Purchase orders and invoices are two critical documents used in the construction industry. Both the purchase order and the invoice play an essential role in the procurement process, yet they are often confused and misunderstood.… Read More »Purchase order vs. Invoice: Everything you need to know
One of the greatest military minds in all of history, Sun Tzu famously said, “Every battle is won before it’s ever fought.” The outcomes of battles are determined by the preparations and strategies put in… Read More »Mastering the construction budget: A contractors guide
As a critical part of any project, construction purchase orders serve to bind together buyers and sellers in a way that encourages trust. As a specialty contractor, you’ll likely find yourself as a buyer in… Read More »Understanding construction purchase orders
Despite the precariousness of the past five years or so, the construction industry has proven, as it often does, to be quite resilient. Not only has it weathered the storm of COVID-19, it found a… Read More »Unlock faster payments: A guide to construction invoicing
A chart of accounts is a window into your business’s financial standing. It’s a comprehensive list of all account numbers and names relevant to your operation. From this list (or chart) of accounts, you can… Read More »Understanding a chart of accounts in construction
Accounting is said to be the language of business, as it tells the story of how well your business is doing financially. For this reason, understanding the financial nuances of your construction projects is vital… Read More »Accounting for construction: 5 tips & best practices
While all construction contracts will stipulate timelines and requirements, the mechanisms by which you get paid can vary greatly. Since billing methods in the construction industry take many different forms, it’s crucial to understand how… Read More »Comparing 5 common construction billing methods
AIA billing has remained a construction industry standard for over a century. They bring a reliable, organized, and standardized system, providing clear directions for contractors. However, as any contractor using this method knows, it requires… Read More »How to add sales tax to AIA billing
Continuation sheets, such as the AIA G703 form, provide key pieces of information on each item of work that general contractors and project owners use to monitor the progress of that job. At a glance,… Read More »How to fill out an AIA G703 continuation sheet
Tax time is always a little painful for business owners—even more so when you end up saddled with a large tax bill. Fortunately, maximizing your tax deductions is one of the best ways that you… Read More »4 tax deductions construction business owners overlook