Fieldwire

FEBRUARY 14, 2022

Anyone who has managed a construction company, department, or project knows profitability can be challenging. Intense competition, fluctuating market conditions and other factors often result in tight profit margins. Even with numerous challenges, specialty contracting can be profitable. In-Demand Expertise.

Profitability 98

Profitability Contractors Management Contract 98

Contractor Bookkeeping

AUGUST 11, 2017

Contractors Need Help Understanding Role of Accountants. Contractors should have two primary accountants. One is the Tax Accountant the other is your Construction Accountant. Tax Accountant who does the Annual tax return for your business and your personal tax return.

Accounting 51

Accounting Profitability Cash Flow Contractors 51

Contractor Bookkeeping

MAY 19, 2023

Sales and profit are two very different things – as a construction business owner, you can find yourself without the cash to pay bills despite making sales you knew were profitable. You may also be startled to discover that solid cash flows from sales deliver little profit.

Cash Flow 102

Cash Flow Profitability Forecasting Construction 102

Autodesk Construction Cloud

APRIL 24, 2023

While incredibly rewarding, the construction industry is a challenging sector to work in for cost-focused business and project executives. Bank failures, rising interest rates, high material prices, and labor crunches are all making it more challenging for construction companies to protect, let alone, improve their margins.

Profitability 97

Profitability Construction Autodesk Forecasting 97

Construction Business Owner

DECEMBER 4, 2023

How to Analyze WIP Schedules ccapoccia Mon, 12/04/2023 - 16:56 A contractor’s work-in-progress (WIP) schedule is used by the company’s accounting department to vet the trajectory of each construction project.

Schedule 156

Schedule Cash Flow Work in Progress Profitability 156

Contractor Bookkeeping

DECEMBER 25, 2020

There is no better time to reflect and think seriously about your construction business. Year over year and regardless of the economy, one thing never changes; 20% of the contractors earn and keep 80% of the profits because they have a Business Process Management Strategy like our Contractors Success M.A.P.

Accounting 68

Accounting Products Contractors Profitability 68

Contractor Bookkeeping

OCTOBER 27, 2017

Construction Accounting Basics For Construction Contractors. Construction Accounting is not a natural mindset for Construction Contractors. Construction Accounting has own language. Regular Accounting the language is Income Minus Expenses Equals Net Profit.

Accounting 54

Accounting Contractors Income Overhead 54

Levelset

JUNE 6, 2022

Construction projects rely on contractors completing the work they started and meeting the design intent. In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. The rate of retention is stipulated in the construction contract and can often be negotiated.

Accounting 98

Accounting ABC Banking Liability 98

Construction Dive

FEBRUARY 17, 2023

A missed $12 million tax accrual will cause the California contractor to restate its books for the second time in two years.

Accounting 101

Accounting Profitability California Contractors 101

Contractor Bookkeeping

MAY 6, 2022

Success in operating a profitable construction business is all about maintaining the proper balance of control over both The Profit Centers and The Cost Centers. If either one gets too powerful and is allowed to run your construction company, it can cause more damage than good.

Profitability 104

Profitability Construction Innovation Environment 104

Contractor Bookkeeping

AUGUST 7, 2020

First, we always ask our clients to decide what they want from their construction company. For many small construction companies, the best way to improve profitability is to increase turnover, as there's no limit to sales, but there is a limit to how much you can reduce your costs. Do you want to get rid of the boss?

Profitability 116

Profitability Construction Environment Accounting 116

Contractor Bookkeeping

MAY 14, 2021

While improving employee productivity should always be a priority when the ultimate goal is a sustainable and profitable business, the process is easier said than done. Being a better construction business owner is not just about the habits you practice in front of others.

Accounting 69

Accounting Management Construction Profitability 69

Construction Business Owner

MAY 21, 2018

Today’s volatile construction industry, dominated by demanding owners, labor shortages, increasing competition and shrinking profitability, leaves many contractors wondering “How can we survive amidst growing risk and uncertainty?”

