it seems counter-intuitive, because you need the work to make the profit that the surety wants you to have, but…they won’t give you the green light on the work you need to make the profit....
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