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
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
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
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
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