Accounting 142

Accounting Profitability Risk Contractors 142

Contractor Bookkeeping

MARCH 10, 2023

A USP (Unique Selling Proposition) is a compelling reason for your target market to choose your construction business over your competitor's. Examples range from cutting-edge service and product features to simply being more convenient and easier to find for the target market.

Profitability 93

Profitability Construction Products Accounting 93

Construction Business Owner

APRIL 3, 2020

Exploring the software essentials that push profits & productivity. In this session, you’ll learn three advantages proven, born-in-the-cloud construction and accounting software provides, where everyone from management and field operations to the back office is connected and has complete visibility into your customers and business.

Software 312

Software Software Profitability Accounting 312

Construction Business Owner

JUNE 23, 2023

I practiced in public accounting for 18 years, specializing with contractors, and I oversaw 125 audits and reviews each year before I sold my practice. One perspective gained was the disparity in profitability across companies with similar projects, specialties and size.

Infrastructure 156

Infrastructure Profitability Accounting Modeling 156

Job Order Contracting

MAY 4, 2023

The validity of a construction cost estimate, the most important aspect, is often overlooked and resulting in billions of dollars was every year. A construction cost estimate must be independently validated. Key Principles There are key principles that should be adhered to when preparing a construction cost estimate.

Estimating 196

Estimating Construction Risk Documentation 196

Lets Build

MAY 11, 2022

Most construction companies, project managers , and contractors will deal with preliminaries in their construction contracts. These preliminaries, also called prelims, cover costs for an entire construction project—not for specific work sections or activities. What do preliminaries in construction mean?

Contract 144

Contract Construction Site Accounting 144

Contractor Bookkeeping

MAY 12, 2023

Taking steps to create a good foundation in the early days of your business is essential for a sustainable and profitable future. It's rare these days that your prospective leads happen to find your construction business and become a client with no work. Keep in mind: Marketing-Accounting-Production

Sustainability 95

Sustainability Accounting Construction Profitability 95

Construction Enquirer

JULY 30, 2023

The bounce back follows a disappointing performance in 2022 that saw pre-tax profit fall 19% to £12m from revenue flat at £404m, according to newly-published accounts. McAleer & Rushe is set for a record year having secured new contracts worth £440m in the first six months of 2023 in Greater London, the Midlands and Scotland.

Profitability 71

Profitability Residential Security Accounting 71

Construction Enquirer

AUGUST 25, 2023

Latest accounts filed at Companies House show the H Mitton group had a turnover of for the year to January 27 2022 of £33.7m generating a pre-tax profit of £583,000 while employing 312 staff. Notices have also been served on group companies Mitton Mechanical Services, Mitton Electrical Services and Mitton Aftercare.

Debt 96

Debt Contractors Profitability Accounting 96

Contractor Bookkeeping

MAY 31, 2019

Proper construction accounting is all about the details. 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.

Accounting 59

Accounting Profitability Overhead Banking 59

Construction Enquirer

MAY 2, 2023

in unpaid invoices when M&E contractor Norstead went into administration in February. Latest accounts for Norstead show it made a net profit of £133,000 from a turnover of £20.3m Hundreds of subcontractors and suppliers were left holding £5.3m

Contractors 85

Contractors Debt Profitability Accounting 85

Construction Enquirer

MAY 3, 2023

Northumberland based Howard Russell Construction has gone into administration. Howard Russell works across the UK as a design and build contractor for a wide range of sectors. Latest results for the firm for the year to March 31 2022 show a pre-tax profit of £790,000 from a turnover of £43.5m

Debt 103

Debt Construction Negotiation Forecasting 103

Construction Marketing

MAY 17, 2023

The construction industry is undergoing a remarkable transformation as it embraces the digital age. Due to the quick adoption of new tools and technologies, keeping competitive and being successful in the current environment of the construction industry are now closely related to implementing technological innovations.

Innovation 254

Innovation Construction Safety Budgeting 254

Contractor Bookkeeping

NOVEMBER 20, 2015

High Technology Construction Accounting Offices Are No Longer A Luxury. If you were a smart, forward thinking contractor you got those long before your competition did and made a lot of money in a short period of time. They Are Standard Operating Procedure Just To Keep Up With Your Competitors.

