Construction Law

AUGUST 5, 2024

Our CL Guide comes from Ross Campbell of DLA Piper who explains how Project Bank Accounts are being used. This story is only available to subscribers to the printed edition of Construction Law. Public sector use is growing but the private sector might need the spur of legislation to promote their uptake, he suggests.

Banking 52

Banking Accounting Construction 52

Levelset

JUNE 6, 2022

Construction projects rely on contractors completing the work they started and meeting the design intent. In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor.

Accounting 98

Accounting ABC Banking Liability 98

Viewpoint Construction Technology

JUNE 19, 2018

In case you haven’t heard, construction software use is on the rise. By 2020, technology adoption in construction is expected to reach 70 percent, according to a 2017 report from McKinsey Global Institute. There has also been an increase in mobile device and cloud storage use at companies throughout the construction industry.

Software 200

Software Software Viewpoint Construction 200

Lets Build

JUNE 7, 2019

Whatever your reason for getting into the construction business, a love for job costing and puzzling out profitability likely wasn’t a contributing factor. In a recent study of self-identified business owners, accountants, bookkeepers, estimators, and finance managers within the construction industry, 1.

Estimating 130

Estimating Banking Finance Profitability 130

Viewpoint Construction Technology

SEPTEMBER 29, 2017

Always a priority of any IT platform, security and data privacy is just as important in the construction industry as they are in banking. While financial information may not be as in-depth, our industry works on billion-dollar projects, with large amounts of money and account numbers changing hands on any given day.

Security 200

Security Software Software Construction 200

Contractor Bookkeeping

SEPTEMBER 6, 2024

Consider this scenario: A couple wanting to sell their house expresses interest in your remodeling service, presenting an exciting opportunity that could significantly elevate your construction business. However, they have a requirement: they want the job done in three weeks. Now, you're caught in a challenging position.

Cash Flow 105

Cash Flow Banking Remodeling Industrial 105

Construction Business Owner

MARCH 6, 2011

ACCOUNTING |. Accounting & Finance. Construction Law. Construction Safety. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. I just finished reading Steven Rattner’s book, Overhaul – An insider’s account of the emergency rescue of the automakers.

Construction 120

Construction Software Software Accounting 120

Contractor Bookkeeping

JULY 19, 2024

Employee fraud can seriously affect any business; the construction industry is no exception. Unfortunately, we still get calls from construction business owners who unknowingly become victims of this financial nightmare. We have discussed this numerous times in our podcasts and blog posts.

Banking 104

Banking Accounting Risk Industrial 104

Lets Build

MAY 27, 2020

For many in construction, excessive administrative work and hours of endless meetings are seen as part of the job and as something that they can’t change. Stakeholders in construction may spend up to 40% of their time hunting down progress updates, writing reports, or just attending meetings.

Construction 218

Construction Maine Project Management Schedule 218

Construction Business Owner

JUNE 1, 2022

It is time for contractors to get serious about the new accounting lease standard. 02 ASC 842 Leases, the new lease accounting standard issued by the Financial Accounting Standards Board (FASB). The prior accounting standard (ASC 840) only required capital leases to be included on the balance sheet. Accounting & Finance.

Leases 177

Leases FASB Finance Accounting 177

Construction Business Owner

FEBRUARY 23, 2012

ACCOUNTING |. Accounting & Finance. Construction Law. Construction Safety. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. Anyone working in accounting or human resources has access to immense amounts of personal data. Top 5 Trends in Construction Software.

Security 120

Security Construction Software Software 120

Contractor Bookkeeping

DECEMBER 8, 2023

Have you given your bookkeeper, wife, partner), accountant or tax accountant, what information is needed to complete your reports? Accountants need good information to create detailed reports and save money on your taxes. Deadlines are fast approaching, but it doesn't have to be stressful.

Accounting 106

Accounting Banking Construction Contractors 106

Construction Marketing

JULY 21, 2016

Financial matters (bank accounts, taxation, insurance, collections). If your construction business has a legal need be sure to check out the website – Legal Services Link is an online platform that streamlines the process for researching and hiring an attorney. Corporate record-keeping and compliance.

