Contractor Bookkeeping

MAY 19, 2023

Sales and profit are two very different things – as a construction business owner, you can find yourself without the cash to pay bills despite making sales you knew were profitable. You may also be startled to discover that solid cash flows from sales deliver little profit.

Cash Flow 102

Cash Flow Profitability Forecasting Construction 102

Construction Business Owner

JULY 4, 2022

Using work-in-progress (WIP) reports to stay on top of every project & maximize profitability. An accurate and timely work-in-progress (WIP) report is one of the most essential tools a contractor can use to optimize cash flow. John Meibers has over 32 years of experience serving the construction industry.

Work in Progress 285

Work in Progress Cash Flow Profitability Contractors 285

Construction Business Owner

DECEMBER 4, 2023

How to Analyze WIP Schedules ccapoccia Mon, 12/04/2023 - 16:56 A contractor’s work-in-progress (WIP) schedule is used by the company’s accounting department to vet the trajectory of each construction project. When the WIP schedule is accurate and updated, contractors can foresee and possibly prevent potential issues from occurring.

Schedule 156

Schedule Cash Flow Work in Progress Profitability 156

Autodesk Construction Cloud

AUGUST 11, 2021

For any business, having enough operational cash on hand is critical. Without being able to accurately forecast cash flow, making important decisions about the future of your firm or projects is a risky venture at best. So, how can your team ensure appropriate forecasts are created to maximize profit?

Cash Flow 52

Cash Flow Forecasting Autodesk Construction 52

Contractor Bookkeeping

FEBRUARY 23, 2024

Construction Company owners like you have probably experienced life-changing events in the past few years, as many of our clients did. Are you struggling to keep your construction business afloat? Poor Cash Flow Management One of the biggest challenges for construction businesses is managing cash flow.

Cash Flow 104

Cash Flow Forecasting Construction Deals 104

Contractor Bookkeeping

MAY 1, 2020

Dealing with unexpected cash-flow difficulties, even if you're working hard to avoid shortfalls, is hugely distracting. If you're starting a construction business, it could simply be taking longer than expected to turn a profit in these trying times. Red light warnings.

Cash Flow 69

Cash Flow Debt Management Accounting 69

Contractor Bookkeeping

APRIL 23, 2021

Some construction business owners find themselves in the difficult position of running a business that appears to be profitable but still having no money in the bank. After all, a lack of adequate cash flow is one of the leading causes of small construction business failure. It's a critical situation to address.

Cash Flow 71

Cash Flow Profitability Banking Construction 71

Contractor Bookkeeping

FEBRUARY 23, 2024

Construction Company owners like you have probably experienced life-changing events in the past few years, as many of our clients did. Are you struggling to keep your construction business afloat? Poor Cash Flow Management One of the biggest challenges for construction businesses is managing cash flow.

Cash Flow 62

Cash Flow Forecasting Construction Deals 62

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.

Contractors 98

Contractors Cash Flow Lien Negotiation 98

Contractor Bookkeeping

AUGUST 11, 2023

Ideally, you want to reduce the chance of bad debts and pressure on your construction company's cash flow. When negotiating contracts with clients, try to set payment terms that help your cash flow, such as deposits or progress payments.

Debt 103

Debt Cash Flow Negotiation Contract 103

Levelset

MARCH 11, 2022

Prioritizing a low bid over contractor performance is a lose-lose procurement strategy. Unfortunately, low bidding is an accepted practice for both owners and contractors alike. It’s time to re-educate the construction industry and reframe the “low bid wins” philosophy. Who’s responsible for low-bid procurement?

Bidding 98

Bidding Cash Flow Contractors Procurement 98

Autodesk Construction Cloud

JUNE 8, 2023

The famous Aristotle quote that goes, “Well begun is half done,” rings very true in the construction industry. That’s why investing in a fully integrated construction ecosystem enables you to streamline preconstruction tasks and set your team up for success is crucial. How do you accomplish this?

Profitability 98

Profitability Bidding Estimating Risk 98

Carol Hagen

JULY 1, 2009

We all know that cash flow is the life blood of our business (whether you’re a contractor or a CPA firm). To see your future rather than the past, to become more goal oriented, take a peek at Up Your Cash Flow (UYCF).