Accounting 48

Accounting Contractors Profitability Construction 48

Construction Enquirer

JUNE 8, 2023

Henry Construction Projects has gone into administration leaving hundreds of suppliers and subcontractors out of pocket. The collapse ends weeks of speculation about the contractor which has been strangling its supply chain of payments for several months. In latest accounts, the firm said it employed just 49 staff.

Construction 138

Construction Maine Contractors Residential 138

Contractor Bookkeeping

NOVEMBER 19, 2021

Among the stats Hubspot lists are: that a 5% increase in customer retention is responsible for more than 25% increase in profit; repeat customers are nine times more likely to convert than first-time visitors, and a 2% increase in customer retention has a similar impact to your bottom line as reducing costs by 10%.

Profitability 96

Profitability IDEA Commercial Housing 96

Contractor Bookkeeping

APRIL 5, 2019

The harsh reality is that if all of the work is NOT done, accounts receivable is reflecting a balance due that is NOT REAL. Without proper tracking and matching of income and expenses, most construction companies never know if they made a profit until the job is over. The good news is that it doesn't have to stay that way.

Profitability 50

Profitability Contractors Income Accounting 50

Contractor Bookkeeping

APRIL 23, 2021

Some construction business owners find themselves in the difficult position of running a business that appears to be profitable but still having no money in the bank. After all, a lack of adequate cash flow is one of the leading causes of small construction business failure. It's a critical situation to address.

Cash Flow 71

Cash Flow Profitability Banking Construction 71

Construction Enquirer

MAY 14, 2023

Former workers at a collapsed Kent groundworks contractor are set to receive cash payouts after being dismissed without consultation. Twenty seven ex-staff at Ellicon Construction have won their legal battle after they were dismissed without proper consultation last summer when the firm went into administration.

Consulting 130

Consulting Legal Employment Profitability 130

Contractor Bookkeeping

OCTOBER 9, 2020

Studies found that alert employees have fewer accidents, which in turn reduces your cost of doing business and raises cash flow and profits. I saw a special where a manufacturer described how the process is that they moved employees on a scheduled basis between workstations to help them avoid boredom and stay fresh throughout their workday.

Accounting 103

Accounting Cash Flow Accidents Profitability 103

Contractor Bookkeeping

JULY 23, 2021

Joint Ventures have their own accounting rules. How costs and profits are shared among the participants depends on how the joint venture is structured and the terms of the agreement. Contractors with annual sales of less than $10,000,000 often get together to work on a specific project. The devil is in the details.

Change Orders 117

Change Orders Accounting Agreement Profitability 117

Contractor Bookkeeping

MAY 17, 2013

All Accounting Methods Share The Same Accounting Equations. Business Owners - Need three basic reports, Cash, Profit and Equity. Profit And Loss Report. Sales - Expenses) = Profit. Regular Accounting - Is roughly 80% of all accounting and Accounting for businesses in the world. Cash On Hand.

Accounting 48

Accounting Contractors Profitability Overhead 48

Construction Enquirer

AUGUST 9, 2023

Hundreds of suppliers and subcontractors have been left £43m out of pocket by the collapse of Henry Construction Projects. According to the failed contractors records published by administrator FRP Advisory, more than 700 firms have been hit by the collapse of the south east tower builder.

Construction 86

Construction Subcontracting Contract Accounting 86

Contractor Bookkeeping

JULY 9, 2021

Moreover, Construction Companies have unique bookkeeping needs. Some bookkeepers and bookkeeping systems may cost you more than they are worth in salary, fees, and loss profits because you cannot get QuickBooks reports and financial reports when you need them. Good bookkeeping leads to informed decisions.

Accounting 102

Accounting Construction Profitability Contractors 102

Viewpoint Construction Technology

JULY 27, 2017

Planning for construction costs can mean the difference between making a decent profit and barely breaking even. When you’re dealing with jobs that are in the six, seven, and even eight figure budgets, project management can become very complex with many variables to account for. Design effectively. Invest in technology.

Viewpoint 173

Viewpoint Contractors Inventory Profitability 173