Contractor Magazine

JANUARY 27, 2014

Specifically, “my income statement shows $50,000 but I don’t have $50,000 in my bank account. Previously, we addressed a question posed by a number of contractors on message boards regarding the difference between profits and cash. Where did the money go?” read more.

Cash Flow 46

Cash Flow Accounting Contractors Banking 46

Pro Builder

MARCH 21, 2023

A 2022 Bank of America survey revealed that 65% of single female prospective homebuyers said they’d rather not wait for marriage to buy a home, and 30% of women respondents bought their homes when they were single. “Women have a very strong preference for homeownership,” [Jessica] Lautz says. They think it’s a good financial investment.

Banking 52

Banking Income Residential America 52

Contractor Bookkeeping

NOVEMBER 25, 2013

Let and let us take care of your bookkeeping with Xero Accounting Online! You need a way to understand your income and expenses so you can plan ahead. We Make Getting Started With Xero Accounting Online Painless! Xero Accounting Online Conversion. Enter all of your Accounts Receivable (Sales). Weekly reporting.

Accounting 49

Accounting Banking Project Management Washington 49

Contractor Bookkeeping

JUNE 11, 2013

There is some confusion about the differences between job costing accounting and regular accounting which leads some contractors to believe they can get what they need from any bookkeeper and the cheaper the better. Two Basic Types Of Accounting. #1 Tax Accountants are good people and have a place in the accounting world.

Accounting 48

Accounting Bankruptcy Profitability Contractors 48

Contractor Bookkeeping

FEBRUARY 12, 2016

First Important Principle In Construction Accounting: Everything starts with Cash because Cash Is Fact; Profit Is An Opinion. All transactions in the bank account of your construction accounting system no matter if it is QuickBooks or Xero must be assigned to the proper accounts: Income. Job Deposits.

Income 48

Income Accounting Overhead Contractors 48

Contractor Bookkeeping

DECEMBER 3, 2013

Did You Have Trouble Setting Up Xero Accounting Online? You are not alone, it is an accounting program built to satisfy the needs of accountants with an attempt to make it easy for non-accountants. Xero Accounting Online Setup is not as complicated as QuickBooks setup projects. Set up your Chart of Accounts.

Accounting 48

Accounting Washington Leases Insurance 48

NH Construction Law

OCTOBER 22, 2023

Can the recipient of the notice – in legal parlance, an “account debtor” – ignore the lender’s demand and continue to pay his contractor or subcontractor? Reading Cooperative Bank v. Any subsequent square-up was between lender and borrower, and not the account debtor’s concern.

Security 40

Security Contract Accounting Construction 40

Contractor Bookkeeping

FEBRUARY 5, 2014

Each Branch Of Accounting serves a different function similar to how it works in construction. Three Accounting Skillsets = Three Types Of People. Bookkeepers are the lowest paid and the least skilled accounting specialist. Accountants are the next highest paid accounting specialist. Most C.P.A. Most C.P.A.

Accounting 48

Accounting Construction Profitability Contractors 48

Contractor Bookkeeping

MAY 24, 2019

Construction companies need short-term liquid working capital such as cash, lines of credits, loans, owner financing, credit cards, supplier accounts, and other forms of money to conduct daily operations. Likewise, larger firms can leverage economies of scale.

Contractors 52

Contractors Profitability Banking Change Orders 52

Stok

NOVEMBER 16, 2022

FACILITATE A JUST TRANSITION THROUGH POLICY Addressing energy efficiency in low-income housing will also be crucial to protect underserved communities against rising energy costs, which pose a huge economic threat for those at the bottom of the economic ladder.

Risk 52

Risk Income Liability Banking 52

Pro Builder

NOVEMBER 11, 2021

According to Census data, the South accounted for the bulk of population growth throughout the last decade, and southern states also have more available lots on the market, making them prime locations for builders. That category has seen sales boom through 2021 and recently overtook sales of homes priced below $300,000.

Construction 52

Construction Housing Banking Income 52

ENR Construction

JUNE 10, 2015

Brazil accounted for largest share among 139 low- and middle-income countries, with $44.2 billion.

Banking 28

Banking Income Infrastructure Accounting 28

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.

Cash Flow 98

Cash Flow Insurance Lien Management 98

Contractor Bookkeeping

AUGUST 16, 2013

All Accounting Uses The Accounting Equation. Bank Balance - Un-cleared Checks) = Cash. Regular Bookkeeping - Is roughly 80% of all accounting for businesses in the world. Breakeven - Is fairly easy to calculate because there is a direct relationship between income and expenses on every item. Bank Account - Payroll.

