In the construction industry, accurately tracking project progress and effectively managing finances are critical to ensuring the success and profitability of a business. One method that can greatly support construction companies in this aspect is percent-complete...
As a construction contractor, effectively managing your accounts receivable is crucial for maintaining financial stability and maximizing profitability. Delayed or unpaid invoices can create cash flow challenges and hinder your ability to meet financial obligations....
Running a construction business efficiently requires more than just the ability to build, manage projects, and satisfy clients. A solid understanding of construction accounting is crucial for making informed financial decisions, ensuring profitability, and maintaining...
https://www.youtube.com/watch?v=VOsuY6Wkimg Everyone knows that building material costs have been rising like crazy. According to information at a recent conference I attended, these costs went up 21% in the year 2021! When we put our estimates together and...
https://www.youtube.com/watch?v=oRuMOSuppxo Have you ever found yourself wondering if you need a CFO? Here’s a quick overview of five reasons why it’s really handy to have one on your side! Job Profitability When you have a CFO, they can help you align your costs with...
https://www.youtube.com/watch?v=jpNBkpoSI88 Construction accounting is very complex. In “regular” accounting (as I like to call it), there are debits and credits, chart of accounts, and general ledgers. Well, in our industry we have all of that, PLUS a laundry...
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...
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