Invoicing is just one of those humdrum aspects of business that every contractor has to deal with. Because of this, it’s easy to think, well, what could go wrong? In our experience though, some business owners forget to give invoicing the same level of scrutiny they would to their quality of work – and end up dealing with the consequences later.
Revolutionize your construction accounting with accounting software made for you. Simplify document management, streamline expenses, and optimize change orders. Take charge of your projects’ financial health today.
Navigate the complexities of what costs can be capitalized during construction and how it impacts your financial statements. Gain insights into this vital aspect of construction accounting.
Explore the complexities and methodologies behind overhead allocation in construction accounting. Learn how software like CrewCost can automate this crucial aspect of financial management, leading to more accurate job costing and improved decision-making.
Job costing is what allows construction contractors to increase their overall profit margin and to maintain better cashflow. In a nutshell, job costing is the process of setting a budget for a job, tracking expenses against that job’s budget and then using the information gained once the job is complete to improve future bids.
Job costing is the process of tracking and measuring your estimated project expenses against actual costs. When done well, it can help you manage your spending, keep each job on budget, and ensure you and your team take home the highest profit possible at the end of the day.
Discover how a construction loan draw schedule works and the right approach to project financing.
Learn the advantages of a schedule of works for a construction job.
Learn the importance of contractor payment schedules in construction projects.
Navigate construction contracts effectively as a subcontractor.
Effective cash flow management is crucial for construction contractors, as the cash-intensive nature of the industry, coupled with slow payments and long billing cycles, can pose challenges to financial health and business longevity.
Every business, especially in the construction industry, needs a budget.
It’s not uncommon for contractors to spend thousands of dollars on a project before they ever receive a payment from their client.
Things like materials prices, weather conditions and indecisive clients can all create major changes to a job at any phase.
Deductive change orders are required when part of a project needs to be removed from the overall job.
Project estimates are the key to maximizing profits.
If you’re not paying attention to what’s happening in the materials market, you could put your construction business into a risky situation.
Creating cost estimates can be tough.
Correctly estimating the total costs of your project is crucial to profitability.