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
A Balance Sheet gives you a financial snapshot of the construction company as of the specific date. It calculates how much the company worth (its equity) by subtracting all money it owes (Liability) from the money it owns (Asset). Balance Sheet complies the accounting equation: ASSET = EQUITY + LIABILITY Liability is an obligation toward another party to pay money, delivery goods and render service. In this blog, we discuss about 2 common situations of Negative Liability. 1.
In order to earn a success in Construction industry, we need a broader understanding about effective Construction Accounting and expense control strategy. PROCORE is a well-known powerful software that helps general contractors, owners, real estate developers and subcontractors to organize their projects and workforce. It is approximately 1,600 companies using it and most of them are 50-200 employees companies in the U.S. This software is widely used because they integrate wi
1. Access everything 24/7. In the field or on location Manage job costs Stay on schedule and stick to a budget. Easily track time and expenses for each project. Run valuable profit and job cost reports to always know where you stand. Automate accounting tasks Your data quickly and securely syncs across devices so you never have to fool with paperwork. Add tools and apps Create AIA compliant invoices, track working crews with GPS, track time on phone, and more. 2. Get paid ins
How Is Construction Accounting Different? It can be said that accounting is a necessary part of every business to ensure the financial matters of the company. However, we need to know that construction accounting and regular accounting are two different types of accounting, even though both are based on Accounting Standards such as financial statements, balance sheets, ... For typical businesses, today such as selling stores will apply regular accounting. This is because the