Remove Banking Remove Liability Remove Overhead Remove Project Management
article thumbnail

Construction Business Owner Blogs

Construction Business Owner

But to count on them as the source of profit is to bank on an unpredictable variable that is not under your control, that is hard to manage, and that you may wish to use for a completely different purpose – business development (more on this in a moment). Committing Intentional Project Communications. document management.

article thumbnail

Service Agreements Can Improve Contractors Cash Flow And Profits

Contractor Bookkeeping

The Balance Sheet is the summary report which shows all of the assets minus the liabilities which equals the "Book Value" or owner''s equity. Owner’s equity is in theory what would be left over if you liquidated the company, sold the assets and paid all of the debts or liabilities. Keep The Service Agreement Cash Separate.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Bookkeeper Vs. Accountant Vs. C.P.A. For Your Construction Company

Contractor Bookkeeping

Their primary function is preparing the annual tax return, performing audits and preparing Certified Financial Statements for bank loans and when a construction contractor requires them before issuing a construction bond. Bank Balance - Un-cleared Checks) = Cash. Assets - Liabilities) = Equity. -. Most C.P.A. Cash On Hand.

article thumbnail

QuickBooks Online Converted To QuickBooks Contractors Desktop Online

Contractor Bookkeeping

Bank Balance - Un-cleared Checks) = Cash. Assets - Liabilities) = Equity. -. Expenses - Overhead required to maintain business operations. Expenses - Overhead is extremely complex because some expenses in regular Accounting are actually Cost of Goods Sold in construction accounting. Cash On Hand. Profit And Loss Report.

article thumbnail

Why Your Construction Company Needs Bookkeeping

Contractor Bookkeeping

This means all legitimate banks; lenders and bonding companies have access to massive data bases which can make judgments about your Construction Company but only if you present the Profit & Loss Reports and Balance Sheet Reports in a format they can use. Click Here For More. Visit [link] to learn more.

article thumbnail

A glossary of terms with reference to Construction Cost Estimating

Construction Cost Estimating

It is used to organize the finances of the entity and to segregate expenditures, revenue, assets and liabilities in order to give interested parties a better understanding of the financial health of the entity. Estimation in project management is the processes of making cost estimates using the appropriate techniques.

article thumbnail

Unique QuickBooks Setup For Contractors

Contractor Bookkeeping

Chart of Accounts Payroll Tax Liabilities. Chart of Accounts Customer Checks Returned From Bank. Chart of Accounts Insurance Liability. Bank Reconciliations. Chart of Accounts Intercompany Transfers. Chart of Accounts Payroll. Chart of Accounts Payroll Taxes. Chart of Accounts Customer Discounts. Chart of Accounts Taxes.