Cash Flow 100

Cash Flow Forecasting Profitability Consulting 100

Contractor Bookkeeping

AUGUST 11, 2017

Contractors Need Help Understanding Role of Accountants. Contractors should have two primary accountants. One is the Tax Accountant the other is your Construction Accountant. Tax Accountant who does the Annual tax return for your business and your personal tax return.

Accounting 51

Accounting Profitability Cash Flow Contractors 51

Contractor Bookkeeping

OCTOBER 29, 2021

You may be getting your construction projects done with sheer willpower, but the lack of processes, business plans, and strategy will eventually wear you down. Successful contractors improve processes all year long. As your construction company grows and evolves, your processes can support the controlled and planned expansion.

Plans 98

Plans Cash Flow Construction Profitability 98

Autodesk Construction Cloud

FEBRUARY 1, 2024

A strong financial base in construction is as vital for success as a solid physical foundation is for any building project. Despite this, both general contractors and subcontractors struggle with the complexities of the payment process and face significant cash flow obstacles.

Autodesk 87

Autodesk Cash Flow Construction Risk 87

Contractor Bookkeeping

JULY 8, 2022

Many surveys and reports show that nearly half of all new construction companies close their doors within the first five years of opening them. When we speak with contractors who failed, most say it was due to a lack of cash flow.

Cash Flow 96

Cash Flow Contractors Plans Contract 96

Contractor Bookkeeping

MAY 5, 2014

Service agreement holders are more likely to be clients that add more value to your construction company because they represent the most loyal segment of your customer base. In the meantime, service agreement customers are a source of cash flow and are predetermined to call you instead of your competition when repairs are necessary.

Cash Flow 48

Cash Flow Agreement Profitability Contractors 48

Contractor Bookkeeping

AUGUST 26, 2022

Knowledge leads to profits and cash flow. In this cutthroat construction industry, you may not be able to outgrow your competition forever, but you can always outlearn them. Knowing The 80/20 Rule For Construction Contractors will surely help: 20% of your customers typically generate 80% of your net profit.

Cash Flow 100

Cash Flow Profitability Contractors Industrial 100

Contractor Bookkeeping

JUNE 20, 2013

Construction Cash Flow Example. Starting Cash + Cash In - Cash Out] = Cash Flow. "If Let''s Get Some Answers - Contractors and sub-contractors know there is more to profits than what is shown above and most of you rely on your "gut feel" to know when project has made a profit or not.

Cash Flow 48

Cash Flow Profitability Accounting Construction 48

Contractor Bookkeeping

MARCH 26, 2021

Most construction business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses, and view real-time financial reports to manage cash flow and make better business decisions. What three reports do you need for your construction business? #1

Accounting 109

Accounting Software Software Cash Flow 109

Contractor Bookkeeping

MAY 6, 2016

The Four Most Important Words Your Construction Clients Say: "While it's open anyway." (the Highly profitable and very successful Contractors like you respond with. the walls, floors, ceiling). Since we're this far." (in in the project, remodel, new house). "I I have an idea." (for for more work to be done, change something).

Cash Flow 52

Cash Flow Profitability Remodeling Contract 52

Contractor Bookkeeping

AUGUST 29, 2014

Cash flow is the lifeblood of any construction company and especially the ones with annual sales volume under $1,000,000. Some construction Company experts even say that a healthy cash flow is more important than your contracting company''s ability to complete projects! Is Cash Flow The Same As Profit?

Cash Flow 48

Cash Flow Management Contract Accounting 48

Viewpoint Construction Technology

MAY 24, 2018

Editor’s Note: This is part of a series highlighting real customer stories shared during our Digital Contractor Roadshow events. Construction companies of all sizes and across all regions are realizing the need to adopt the latest technologies into their operations in order to keep up with demand and to remain profitable.

Profitability 149

Profitability Cash Flow Management Houston 149

Viewpoint Construction Technology

FEBRUARY 7, 2019

Considering contractors face ongoing high pressure to perform and operate with razor-thin profit margins, there’s no doubt: construction is a challenging industry. Here are 6 reasons contractors have told us they love our Spectrum Business Intelligence tool. A Challenging Industry Warrants Sophisticated Tools.

