Proper billing is an important aspect of both job management and cash flow management. Without proper billing, and by that term I mean billing that is sent out on time and is correct and complete, how can you expect to receive proper payment for all of your work?
A surety bond is a guarantee of a contractor’s performance. If a contractor fails to perform under a construction contract, the surety pays the owner for the damages (or provides some other remedy). In turn, the contractor is obligated to reimburse the surety company for these payments. It is...
As the owner of a construction company, it can sometimes be difficult for you to get an accurate understanding of the financial position of your company; at the same time, it is so important because it is the key to operating a successful business. One issue accountants see with...
If you’re including all of your costs in your job estimates and billing, you are more than likely pricing your jobs correctly, and in turn, maximizing your profits. But are you truly including all of your costs? The easy part is accounting for all of your “typical” construction project...
Is your profitability lagging? Does your surety seem a bit more hesitant than usual? If so, there may be a number of things you need to do. But one of the most important is a reassessment of your work-in-progress (WIP) report. As you know, your WIP report is intended...
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