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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. The rate of retention is stipulated in the construction contract and can often be negotiated.

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Brinkman Construction Transforms Project and Cost Management with Autodesk and CMiC Integration

Autodesk Construction Cloud

When it comes to construction projects, accounting and financial management are like the foundation of a building. This is why many firms rely on enterprise resource planning (ERP) software to effectively connect tasks like job costing and project management. In order to create a seamless experience, we need a connection to our ERP.

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Why Collaboration Is Key in Construction

Viewpoint Construction Technology

Companies that have embraced integrated software for workflows, scheduling, budgeting, and sign-offs are seeing incredible results and receiving praise from clients and partners. Accountability. Collaboration naturally creates accountability. Collaborating via integrated software allows you to see the whole picture in a flash.

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Construction Accounting And Baseball Looks Easy From The Bleachers

Contractor Bookkeeping

What sport do you relate your accounting to? Your Reasoning: "The options are in QuickBooks software and to get my money’s worth I must use everything.". My accounts receivable is off / My accounts payable is off / My inventory isn’t right / My QuickBooks is a mess – And I don’t understand any of the reports.

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3 cash flow forecasting tips for your next big construction project

Viewpoint Construction Technology

Integrated construction management software, like Viewpoint’s JobPac can help streamline accurate cash flow forecasts. In contrast, integrated enterprise software has components that are compatible with each other, meaning that everyone in the business is referring to just one source of the truth.

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BuildTools Provides the Solution for Managing Demanding Clients

Pro Builder

We had to negotiate our final draw on every home,” says Molthan. So, we were stuck holding the bag and negotiating on it.” There is no need to call up the home builder or project manager or negotiate based on false claims or unclear information, and no nasty surprises when it comes time to hand off the keys.

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Construction Business Owner Blogs

Construction Business Owner

ACCOUNTING |. SOFTWARE |. Software & Technology. Accounting & Finance. Tip #1: Negotiate Fuel Costs. Before you go down the negotiating path, be sure you know your overall consumption by gallons. Is There No Free Lunch or Construction Software? Top 5 Trends in Construction Software. STRATEGY |.