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

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

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

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

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

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

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

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

It can be said that overbilling plays a positive role for the contractor, especially in the construction industry when delay payments often

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

Construction projects always require a large number of funding sources, including costs related to office space, equipment, materials

This is the most used and helpful report for contractors. By showing both estimate and actual cost and estimate and actual revenue, this rep

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

It can be said that accounting is a necessary part of every business to ensure the financial matters of the company.

Creditors can be used to describe a person who gives a loan to any other person and in return

Financial statements (financial statements) are a form of documents showing quarterly and annual business results of a company.

Net Income, also called Net Profit or net earnings, is a concrete concept.

You don’t need an accounting background to effectively manage your finances, but you should at least be financially literate.