Your bonding company just rejected your financials. Your lender is asking questions about "contract assets" you've never heard of. Your CPA says you need to restate last year's revenue. The culprit? ASC 606 revenue recognition and you're doing it wrong. Here's what's at stake: contracts you can't bid on, loans you won't get, and financial statements nobody trusts. But here's the good news: once you understand ASC 606's five-step framework, you'll have cleaner books, better ca

Your project manager spends 20 minutes pulling a simple job cost report. Your accountant manually re-enters data across multiple systems just to produce a WIP report. Your leadership team doesn’t know which projects are profitable until weeks after the month end. These aren’t people's problems. They’re system problems . In construction, margins are thin and cash flow is unforgiving. Choosing the wrong ERP doesn’t just slow you down, it directly impacts profitability, decision

Struggling with disorganized finances on your construction sites? A properly configured QuickBooks Chart of Accounts (COA) can change that overnight. This comprehensive guide provides a clear, actionable step-by-step process designed specifically for construction professionals. By the end, you'll have the tools to streamline job costing, reduce errors, maximize profits, and ensure seamless tax compliance turning financial headaches into strategic advantages. Table of Content:

Cash flow problems kill more construction businesses than bad bids ever will. The difference between waiting 90 days for payment and getting paid every two weeks isn't just convenience, it's the margin between making payroll or laying off your crew. Your billing structure determines whether you're funding your client's project with your own money or maintaining healthy cash reserves throughout the job. Table of Content: Why Your Billing Structure Matters More Than You Think W

Picture this: You've just completed a $500,000 construction project. The work is done, your crew has moved on, but you've only received $450,000. Where's the other $50,000? It's sitting in retention and if you're not tracking it properly, you might never see it. For construction owners, general contractors, and subcontractors working with AIA contracts, retention isn't just a line item on payment applications. It's working capital that's temporarily out of reach, and in today

Your profit and loss statement shows a healthy profit for the year. But when it's time to make payroll or pay your suppliers, the cash isn't there. Sound familiar? This disconnect between profit and cash flow frustrates contractors every day. You're profitable on paper, but constantly stressed about money. The problem isn't your job costing or your estimating. The problem is you're not using your balance sheet to manage your business. Most contractors focus intensely on job c

When embarking on a construction project, selecting the appropriate contract agreement is crucial to ensure clarity, fairness, and legal...

In the fast-paced construction industry, managing complex AIA (American Institute of Architects) contracts is essential for project...

Cost-plus contracts have become a critical tool in industries where project costs can be unpredictable, such as construction, defense,...

Cost-plus contracts have become increasingly popular in the construction industry, especially for projects where scope and...

In the dynamic world of project management, controlling costs while maintaining flexibility is a constant challenge. Traditional...

Cost-plus contracts are widely used in the construction industry, especially for projects with complex or uncertain scopes. Unlike...