Legal 120

Legal Resource Agreement Employment 120

Lets Build

JULY 13, 2017

The UK remains uncertain of the full impact the EU referendum will have and how Brexit will actually affect the construction industry. Many businesses within the construction industry employ EU labour because it is cheaper. Find Here: Modernise Or Die: The Need For Change In Construction.

Industrial 165

Industrial Construction Infrastructure Negotiation 165

Contractor Bookkeeping

MAY 31, 2019

Proper construction accounting is all about the details. All transactions in the bank account of your construction accounting system no matter if it is QuickBooks or Xero, must be assigned to the proper accounts: Income. The answers you need to operate and grow your company are in reports.

Accounting 58

Accounting Profitability Overhead Banking 58

Contractor Bookkeeping

JUNE 1, 2018

Today's Guest Article Is From Kaya Johnson, Sales Accountant. Corporations And The Influence They Have Over The World Bank. The World Bank is, in theory, an institution which treats all countries the same. The other country with major influence over the World Bank. Multinational U.S. What the end result is.

Banking 52

Banking Industrial US Accounting 52

Construction Business Owner

MARCH 29, 2012

ACCOUNTING |. Accounting & Finance. Construction Law. Construction Safety. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. « Lessons in Construction Leadership. Construction Project Clash Detection. Does an electrical raceway run through a duct bank?

Construction 120

Construction BIM Software Software 120

Construction Dive

MAY 22, 2024

Cybercriminals used AI-generated video to pose as the AEC company's CFO and other employees, leading a staff member to transfer $25 million to Hong Kong bank accounts.

Banking 103

Banking Engineering Accounting 103

Construction Business Owner

FEBRUARY 23, 2012

ACCOUNTING |. Accounting & Finance. Construction Law. Construction Safety. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. For example, I have a mobile banking app on my smartphone. STRATEGY |. MANAGEMENT |. SOFTWARE |. MARKETING |. INSURANCE |. EQUIPMENT |.

Software 120

Software Software Construction Mobility 120

Contractor Bookkeeping

DECEMBER 20, 2019

Although most construction company owners recognize the importance of careful financial management, few want to spend their time dealing with numbers. Avoid this pitfall by using a separate credit card and bank account for business, and being disciplined about separating expenditures.

Accounting 64

Accounting Banking Income Deals 64

Construction Business Owner

JUNE 8, 2011

ACCOUNTING |. Accounting & Finance. Construction Law. Construction Safety. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. The trouble is that banks often don’t have the capital cushion to foreclose on large properties and take the hit against their lending limit.

Construction 120

Construction Software Software Equity 120

Lets Build

MAY 11, 2020

The construction industry, along with all other sectors in the world, will never be the same because of the COVID-19 pandemic. Here are some of the ways the novel coronavirus crisis will reshape construction. Before the COVID-19 pandemic, many construction business owners were reluctant to adopt a flexible work arrangement.

Industrial 178

Industrial Construction Conference Compensation 178

Contractor Bookkeeping

NOVEMBER 7, 2013

Do You Own A Small Construction Contracting Company? That day is now with Xero accounting online! If this describes you then perhaps Xero accounting online is a better fit for you than Wave accounting. Periodic Invoices For Bank draws. Need Complex Construction Accounting Reports.

Accounting 48

Accounting Banking Construction Project Management 48

Construction Business Owner

OCTOBER 14, 2011

ACCOUNTING |. Accounting & Finance. Construction Law. Construction Safety. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. Is There No Free Lunch or Construction Software? Top 5 Trends in Construction Software. STRATEGY |. MANAGEMENT |. SOFTWARE |.

Change Orders 120

Change Orders Construction Software Software 120

Construction Business Owner

MAY 11, 2011

ACCOUNTING |. Accounting & Finance. Construction Law. Construction Safety. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. The trouble is that banks often don’t have the capital cushion to foreclose on large properties and take the hit against their lending limit.

Construction 120

Construction Software Software Equity 120

Contractor Bookkeeping

DECEMBER 12, 2013

Which One Is Better For Your Construction Company? QuickBooks or Xero Accounting Online for construction depends on how you get paid, the type of work your company does and if you need Job Costing. Need Periodic Invoices For Bank draws. Need Complex Construction Accounting Reports. Have Change Orders.