Contractors 161

Contractors Cash Flow Construction Management 161

Levelset

APRIL 5, 2022

Bigger projects require more materials and more labor, which means higher cash requirements. 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. Why contractors run out of cash. But what about cash flow?

Cash Flow 52

Cash Flow Finance Construction Materials 52

Best Practices Construction Law

NOVEMBER 26, 2012

Who couldn't use more cash during the holiday season? No matter the season, however, construction companies rely heavily on cash flow to fund their operations. Cash flow depends on so many variables, but there are a few that you can control. Tie bonuses or other incentives to effective cash flow management.

Cash Flow 48

Cash Flow Project Management Change Orders Agreement 48

Contractor Bookkeeping

OCTOBER 23, 2020

No one starts a business, especially a contracting business, and have it rolling perfectly with a profit every step of the way. 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.

Cash Flow 75

Cash Flow Contractors Banking Accounting 75

Viewpoint Construction Technology

FEBRUARY 12, 2019

The main reason construction businesses implement an integrated project management system is for the visibility that they can gain over every aspect of a project. Here’s a list of key reports that you should be able to pull at any moment from your construction project management software: Basic Accounting Reports. Ad-hoc reports.

Cash Flow 130

Cash Flow Software Software Accounting 130

Contractor Bookkeeping

AUGUST 25, 2017

Contractors Are Selling Their Time First, Skill Second. Value of Time – Your time as the Contractor is the most valuable. Yes, you can do your contractor bookkeeping. Your answer – I have a cash flow problem. QuickBooks setup for your construction company and you. My question is: Why Would You?

Cash Flow 51

Cash Flow Contractors Profitability Construction 51

Lets Build

DECEMBER 2, 2022

It’s a curious paradox that few industries are as tightly regulated and controlled as the construction sector, yet at the same time, few industries are as vulnerable to unexpected events. From ambient weather to subcontractor failures, construction projects can be derailed in numerous ways. What is construction quality management?

Management 156

Management Construction Risk Cash Flow 156

Construction Enquirer

JUNE 25, 2023

The Kent based contractor confirmed earlier this month that it was heading for liquidation following cash flow and inflationary pressures. turnover generating a pre-tax profit of £455,000. Subcontractors and suppliers to the collapsed Claritas Group have been left holding unpaid invoices totaling more than £7m.

Cash Flow 88

Cash Flow Debt Profitability Education 88

Viewpoint Construction Technology

OCTOBER 23, 2018

Construction sites these days have no shortage of data: design and BIM data from the planning stages of a project, jobsite data collected by wearables, mobile devices and sensors on equipment/materials, accounting and job progress data from the office, project management data and much more. Diving Deeper into Construction Data.

Construction 225

Construction Software Software Cash Flow 225

Construction Enquirer

JUNE 2, 2023

Kent based contractor Claritas Group is heading for liquidation after being sunk by cash-flow and inflationary pressures. “The challenge of cash flowing and managing the losses associated with the inflationary pressures of these uncertain times was just too great. to trade creditors.

Cash Flow 97

Cash Flow Accounting Industrial US 97

Contractor Bookkeeping

OCTOBER 9, 2020

Studies found that alert employees have fewer accidents, which in turn reduces your cost of doing business and raises cash flow and profits. Proved to be a Win-Win for everyone.

Accounting 103

Accounting Cash Flow Accidents Profitability 103

Contractor Bookkeeping

DECEMBER 2, 2016

Accepting Credit Cards Can Immediately Increase Sales And Profits*. *We 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. We do not provide merchant services. Who Will They Call? - You I hope!

Cash Flow 48

Cash Flow Contract Banking Profitability 48

Viewpoint Construction Technology

JUNE 12, 2013

MCM is a CPA firm with a team of accountants dedicated to construction accounting. Construction markets remain competitive, so it comes as no surprise that construction companies have to be at the top of their game throughout a project. Missing the Mark on Profitability. Overlooking Your Indirect Costs. Science Meets Art.

Bidding 285

Bidding Profitability Construction Cash Flow 285