Work in Progress 58

Work in Progress Accounting Construction Leases 58

Levelset

APRIL 5, 2022

In this article, we’ll explore some strategies to help you keep money in the bank. Otherwise, you could be overdrawn on your account. Without incoming revenue to cover those costs, you’ll have to overbill another project to cover them. Why contractors run out of cash. But what about cash flow? Underbidding. Learn More.

Cash Flow 52

Cash Flow Finance Construction Materials 52

Contractor Bookkeeping

AUGUST 27, 2014

QuickBooks Premier Accountant 2000 And Up. If your QuickBooks setup was done by a QuickBooks Expert in construction accounting and maintained correctly you are riding high and living well! The Chart of Accounts is the foundation and if your Chart of Accounts is not setup right you will not have anywhere to put the transactions.

Contractors 88

Contractors Accounting Work in Progress Profitability 88

Contractor Bookkeeping

AUGUST 6, 2014

You Want Money; Banks Want To Lend Money, What''s The Problem? Multiply That By 100,000 And You Will Begin To Understand Why Banks Seem So Tight Fisted About Loaning Money. Banks stay in business is by loaning money and earning interest. 4 You have no access to a construction accountant, not even for quarterly check-ups. #5

Finance 48

Finance Accounting Construction Banking 48

Contractor Bookkeeping

JUNE 17, 2013

They Need A Magician Not A Construction Accountant! Downloading transactions from the bank works well for a lot of industries; but, NOT construction. Treating the contractors accounting services system like driving down the freeway at sixty miles per hour, setting cruise control, and then moving to the back seat to take a nap.

Contractors 48

Contractors Accounting Banking Liability 48

Contractor Bookkeeping

JUNE 22, 2012

Construction Accounting - Is our special expertise which means all of my writing is addressed to members of the construction industry and how we can help them with QuickBooks Setup, QuickBooks Clean-Up and Cloud Based Online Bookkeeping Services. . #1 attempting to mimic our expertise in construction accounting.

Profitability 48

Profitability Contractors Accounting Banking 48

Contractor Bookkeeping

AUGUST 15, 2014

QuickBooks Pro - Is great for contractors acting as Sole Proprietor with annual sales under $100,000 who simply need a way to keep track of basic income and expenses. When you spend money record it in the check register as an expense and when you receive money record it as income. In the hands of an accountant or C.P.A.

Contract 48

Contract Accounting Income Contractors 48

Contractor Bookkeeping

MAY 2, 2013

From the start of my career in construction accounting in the 1970''s until today I have seen a lot of disasters! He would look at the bank balance in QuickBooks and since it always showed over $100,000 he thought life was grand! Later that day he tried using his credit cards to buy gas and they were all declined.

Contractors 48

Contractors Banking Finance Accounting 48

Natural Building

APRIL 28, 2021

Lower income poses an issue because lenders will look at how affordable a mortgage is, often not taking into consideration that the person has been paying rent for years, often at a much higher cost. Missed payments, credit cards, closed accounts, and utilities all feature on your credit file. Photo by Clay Banks on Unsplash.

Housing 52

Housing Banking Income Accounting 52

Contractor Bookkeeping

SEPTEMBER 23, 2013

Owning and operating any business including accounting means sometimes you provide goods and services and not get paid. You can offer financing by getting a merchant account setup at a bank and/or credit union that will offer to loan your construction client''s money for small projects. Knowing The Answers Helps. "If

Debt 49

Debt Construction Accounting Banking 49

Contractor Bookkeeping

NOVEMBER 26, 2013

We have expanded our services beyond just QuickBooks for construction and contractors and now offer Xero Accounting Online For Realtors. including full access to Xero Accounting Software until 01-31-14. Anyone interested in continuing further will be offered ongoing Xero Online Accounting and business consulting at a discounted rate.

Washington 48

Washington Accounting Banking Project Management 48

Contractor Bookkeeping

MAY 5, 2014

Construction Accounting As It Relates To Service Agreements. The income from the service agreement is $600 - your cost $300 = $300 additional income. Successful contractors put the cash in another interest bearing bank account and do not transfer any of it until the work is performed. Need Help Now?

