Accounting Contractors Lien Risk 
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. Retention receivable and payable is different from accounts receivable and payable. According to Steven J.
Fieldwire
AUGUST 14, 2023
Construction is one of the hardest industries to manage cash flow in, with contractors often facing large up-front costs and frequent, long delays between expenses and payment. The basics of retainage Retainage, also called retention, is an amount withheld from the contractor until a later date.
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Construction Marketing
SEPTEMBER 9, 2021
Each project will consist of an intricate network of contractors and subcontractors that must be on the same page in order for important construction goals and milestones to be reached. Delays of even a few hours early in the build begin to compound, with weeks added to the project in some cases as contractors are forced to reschedule. .
Autodesk Construction Cloud
SEPTEMBER 13, 2022
Contractors are focused on executing efficiently and safety, while winning new business and staying profitable. . So how can companies optimize for their bottom line without putting their businesses at risk? . Risk management is a multifaceted challenge. Toric: Delivering Data-driven Insights to Improve Decision-making .
Levelset
MAY 23, 2022
How individual specialty contractors handle these costs vary, but as the saying goes, “Cash is king.” Getting paid in a timely manner is another challenge for specialty contractors since the average payment collection time for the construction industry is around 90 days. Establish consistent accounting procedures.
Levelset
MARCH 21, 2022
Restoration contractors can spend a lot of time waiting for payment. Meanwhile, you’re incurring expenses that drain your bank account, like purchasing materials and paying employees. Keep reading to learn five tips restoration contractors can use to effectively manage their cash flow while the homeowner waits for an insurance check.
Levelset
APRIL 15, 2022
They may not have the funds available to pay the contractor out of pocket, so they’re counting on that insurance check to cover the construction costs. Contractors often wish they could simply deal with the insurance company directly through an assignment of benefits. Pros & cons for contractors. Setting up an AOB.
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