Levelset
MARCH 21, 2022
Meanwhile, you’re incurring expenses that drain your bank account, like purchasing materials and paying employees. To cover these expenses, restoration contractors need to manage their cash flow to ensure they have enough money in the bank — especially when the insurance company is dragging their feet. Protect your lien rights.
Levelset
JUNE 6, 2022
The invoice is recorded in the chart of accounts with a credit to the income account for $100,000, a debit of $90,000 to accounts receivable, and a debit of $10,000 to retention receivable. Debit Credit Income $100,000 Accounts receivable $90,000 Retention receivable $10,000. Debit Credit Bank or cash $45,000 Accounts payable $45,000.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Levelset
APRIL 5, 2022
In this article, we’ll explore some strategies to help you keep money in the bank. Without incoming revenue to cover those costs, you’ll have to overbill another project to cover them. Last but not least, establish and follow your company’s mechanics lien policy. This policy lets you know when to send notices and file a lien.
NH Construction Law
OCTOBER 22, 2023
It happens this way: A contractor or subcontractor borrows money from a lender, and as security for the loan it gives the lender an assignment of or lien on its receivables and contract rights. Reading Cooperative Bank v. Suffolk Construction Co. , 543, 553, 984 N.E.2d
Levelset
AUGUST 5, 2022
Bill monthly for consistent income. This ensures that you will have a regular stream of income and allows you to budget for monthly income and expenses. . If your clients are slow to pay (a common problem in construction), you need to know your legal rights, including the right to file a mechanics lien.
Contractor Bookkeeping
JUNE 20, 2014
Go To Your Bank - And they offer you a line of credit. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Bank Accounts - Set up two bank accounts in your company name. It is a must have to borrow money from a bank. You say O.K.
Contractor Bookkeeping
JUNE 15, 2012
Go To Your Bank - And they offer you a line of credit. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Bank Accounts - Set up two bank accounts in your company name. It is a must have to borrow money from a bank. You say O.K.
Expert insights. Personalized for you.
98 
Let's personalize your content