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 […]
Financial Protection for the General Contractor & Owner: Two Ways
Executive Summary When making regular payments throughout the lifespan of a construction project, there are two main ways a general contractor or owner can achieve a significant level of financial protection: the joint check and/or the lien release. The Payment Process Most construction projects pay on a monthly basis. Payments […]
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 […]
Freight Terms Over Land
If you’ve ever seen a quote from a supplier, or you’ve taken delivery of a product on a jobsite, there’s always a term, or an acronym or two on the paperwork which may look foreign to you. Here’s some common freight lingo you should know…
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 […]
Forecasting with Confidence
Forecasting feeds the lifeline of the financial health of a company,” he says. “If owners and CEOs want to prevent profit fade during construction projects, they must equip project managers with sophisticated software tools that allow the managers to project costs accurately.
Cost Codes: What, Why & How
Executive Summary: Many construction companies run their operations with too little specificity; costs ought to be reviewed on an activity-by-activity basis. Learn what, why and how to set up a good cost code structure. The bid and execution. Let’s use an example, say, Concrete Curb & Gutter. Suppose this was a proposal item for our […]
Equipment – Buy, Rent, RTO, RPO, Lease – Which One???
Construction equipment is a necessary tool to perform many types of construction work. How to acquire the equipment has a significant effect on the financial aspect of a company. There are many options which should be considered when temporarily or permanently acquiring a piece of gear.
Users of Your Financials: What They’re Looking At
Download PPT Download PDF Executive Summary: Some parties may require their own review of your financial reports before doing business with you. The two documents of interest to these parties are the income statement and the balance sheet. The major items they’re looking at are briefly discussed here and a […]