As a construction business owner, deciphering financial statements is crucial for understanding the overall health and profitability of your business. One such important financial statement is the Profit and Loss Statement (also known as an Income Statement). This...

As a construction contractor, effectively managing your accounts payable is crucial for maintaining positive relationships with suppliers, subcontractors, and other vendors. It also plays a significant role in your overall financial health and profitability. By...

For construction business owners, effective financial management is paramount to long-term success. Sound financial decisions rely on accurate and up-to-date information. This is where financial statements play a vital role. In this article, we will explore the...

As a construction business owner, one of the key components of managing your finances effectively is developing an overhead budget. An overhead budget helps you understand and control the costs associated with running your business, allowing you to make informed...

Running a successful construction business requires a careful balance between revenue generation and cost control. One area of worry for many construction companies is overhead costs. By implementing effective cost-measuring and cost-cutting strategies, construction...

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...