Contractor Bookkeeping

MAY 2, 2013

In this case the "Hammer" is a change order. 3% of your customers are "Grinders" and will try to take all your profit by telling you too "Sharpen Your Pencil" which means do the job for just over your hard cost for material and whatever you pay your employees in gross wages with no allowance for overhead costs.

Change Orders 48

Change Orders Contractors Cash Flow Profitability 48

ProcurementExpress.com

JANUARY 2, 2019

In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. It gets complicated because construction companies need to pay their workers on a regular schedule, and then, account for subcontractors and their payment schedules as well. Well, not exactly.

Work in Progress 52

Work in Progress Accounting Inventory Budgeting 52

ProcurementExpress.com

JANUARY 2, 2019

In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. It gets complicated because construction companies need to pay their workers on a regular schedule, and then, account for subcontractors and their payment schedules as well. Well, not exactly.

Work in Progress 40

Work in Progress Accounting Inventory Budgeting 40

Contractor Bookkeeping

AUGUST 6, 2014

Did change order work that you never got paid for doing and never will. Using the information gathered the IRS was able to make a compelling case from the bottom up of his annual income. Whenever a contractor "forgets" to declare all of their income or "overstate their expenses" it will show up here like a red flag.

Finance 48

Finance Accounting Construction Banking 48

Autodesk Construction Cloud

AUGUST 12, 2021

Knowing the implications of when and how to accrue income and expenses across multi-year projects is an art in itself. . To make things even more complex, items that you might consider overhead expenses are often actually costs of goods sold because they are connected to a client project. Tracking Sales. Subcontracts.

Accounting 52

Accounting Software Software FASB 52

Contractor Bookkeeping

FEBRUARY 14, 2014

History is repeating itself and we are seeing a lot construction firms are being run by men and women with university degrees and they are bringing faster schedules, safer projects, better quality, more communications, better technology, all at much lower prices. Multiple Income Contractors: Handyman + General + Remodel.

FAQ 49

FAQ Contractors Accounting Security 49

Contractor Bookkeeping

MAY 31, 2013

Back In The “Old Days” a set of scales was used – one side for income and other for expenses. High Overhead Costs (in-house server). Midsize Construction Companies who view construction accounting as an “Overhead Expense” or "Waste of Money" will try to get buy on the cheap. We have a process for managing change orders.

Contractors 48

Contractors Accounting Change Orders Software 48