RESOURCES

Construction Accounting: What Is Overbilling?

Sep 19, 2022
2 min

Construction Accounting: What Is Overbilling?

Updated: Sep 20th, 2022 Overbilling and underbilling appear to be common construction accounting terms. However, not all contractors understand why these concepts are important to their projects. It was not until the contractors' project was delayed due to late payments that they realized the significance of overbilling. This blog post will explain what overbilling is and how it can affect your construction firm. What is Overbilling? Overbilling happens when a contractor char

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Construction Accounting: Cash Vs Accrual Accounting

Hannah Nguyen

Mar 30, 2022
3 min

Construction Accounting: Cash Vs Accrual Accounting

Cash basis accounting is a method of accounting in which income and expenses are recognized when cash is receivable or expenses

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The difference between profit and loss account and balance sheet

Mai Nguyen

Oct 21, 2021
1 min

The difference between profit and loss account and balance sheet

One of the three financial statements that companies provide on a regular basis is a balance sheet. Another is a profit and loss (P&L) statement. These statements give creditors, market analysts, and investors the means of evaluating the financial strength and growth potential of a company. The third financial statement is called the cash-flow statement. In spite of the fact that the balance sheet and the P&L statement contain some similar financial information-such as revenu

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Zoe Lu

Sep 10, 2021
7 min

A Complete Guide to Job Costing

If you are working in the construction industry, you might be familiar with the term “Job costing”. But how do you describe it in words? What is job costing? Do you truly know enough about job costing to make a better budget and plan for similar projects in the future? Why do you have to know about job costing? In this article, we will bring you a clear picture of the term "Job costing" and make it easier for you to understand other related terms that you should distinguish i

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What Are Loan Options For Construction Owners If PPP Funding Runs Out?

Zoe Lu

May 26, 2021
3 min

What Are Loan Options For Construction Owners If PPP Funding Runs Out?

Over the last year, the Paycheck Protection Program (PPP) has assisted numerous company owners, including general contractors, subcontractors, and small contractors, in keeping their operations running during the pandemic. However, PPP funding is just a short-term solution to the problems that many small companies are facing. Fortunately, there are other SBA programs available to both construction owners and their clients. SBA loans are available to construction industry memb

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6 Tips for Preventing Cost Overrun on Projects

Zoe Lu

May 12, 2021
4 min

6 Tips for Preventing Cost Overrun on Projects

A risk management strategy is required for any project, no matter how large or small.

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Eight Different Ways To Keep Contractors’ Cash Flow In Good Shape

Zoe Lu

Apr 27, 2021
2 min

Eight Different Ways To Keep Contractors’ Cash Flow In Good Shape

Financing is a good way to free up working capital. Rather than purchasing construction equipment and vehicles outright

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How To Do Job Costing In Quickbooks Online?

Zoe Lu

Feb 5, 2021
5 min

How To Do Job Costing In Quickbooks Online?

Job costing means income and expenses tracking by a job, and then comparing its actual amount to its estimated amount.

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Zoe Lu

Jan 26, 2021
1 min

What Are The Tax Brackets For 2021?

Tax brackets generally change every year, and the brackets for 2020 income taxes (those filed by April 2021) have been released.

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How To Write Off Invoice in QuickBooks Desktop? – Step by Step Guideline

Zoe Lu

Jan 12, 2021
2 min

How To Write Off Invoice in QuickBooks Desktop? – Step by Step Guideline

The best way to write off an invoice in QuickBooks systems – whether you are using QuickBooks Desktop or QuickBooks Online – is to use the credit memo feature. However, there are some additional steps to work in QuickBooks Desktop: Step 1: Checking Account Receivables Reports for invoices that would be written off 1. Open Reports menu 2. Find Customers & Receivables, then A/R Aging Detail 3. Look for which outstanding accounts receivables should be written off. Step 2: Prepar

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How To Write Off An Invoice In Quickbooks?

Zoe Lu

Jan 7, 2021
2 min

How To Write Off An Invoice In Quickbooks?

it is essential for you to write off the uncollectible invoices.

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Mai Nguyen

Dec 30, 2020
2 min

How Could Overbilling Become A Risk?

Overbilling can become an issue and may lead to a situation called “job borrow”

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Find Out 3 Solution For Saving Construction Payroll

Mai Nguyen

Nov 11, 2020
3 min

Find Out 3 Solution For Saving Construction Payroll

Payroll for construction is always a problem that contractors always face. Even if you have other issues to worry about, employee compensation and employee salaries are always among your priorities. After all, salary management will directly affect the relationship between the company and its employees. This is also one of your biggest expenses, and it will also affect your company's cash flow. Because it directly affects the cash flow of construction companies, construction

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