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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. The estimated costs of the known-unknowns is referred to by cost estimators as cost contingency. May also be called pricing.

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Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

WIP figures refer to products that are part-way through the production or assembly process. In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. Meaning, they’ve likely paid for most of the materials, labor, and overhead a while back. That’s accounting’s job, right?

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The Unique Challenges of Procurement Planning for Construction Companies

ProcurementExpress.com

All these moving pieces mean purchasing teams, finance, and executives need to work closely to keep operations running smoothly—and within the budget. Straight away, procurement, project management, and finance, should meet to discuss project requirements. What are the overhead costs? Is there a need to find a new vendor?

article thumbnail

Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

WIP figures refer to products that are part-way through the production or assembly process. In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. Meaning, they’ve likely paid for most of the materials, labor, and overhead a while back. That’s accounting’s job, right?

article thumbnail

The Unique Challenges of Procurement Planning for Construction Companies

ProcurementExpress.com

All these moving pieces mean purchasing teams, finance, and executives need to work closely to keep operations running smoothly—and within the budget. Straight away, procurement, project management, and finance, should meet to discuss project requirements. What are the overhead costs? Is there a need to find a new vendor?

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Why Your Construction Company Needs Bookkeeping

Contractor Bookkeeping

There is a lot of information to be gained when you compare this year’s Profit & Loss to the prior year because it will alert you to trends early enough to respond rather than reacting after it is too late and help establish profit and sales goals. See more at: [link]. Our Contractor Bookkeeping Services System Is A System.

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How to Start a Roofing Business: 9 Tips to Grow & Thrive

Levelset

We have a contractor licensing guide for every state you can refer to — as many states do require specific licensing for roofing businesses. It’s important to keep your business’ finances separate from your personal accounts. While cash flow is critical for survival, profit is essential for growing a roofing business.