Cash Flow 48

Cash Flow Agreement Profitability Contractors 48

Contractor Bookkeeping

SEPTEMBER 1, 2014

Editor''s Note: We see many QuickBooks for contractor files where the contractor is paying tax on money they have not collected and when we ask why, the most common answer is the tax accountant wants to make sure the contractor pays their fair share of taxes. The Next Two Profit & Loss Reports Show Accrual Vs. Cash And % of Income.

Contractors 48

Contractors Accounting Cash Flow Profitability 48

Contractor Bookkeeping

OCTOBER 4, 2013

Go to your bank and ask to speak with the commercial banker. Every bank has one and they can be one of your most powerful allies and mentors. The really good news they are on the banks payroll. How can you and the bank help me run my business more profitably?

Profitability 48

Profitability Construction Accounting Cash Flow 48

Contractor Bookkeeping

AUGUST 29, 2014

Construction Company cash flow is the movement of money in and out of your Construction Company; these movements are known in accounting circles as inflow and outflow. Other examples of cash inflows are borrowed funds, income derived from sales of assets, and investment income from interest. Cash is king!

Cash Flow 48

Cash Flow Management Contract Accounting 48

Contractor Bookkeeping

AUGUST 11, 2014

Our In-depth Analysis Of QuickBooks Revealed These Critical Issues: The Chart of Accounts Was one of the worst QuickBooks Setup we have seen in the past ten years. It was obvious to us QuickBooks Setup was done by someone with very little if any experience in accounting let alone construction accounting. Click Here For More.

Profitability 48

Profitability Contractors Accounting Income 48

Contractor Bookkeeping

JUNE 28, 2013

During QuickBooks setup and especially QuickBooks for contractors one of the most dangerous and difficult steps is setting the Chart of Accounts. Sample Chart of Accounts Groups. All Other Contractors - Will normally only need accounts from group #2 and #3. Are there any back charge issues to be tracked?

Contractors 48

Contractors Accounting Income Work in Progress 48

Contractor Bookkeeping

MAY 28, 2014

Can Help You Overcome the challenges of Marketing, Accounting and Production by focusing on the keys to unlock your contracting company natural inclination to generate consistently high cash flow and profits. QuickBooks clean up to make the check register match the bank statement 3. Xero Outsourced Construction Accounting Services.

Contractors 48

Contractors Accounting Profitability Cash Flow 48

Contractor Bookkeeping

JUNE 20, 2014

Go To Your Bank - And they offer you a line of credit. Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Let us take care of your accounting.

Insurance 48

Insurance Construction Accounting Claims 48

Contractor Bookkeeping

JULY 27, 2012

Aggravation Box - Computer with construction accounting software operated by a trainee. BCA Business Coach - Someone who helps you raise your level of thinking and income. Black Box - Computer with construction accounting software operated by a trainee. Auditor - Person who goes in after the war is lost and bayonets the wounded.

Contractors 63

Contractors Cash Flow Construction Accounting 63

Contractor Bookkeeping

AUGUST 13, 2014

As Contractors Move Away From Gut-level Decisions - And begin relying on their accounting systems to provide useful financial and job costing reports the open a treasure chest busting at the seams with useful knowledge which can lead them to earning massive profits and by extension increase their personal wealth exponentially.

Contractors 48

Contractors Accounting Profitability CA 48

Contractor Bookkeeping

JANUARY 2, 2015

Did You Go To Your Bank - And they offered to give you a line of credit. Did You Use Your Personal Credit Cards - And supplier accounts to finance your new business and perhaps you were not careful about what you bought? Bank Accounts - Set up two bank accounts in your company name. You say O.K. You say O.K.

Construction 48

Construction Insurance Accounting Claims 48

Contractor Bookkeeping

JUNE 21, 2012

Construction Companies - Need short term liquid working capital such as cash, lines of credit, loans, owner financing, credit cards, supplier accounts and other forms of money to conduct daily operations. Your Construction Accountant - Is a valuable key component in setting up QuickBooks to help you keep track of it all.

Profitability 48

Profitability Contractors Banking Change Orders 48

Contractor Bookkeeping

AUGUST 1, 2014

I was hired to help out in accounting but ended up being the purchasing agent at 22 years old for a company with 75 employees doing about 18 to 25 million in annual revenue. I know there is a need for banks and business loans but you need a really good accounting partner to let you know if its right. Words of Wisdom.

Contractors 56

Contractors Accounting Income US 56