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How to Avoid Running Out of Cash on a Construction Project

Levelset

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. But what about cash flow? Poor planning. Stuff happens.

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9 Tips for Starting an Architecture Firm

Levelset

Write a business plan. Writing a business plan forces you to think about the reality of opening your own firm. Creating a business plan helps you focus on the specific steps necessary to make the business succeed, and by setting clear goals it also helps you achieve your short-term and long-term objectives. This can be a shock.

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Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

It provides a financial incentive to ensure that the work is of appropriate quality and meets the plans and specifications. According to Mehdian, a lot of contractors don’t record retention receivable or payable, especially those using Quickbooks accounting software. The pitfalls of not recording retention.

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What is Retainage in Construction?

Lets Build

Almost every construction professional faces the same problem – cash flow. Large upfront costs and long waiting periods between payments are a normal occurrence; retainage adds to this cash flow problem for contractors and project managers. Retainage and mechanic’s liens.

Cash Flow 147
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The Small Business Guide to Construction Management Software

Autodesk Construction Cloud

Their teams and budgets are leaner, so every investment must be carefully considered—particularly when it comes to tools like construction management software. . In this guide, we’ll offer insights to help you navigate the realm of small business construction management software. What to Look for In Construction Management Software.

Software 105
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7 Ways To Grow Your HVAC Business in 2022

Levelset

So read on to learn about strategies for cash flow, sales, finance, marketing, operations, staff, and leadership. Manage your cash flow as well as you handle air flow. An HVAC company that’s not managing cash flow is probably doing about as well as an AC unit that isn’t cooling.

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7 Steps to Successful Project Closeout

Autodesk Construction Cloud

The right construction closeout plan, starting well before actual closeout, is essential to a seamless client handover. Equipment tracking software may be needed to account for all moveable equipment. Your Project Closeout Plan Will Make or Break Your Project. Key Takeaways. Delayed change order resolution.