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...
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...
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