Now, we hope that you have received PPP funds to support the business. It is time to think about what you should do after receiving the...

Managing Accounts Payable (AP) in a construction company is a vital part of maintaining the company’s financial health and ensuring smooth project execution. Accounts payable in construction company refers to the money owed to suppliers, subcontractors, laborers, and other service providers for materials, labor costs, and general business expenses. Proper accounts payable management helps construction firms keep track of their payment records, avoid late payments, and mainta

As a contractor, your focus must extend beyond the job site to securing your financial foundation. While managing crews and projects is essential, mastering Accounts Payable (AP)  is the unsung hero of cash flow and profitability. For a construction firm, AP is not a simple liability; it's the core system for tracking Cost of Goods Sold  and managing legal compliance. Failing to properly manage this area from correctly allocating costs to handling complex lien waivers and ret

1. What is Budgeting? What is a Budget? Budgeting is the process of creating a plan to spend your money. This spending plan is called a...

Accounting is an essential part of every business to ensure proper financial management. However, construction accounting and regular...

In the world of Percentage of Completion (POC) Project Accounting, two critical terms often dictate a contractor's financial health: overbilling and underbilling. While overbilling may signal potential risks, underbilling  is often the silent culprit, slowly eroding cash flow and distorting the true profitability of your projects. For Small to Mid-Sized Contractors (SMEs) , chronic underbilling reflects flaws in project accounting, turning earned revenue into cash you can’t a

As a contractor, managing your finances can be a daunting task. QuickBooks, a leading software in bookkeeping and accounting, promises to...

Do you often lost track of your invoices and billing statements? In just 7 minutes, you'll learn how to manage your billing by using...

Keeping track of the financial status is crucial not only for construction firms but also for every industry. There are four key elements that you should keep in mind if you want your business in good financial health . In this article: 1. Falling Behind on Accounts Receivables: 2. Not Recording Cash Expense: 3. Not Keeping Expense Receipts: 4. Not Hiring a professional to handle Bookkeeping and Taxes: 1. Falling Behind on Accounts Receivables: When you issue an invoice, a r

Do you manage a construction business? If so, you likely deal with many financial tasks. These tasks need close attention to detail. One...

Direct and Indirect costs are the costs and expenses that are resulting from the use of principal components for implementing...