Executive Summary If you’ve been running the accounts receivable and accounts payable out of a brown paper bag and want to go “legit”, here are the first steps. The Background Perhaps you have a successful and operating company – you have for a year or twenty years. But each time […]
Bucketing – the Proper Claim Accounting Method
Executive Summary The categorization of costs incurred in a changed condition scenario is critical in dispute resolution. Account for costs by issue and sub-issue by creating buckets of costs. Do it early! Here Come the Extra Costs When you (the contractor) experience a change, whether you have notified the owner […]
Cash v. Accrual Accounting – Whatchu Talkin’ About Willis?
Executive Summary There are basic differences between cash and accrual accounting. Here’s a quick review. What is Accounting? Sounds simple, right? It’s just keeping track of money in a business. And money only does one of two things – it either goes in the bank account, or out of the […]
What’s a GL Account?
Executive Summary A GL account is separate from a cost code financial and job cost reporting. Here we introduce the basics of GL accounts. What’s a GL Account? GL stands for General Ledger. The general ledger is a set of accounts used by your accountant to classify costs within your company […]
Two for Today: Taxes and Fuel
Download PDF Executive Summary: Do two things today to improve your company: (1) check to make sure you are current on your 940 and 941 taxes and (2) make sure you’re reviewing your fuel bill. Confirm you’re current on your 940 and 941 payments. The federal Form 940 is used […]
Why is the Accounting Department Telling Me How to Estimate?
Executive Summary: Estimators know the construction work while the accountants know the financials. These two parties must work in harmony to benefit the company and their own livelihoods. This article recognizes the needs of both parties. The dilemma and end goal. Most firms beyond the “Mom and Pop” stage, have […]