Contractor Bookkeeping

OCTOBER 13, 2023

You might have a more challenging time getting financing for new projects and have to pay more for the funding you get. When interest rates go up, borrowing money becomes more expensive. This can impact your ability to make a profit on construction projects.

Contractors 104

Contractors Construction Finance Profitability 104

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.

Cash Flow 98

Cash Flow Insurance Lien Management 98

Contractor Bookkeeping

MAY 24, 2019

Construction companies need short-term liquid working capital such as cash, lines of credits, loans, owner financing, credit cards, supplier accounts, and other forms of money to conduct daily operations. What often happens is that contractors hate paperwork preferring to keep everything in their head.

Contractors 52

Contractors Profitability Banking Change Orders 52

Wolgast Corporation

MAY 22, 2023

In one of our earlier blogs, we shared with you details of the Small Business Association’s 504 loan in “ Easy Financing for Small Business Growth in Michigan ”. Being able to finance 80-90% of the cost couldn’t be a better deal for these companies. It is still a nominal rate spanning a longer term than the traditional bank loan.

Banking 62

Banking Michigan Finance Commercial 62

Levelset

FEBRUARY 18, 2022

In Minnesota, prevailing wage laws apply to state-funded construction projects that are over $2,500 with one trade contractor or over $25,000 with more than one trade contractor. Prevailing wage rates are often higher than what most contractors pay their workers. One solution is material financing.

Minnesota 52

Minnesota Contractors Cash Flow Finance 52

Contractor Bookkeeping

OCTOBER 23, 2020

Picking a Get-Me-By Contractor's Bookkeeping Solution in many cases is using an Excel Spreadsheet and a shoebox, file folders all dumped into a file box and looking at the Online Banking once in a while. Between regulations, economic uncertainty, and other outside forces; always a learning curve.

Cash Flow 73

Cash Flow Contractors Banking Accounting 73

Construction Marketing

JANUARY 25, 2023

You must secure financing for the project. Developers must understand the various financing options, such as traditional bank loans, private equity, and government programs. The developer may also be responsible for arranging to finance the project, which can consist of a combination of equity and debt.

Commercial 217

Commercial Leases Regulation Finance 217

Levelset

JUNE 14, 2022

Inflation is more than a buzzword for specialty contractors. Contractors report that supply chain disruptions impact inventory and their ability to forecast for the future. These cash flow challenges can cause detrimental results that drain the bank and negatively impact the amount of cash on hand.

Materials 52

Materials Cash Flow Deals Finance 52

Levelset

FEBRUARY 15, 2022

Contractors working in Pennsylvania on public works projects must pay their workers on a weekly basis. The prevailing wage rates for a project must be posted by the general contractor and each subcontractor on-site. One solution is material financing. Deep dive: How Do Prevailing Wage Laws Work in Construction? Learn More.

Pennsylvania 52

Pennsylvania Contractors Cash Flow Contract 52

Construction Enquirer

JULY 27, 2023

Acting as both the main contractor and offsite manufacturer, Elements Europe will deliver a full turnkey package for the Digbeth scheme known as Smith’s Garden. Offsite modular specialist Elements Europe has been confirmed as the main delivery partner a central Birmingham 550-flats build-to-rent scheme.

Debt 64

Debt Maine Banking Finance 64

Wolgast Corporation

FEBRUARY 27, 2024

What is Design-Build In a nutshell, The Design-Build method is classified by the Architect and Contractor being on the same team. It’s a true collaboration throughout the project between the Client, Architect and Contractor from concept to completion.

Design 62

Design Bidding Budgeting Budget 62

Contractor Bookkeeping

AUGUST 6, 2014

You Want Money; Banks Want To Lend Money, What''s The Problem? Multiply That By 100,000 And You Will Begin To Understand Why Banks Seem So Tight Fisted About Loaning Money. Banks stay in business is by loaning money and earning interest. Think of all the times: You loaned money to a friend or relative.

Finance 48

Finance Accounting Construction Banking 48

Contractor Bookkeeping

AUGUST 9, 2019

As a construction or trade contractor, you are highly skilled, intelligent, and adaptable. Many contractors like you feel that hiring a Professional Contractor Bookkeeping Service is a waste of money when you should be able to do it yourself. Moreover, soon as one is finished, another one is waiting for you.

