Contractor Bookkeeping
JUNE 5, 2020
Managing cash flow is a vital part of running a successful construction business. Some contractors think managing cash flow means keeping track of how much money enters and leaves their business, but there's actually more that goes into it. Starting Cash + Cash In - Cash Out] = Cash Flow.
Levelset
MARCH 21, 2022
Restoration contractors can spend a lot of time waiting for payment. Meanwhile, you’re incurring expenses that drain your bank account, like purchasing materials and paying employees. Poor cash flow management is the number one reason why construction businesses fail. 5 tips to manage cash flow on a restoration project.
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Levelset
SEPTEMBER 30, 2022
As a commercial specialty contractor, it can be frustrating to have the crew, time, and skills you need to take on construction projects but not enough cash to purchase materials. Add in being denied a bank loan, and the frustrations mount. And when they are approved, they often don’t get the amount of funding they need.
Levelset
MAY 23, 2022
How individual specialty contractors handle these costs vary, but as the saying goes, “Cash is king.” From buying materials to hiring crews, business begins when cash flows. If you’re a specialty contractor who needs cash flow solutions, you’re not alone. Establish consistent accounting procedures.
Contractor Bookkeeping
OCTOBER 6, 2023
Think of all the times: You loaned money to a friend or relative Provided labor and materials for somebody's home or business without a deposit check Did change order work that you never got paid for doing and never will Gave a subcontractor/employee an advance on their paycheck, and you never got paid back Multiply that by 100,000, and you will understand (..)
Contractor Magazine
JANUARY 27, 2014
Previously, we addressed a question posed by a number of contractors on message boards regarding the difference between profits and cash. Specifically, “my income statement shows $50,000 but I don’t have $50,000 in my bank account. Where did the money go?” Best Practices Registered User'
Contractor Bookkeeping
OCTOBER 23, 2020
Picking a Get-Me-By Contractor's Bookkeeping Solution in many cases is using an Excel Spreadsheet and a shoebox, file folders all dumped into a file box and looking at the Online Banking once in a while. Between regulations, economic uncertainty, and other outside forces; always a learning curve.
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