Late payments go hand-in-hand with working in the construction industry. But the results of a recent study will stun even the most experienced of contractors. Rabbet found that the financial cost of late payments was… Read More »Progress payments in construction: Milestone vs. progress billing
Construction accounting brings a different set of rules when compared to more traditional styles of accounting. The perfect example of this is percentage of completion. Whether you rely on recognizing revenue through percentage of completion… Read More »Understanding percentage of completion in construction
Achieving financial success begins with the end in mind. If you don’t know where you’re going as a business, you’ll likely end up somewhere you don’t want to be. For this reason, contractors must set… Read More »Setting financial goals in construction
Profit is the fuel that keeps everything running. Whether it’s a small mom & pop shop, or an international giant, no business can last long that doesn’t consistently turn a profit. However, the actual term… Read More »Identifying indirect costs in construction
There is a concept in the contracting world known as kicking the can down the road. This looks something like going in too low on a bid or taking a job that doesn’t have great… Read More »Cash flow management for contractors: 6 tips to improve construction cash flow
Every specialty trade faces seasonality in their business at one time or another. Learning how to deal with it effectively can be the difference between a successful business and an unsuccessful one. While the traditional… Read More »Managing seasonality: 6 strategies for growing your business year round
Plumbers are, without question, the backbone of modern infrastructure—the average American uses 400 gallons of water per day. As a vital part of society, competition in the plumbing trade is fierce. Of the 115,000 plumbing companies… Read More »The key to plumbing accounting success: job costing vs. process costing
Job costing is a fundamental construction accounting process for tracking costs. Without it, contractors and construction companies are leaving every job up to chance without any way to measure how successful or truly profitable they… Read More »4 tips to get the most out of your construction job costing process
It’s happening! The longed-for reunion of the accounting community at an in-person #QBConnect is this week, from November 7 through November 9. Our team couldn’t be more excited to see you all in Vegas this… Read More »QB Connect : The reunion
Maintaining positive cash flow is a struggle for every business, but especially for those in construction. For most construction businesses, cash is flowing out faster than it’s coming in. According to a recent survey by… Read More »Overcome construction cash flow challenges in 3 steps