Cost-plus contracts  are a widely used procurement method in industries with complex or uncertain project scopes, such as construction ,...

Cost-plus contracts are widely used in industries where project scopes are uncertain or likely to evolve, such as construction,...

In the world of construction, engineering, and large-scale projects, cost overruns  remain one of the most common and frustrating challenges. A 2022 report by the Project Management Institute reveals that nearly 70% of projects globally suffer from budget overruns , often due to unforeseen changes and inadequate contract management. Among the various contract types, cost-plus contracts  are widely used because they offer flexibility and transparency. However, without diligent

In the dynamic world of project management and construction, managing payments effectively is crucial to maintaining smooth operations...

Choosing the right revenue recognition method can significantly impact your construction company’s financial health and tax obligations....

Are job costing and   cash flow  challenges affecting your construction projects? This article covers the top 6 resources to help...

In the construction industry, 80% of contractors report experiencing   payment delays , with average payment times ranging from 40-60 days well above the standard Net 30 terms. The primary culprit? Poorly structured contractor invoices that lack essential details, create confusion, and delay the payment process. Learning how to fill out a contractor invoice properly isn’t just about getting paid, it’s about establishing professionalism, maintaining accurate financial records,

American Institute of Architects (AIA) contract documents are an industry standard for construction contracts, payment applications,...

For contractors, understanding the financial health of each project is crucial to maintaining profitability and ensuring long-term...

For contractors, managing receipts may seem like a mundane task, but it’s a critical part of running a successful construction business....

In the construction industry, managing expenses on a job site is critical to the success and profitability of any project. Yet, many...

Late payments may seem like an unavoidable annoyance, yet in construction, they regularly become existential threats. Accounts receivable...