Accounting 48

Accounting Construction Banking Project Management 48

Contractor Bookkeeping

JANUARY 18, 2013

Many people already go to their bank, move money, pay bills, pay for services. Banks have added the technology where you can stop going to the bank altogether, with the bank’s app., you can snap a picture of the check and deposit into your account from your customers location.

Accounting 55

Accounting Contractors Banking Office 55

Contractor Bookkeeping

NOVEMBER 25, 2013

Quicken To Xero Accounting Online Conversion. Do You Own A Small Construction Contracting Company? That day is now with Xero accounting online! If this describes you then perhaps Xero accounting online is a better fit for you than Quicken. Periodic Invoices For Bank draws. Xero Accounting Online Conversion.

Accounting 48

Accounting Banking Project Management Contractors 48

Contractor Bookkeeping

JULY 30, 2014

Builder Accounting begins with a proper QuickBooks setup For Spec Home Builders. Understand to get good, usable information out of any accounting system that they need to be an active participant and code the paperwork. Accountants do not have a crystal ball and or a magic wand…It Is True – Garbage In = Garbage Out.

Accounting 49

Accounting Housing Construction Contractors 49

Contractor Bookkeeping

OCTOBER 30, 2013

We Can Move Your QuickBooks Online To Xero Accounting! We can move everything from inside QuickBooks Online into Xero accounting and set it up for contractor use and provide you with easy online access. Periodic Invoices For Bank draws. Need Complex Construction Accounting Reports. Set up your Chart of Accounts.

Accounting 49

Accounting Banking Project Management Software 49

Contractor Bookkeeping

SEPTEMBER 19, 2014

Quicken was developed for regular people, not businesses, to have an electronic check register for keeping track of bank balances without having to use those tiny manual paper registries that come with every box of blank checks? If you Google “Construction Accounting Software” the results are over 20,000,000.

Accounting 49

Accounting Software Software Construction 49

Contractor Bookkeeping

OCTOBER 24, 2014

Please be sure to let Nicola Cairncross know Randal DeHart, The Contractors Accountant, recommended you. For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies.

Accounting 48

Accounting Construction Consulting Project Management 48

Levelset

FEBRUARY 11, 2022

The Chart of Accounts is the heart of every contractor’s accounting system , whether you’re using QuickBooks or any other construction accounting software. In this article, we’ll explain how a contractor’s Chart of Accounts should be set up in QuickBooks , with a free customizable template for construction. .

Accounting 52

Accounting Contractors Income Software 52

Contractor Bookkeeping

NOVEMBER 25, 2013

Do You Own A Small Construction Contracting Company? That day is now with Xero accounting online! If this describes you then perhaps Xero accounting online is a better fit for you than Quicken For Mac. Periodic Invoices For Bank draws. Need Complex Construction Accounting Reports. Need Payment Applications.

Accounting 48

Accounting Banking Project Management Contractors 48

Contractor Bookkeeping

AUGUST 8, 2014

When John Doe* (not his real name) opened his residential remodeling company, he did just about everything himself from creating construction proposals to paying the rent, processing payroll, preparing quarterly tax returns, reconciling checking and credit card accounts and paying bills. Is Valuable Time Being Spent On Bookkeeping?

Accounting 48

Accounting Construction Contractors Project Management 48

Contractor Bookkeeping

JUNE 9, 2017

Your Construction Accounting System started small and easy. Perhaps you tracked everything with bank statements and Excel sheets and it worked fine for a while. Adding a garage?

Accounting 48

Accounting Cash Flow Remodeling Contractors 48

Contractor Bookkeeping

DECEMBER 3, 2013

Do You Own A Small Construction Contracting Company? That day is now with Xero accounting online! If this describes you then perhaps Xero accounting online is a better fit for you than Microsoft Money. Periodic Invoices For Bank draws. Need Complex Construction Accounting Reports. Need Payment Applications.

Accounting 48

Accounting Contractors Banking Project Management 48