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Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor. Retention receivable and payable is different from accounts receivable and payable. Steven Peterson.

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Claritas Group went down owing £7m to supply chain

Construction Enquirer

The Kent based contractor confirmed earlier this month that it was heading for liquidation following cash flow and inflationary pressures. Claritas specialised in projects up to £70m across the residential, commercial and education markets. Latest accounts for Claritas Group for the year to March 31 2022 show a £50.4m

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Claritas Group heading for liquidation

Construction Enquirer

Kent based contractor Claritas Group is heading for liquidation after being sunk by cash-flow and inflationary pressures. “The challenge of cash flowing and managing the losses associated with the inflationary pressures of these uncertain times was just too great. turnover generating a pre-tax profit of £455,000.

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Online Exclusive: Accounting Basics for Small Contractors — Employee Fraud

Contractor Magazine

profit percentage before taxes, the difference between profits and the cash in your bank account, and why cash flow is so important to the company. Let’s assume that you have educated yourself on those topics and your business is performing at or above that profit percentage.

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Unique Bookkeeper Errors Reduce Contractor Profits

Contractor Bookkeeping

The banker said his Profit & Loss, Balance Sheet did not look right to him. His banker was a blunt and told him that if he wanted to stay in the construction business he needed to have accurate Profit & Loss, Balance Sheet and Job Costing Reports. QuickBooks Job Profitability Reports. He had to rely on his gut feeling.

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Process Dependent Vs. People Dependent Increases Contractor's Profits

Contractor Bookkeeping

Then suddenly you decided they needed to get an education in return you were still expected to continue to provide their food, clothing and shelter for another twelve years or so. Education is the foundation for shifting paradigm. Cash flow issues kill contractors even though they have profit.

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Fast Easy Accounting Overview What We Do For Contractors

Contractor Bookkeeping

We Are Construction Accountants. We show you how to remove unique cash flow bottlenecks which are common in contractors bookkeeping, that results in more money in the bank, reduced overhead and lowers their stress level. QuickBooks Outsourced Construction Accounting Services. Can You Relate To This?