article thumbnail

Five Tips To Help Contractors Stop Losing Money On Change Orders

Contractor Bookkeeping

In this case the "Hammer" is a change order. Life gives us a test (working without change order management system) and if we learn the lesson (get change orders signed and paid) we pass the test. Change orders are the "Hammer" and if you have a signed change order you have the hammer.

article thumbnail

5 Ways to Prepare for New Revenue Recognition Standards

Viewpoint Construction Technology

Identify the Contract. This first step should be pretty easy for most contractors, since legally-binding contracts are already part of their processes. Two of the biggest things to keep in mind for contracts are: Whether collection is probable. Identify the Performance Obligations Within the Contract.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Real Lemon in the Bunch: Understanding Pay-If-Paid Clauses in Construction Contracts

Best Practices Construction Law

The subcontract between the general contractor and the concrete subcontractor contained the following clause: “The obligation of contractor to make payment under this agreement, whether a progress or final payment, or for extra or change orders or delays to the work, is subject to the express condition precedent of payment from the owner. ”.

article thumbnail

Construction Business Owner Blogs

Construction Business Owner

Accounting & Finance. « A Change (Order) for the Better? Judging Tipis » Some Advice on Change Orders. I was talking with John Chaney this week, and he mentioned that he was going to blog about how change orders affect construction management. MANAGEMENT |. ACCOUNTING |. SOFTWARE |.

article thumbnail

Behind the Build: Interview with Emerson Smith, Assistant Project Manager at Donohoe Construction Company

Autodesk Construction Cloud

Managing submittals and RFIs are important, and maybe more critical is managing the finances and change orders. Plus, our finance data is fed into our accounting software and then comes back to Autodesk. It also has an intuitive workflow of going from budget to cost to change order, then to billing.

article thumbnail

Construction Business Owner Blogs

Construction Business Owner

Accounting & Finance. Know the Contract and Budget. Before work begins, understand fully what you’ve contracted to do by carefully reviewing the contract at hand. Also make sure your project managers understand the contract language fully. Also make sure your project managers understand the contract language fully.

article thumbnail

Unique Construction Company Financing Secrets Revealed

Contractor Bookkeeping

Did change order work that you never got paid for doing and never will. In order to have something that works you need QuickBooks Setup Specifically For Whatever Type Of Construction You Are Doing. You Want Money; Banks Want To Lend Money, What''s The Problem? Think of all the times: You loaned money to a friend or relative.

Finance 48