Levelset

JUNE 6, 2022

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. View profile.

Accounting 98

Accounting ABC Banking Liability 98

Levelset

MARCH 21, 2022

Meanwhile, you’re incurring expenses that drain your bank account, like purchasing materials and paying employees. A cash flow statement is an analysis of incoming and outgoing cash for a certain time period (usually one month). Each project you work on has expenses that need to be paid and income that will be received.

Cash Flow 98

Cash Flow Insurance Lien Management 98

Levelset

MAY 2, 2022

If your credit limit hasn’t been raised recently, it may be based on outdated financial statements — the ones you provided when you originally opened the account. A standard financial statement package includes four reports: Balance sheet Income statement Cash flow statement Work in progress (WIP) report. Share recent financials.

Negotiation 52

Negotiation Materials Cash Flow Finance 52

Levelset

APRIL 5, 2022

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. Finance material purchases. Material financing can help you delay the payment of material invoices for up to 120 days. Underbidding. Get funding for other job costs.

Cash Flow 52

Cash Flow Finance Construction Materials 52

Levelset

AUGUST 4, 2022

Let’s take a look at the basics of cash flow and how architects can budget their expenses and forecast their income to stay in good financial standing. This is in contrast to an accrual basis , which is a form of accounting that tracks revenue and expenses when they are incurred, not when they are paid or received.

Cash Flow 52

Cash Flow Budgeting Budget Forecasting 52

Contractor Bookkeeping

JUNE 20, 2014

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. Bank Accounts - Set up two bank accounts in your company name. You say O.K.

Insurance 48

Insurance Construction Accounting Claims 48

Contractor Bookkeeping

JANUARY 2, 2015

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? Tax Advantages For LLC or a Sub S - If you do not setup your corporation correctly the profit or loss from your business will be passed through to the owners as normal income.

Construction 48

Construction Insurance Accounting Claims 48