Contractors 49

Contractors Banking Profitability Resource 49

Construction Business Owner

FEBRUARY 16, 2012

Accounting & Finance. » Contractors Seeking Credit Should Prepare to be Prepared. Bank lines of credit are lifelines for many contractors, yet convincing a bank to provide or renegotiate a line of credit is not easy. Crunch the numbers – Banks like proactive business owners. MANAGEMENT |. ACCOUNTING |.

Banking 120

Banking Construction Cash Flow Finance 120

Levelset

APRIL 5, 2022

Contractors can take on more work than their cash flow will let them perform, leaving them scrambling for cash to pay their bills or their employees. In this article, we’ll explore some strategies to help you keep money in the bank. Why contractors run out of cash. 5 strategies for contractors to help hold onto cash.

Cash Flow 52

Cash Flow Finance Construction Materials 52

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. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor.

Accounting 98

Accounting ABC Banking Liability 98

Levelset

OCTOBER 13, 2022

To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. A COI provides evidence of in-force specialty contractor’s insurance. What information is included in a COI?

Insurance 52

Insurance Certification Contractors Liability 52

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. Use materials financing to have more cash on hand.

Cash Flow 59

Cash Flow Lien Accounting Construction 59

Contractor Bookkeeping

MAY 2, 2013

We worked with a contractor had been in business for over ten years and hired a bookkeeper two years earlier that took over his QuickBooks For Contractors and turned it into one of the worst disasters I have ever seen. He would look at the bank balance in QuickBooks and since it always showed over $100,000 he thought life was grand!

Contractors 48

Contractors Banking Finance Accounting 48

Levelset

JULY 25, 2022

Because payment for construction jobs may be weeks or months after work is already completed, companies must manage their finances carefully to maintain cash reserves for taking on new jobs. In certain situations, a company’s best option is to employ debt capital to finance certain expenditures, which helps keep working capital intact.

Debt 97

Debt Cash Flow Equity Finance 97

Contractor Magazine

JUNE 2, 2014

As time and seasons change, companies must seek different means of financing to meet their needs. However, alternative financing for businesses came to the rescue. Merchant cash advance loans, and invoice financing stepped in to fill the void left by the banks.

Finance 45

Finance Contractors Banking Management 45

cnstrctr

JANUARY 4, 2020

As not every project is the same, there are various types of contracts between the owner and contractor which depending upon which is chosen can change your responsibilities drastically. Under a lump sum contract the consultants are typically engaged by the owner and the contractor falls under a separate contract with the owner.

Contract 88

Contract Construction Finance Documentation 88

ENR Construction

MAY 3, 2018

Inabensa wants to block Ketraco from awarding the tender to another contractor or cashing the bank guarantees provided for the African Development Bank-financed project.

Banking 28

Banking Contract Finance Contractors 28

Contractor Bookkeeping

JUNE 15, 2012

You Are Not A Bank - Never lend money to a customer in the form of providing a lot of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. No invoicing, no waiting for the check to arrive and hoping it will clear the bank. You Can Offer Financing - Accept credit cards!

Contractors 54

Contractors Cash Flow Banking Finance 54

Construction Dive

FEBRUARY 9, 2017

In short, from the general contractor’s perspectives, GC’s feel they are not banks on hand to finance the project, and if the owner doesn’t pay them, they shouldn’t pay the contractor.

Banking 48

Banking Finance Risk Contract 48

Contractor Bookkeeping

MARCH 7, 2013

After interviewing this contractor and his bookkeeper and conducting a thorough review of his QuickBooks for Contractor file and the QuickBooks Setup I believe this contractor had a bookkeeping troll. He would look at the bank balance in QuickBooks and since it always showed over $100,000 he thought life was grand!

Cash Flow 49

Cash Flow Contractors Banking Accounting 49

Contractor Bookkeeping

AUGUST 27, 2014

QuickBooks For Contractors Setup. We Fix Bad QuickBooks For Contractors Setup Issues. Let us handle your QuickBooks setup for your contracting company because accurate QuickBooks contractor reports are what profitable contractors use to help them steer their construction company through the ups and downs of the business cycle.

Contractors 88

Contractors Accounting Work in Progress Profitability 88

Contractor Bookkeeping

DECEMBER 2, 2016

We suggest you start by contacting you bank and doing your own research. I know from many years while we were contractors it paid off handsomely so I am simply passing on a mere "scrap of information" to help you get more cashflow and profit. Accepting Credit Cards Can Immediately Increase Sales And Profits*. *We Who Will They Call? -

Cash Flow 48

Cash Flow Contract Banking Profitability 48

Contractor Bookkeeping

JULY 7, 2014

If you do you are not alone, many contractors feel that way. Owning a construction company is so much different from just working for another construction contractor and in most cases, new contractors had no idea what was involved in the business end of the operation before they started. Reconcile The Bank Accounts.

Contractors 48

Contractors Accounting Banking Project Management 48

Contractor Bookkeeping

JUNE 16, 2012

For most people cash in short supply which leaves using a credit card, getting a bank loan or selling something to raise cash as their best options? If you are their contractor and you are actively working your Home Asset Management Plan you will get the go ahead to make the repairs. Who Will They Call? - You I hope!

Profitability 55

Profitability Contractors Cash Flow Banking 55

Contractor Bookkeeping

JUNE 21, 2012

Construction Companies - Need short term liquid working capital such as cash, lines of credit, loans, owner financing, credit cards, supplier accounts and other forms of money to conduct daily operations. What Often Happens - Is that contractors hate paperwork preferring to keep everything in their head. The trouble is about to start!"

Profitability 48

Profitability Contractors Banking Change Orders 48

Contractor Bookkeeping

NOVEMBER 3, 2012

A lot of problems can be traced back to the "Halo Effect" which happens when a contractor thinks "We are so good at (fill in the blank) we should expand into (fill in the blank). The same goes with managing sub-contractors and suppliers. Residential Remodel Contractor Building A Home. Every problem has one answer "Brute Force".

Profitability 48

Profitability Bankruptcy Contractors Remodeling 48

Contractor Bookkeeping

MARCH 16, 2013

How Do We Help Contractors To Succeed? Our Niche Is Contractors. From The Brand New Contractor - To those who have been in business for many years and have more complex needs we welcome everyone! Are you having issues with the office manager, a spouse, a contractor or someone else? What is the process? Our Mutual Purpose.

Contractors 48

Contractors Accounting Banking Office 48

Contractor Bookkeeping

JANUARY 27, 2014

Spec Home Builders Have Unique Construction Accounting Needs : Keeping Track Of Specialty Contractor Costs - Is one of the most valuable things your contractors bookkeeping services can do for you. Contractor Invoicing. Construction Accounting Services For Home Builders. The best way is to use Purchase Orders in QuickBooks.

Contractors 48

Contractors Accounting Banking Profitability 48

Levelset

JULY 5, 2022

Contractors and other businesses in the construction industry can file a mechanics lien if they aren’t paid for their work – even if they weren’t hired directly by the property owner. In contrast, a mortgage is a voluntary lien , because you sign papers giving the bank a lien on your property until you pay off the balance and interest.

Lien 96

Lien Legal Bankruptcy Claims 96

ENR Construction

JULY 22, 2012

Banking & Credit Crisis. Laser Scanning Enhances Quality and Cuts Costs for Contractors. Description: Contractors see new, lower-cost systems as the future of as-built documentation, especially for firms performing renovations and additions. Specialty contractor innovation. Gulf Oil Spill. Building Types. Sustainability.

Contractors 65

Contractors FAQ News Education 65

ENR Construction

AUGUST 8, 2012

Banking & Credit Crisis. Senate Finance Passes Tax Extensions. Specialty contractor innovation. Gulf Oil Spill. Building Types. Construction Methods. Sustainability. Haiti Reconstruction. Economic Stimulus. Safety & Health. Project Delivery. Ethics & Corruption. Economic Stimulus. Associations. Washington Observer.

Finance 28

Finance News Engineering FAQ 28