article thumbnail

How To Protect Your Construction Company From Bankruptcy

Contractor Bookkeeping

Learn the top reasons why small businesses end up in bankruptcy and what you can do to prevent that from happening to you. You must have more money coming in than is going out, or you're on the express train to bankruptcy. Poor cash flow Not bringing enough money in is the main reason why businesses fail.

article thumbnail

Job Costing Accounting Vs. Regular Accounting

Contractor Bookkeeping

There is some confusion about the differences between job costing accounting and regular accounting which leads some contractors to believe they can get what they need from any bookkeeper and the cheaper the better. Two Basic Types Of Accounting. #1 Tax Accountants are good people and have a place in the accounting world.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Copying Past Construction Accounting Entries Is A Bad Idea

Contractor Bookkeeping

It appears regular bookkeepers who are in over their head with construction accounting are trying to figure out how to input new QuickBooks transactions by copying previous transactions. To learn more visit construction accounting vs. regular accounting.

article thumbnail

PG&E Faces Jury Trial for Fire as Bankruptcy Continues

ENR Construction

A federal bankruptcy judge has ruled that a jury should determine whether Pacific Gas & Electric Corp. is responsible for the Tubbs fire of 2017, one of California’s worst wildfires, which could account for as much as two-thirds of the wildfire claims for 2017 and 2018.

article thumbnail

Ten Unique QuickBooks Abuses Are Bankrupting Your Construction Company

Contractor Bookkeeping

Too often contractors are lead down the primrose path into bankruptcy and business failure by relying on inaccurate, false, misleading financial and job costing reports generated from their QuickBooks file. When they realize it is "Game Over" they are out of money and out of places to borrow money and defer payments and heading to bankruptcy.

article thumbnail

Construction Company Recovery After A Financial Setback

Contractor Bookkeeping

Almost all business sectors have experienced declining profits, liquidity that is drying out, and even bankruptcy. Your finances are negatively affected, and it's up to you to lead the recovery.

article thumbnail

Bookkeeper Vs. Accountant Vs. C.P.A. For Your Construction Company

Contractor Bookkeeping

Each Branch Of Accounting serves a different function similar to how it works in construction. Three Accounting Skillsets = Three Types Of People. Bookkeepers are the lowest paid and the least skilled accounting specialist. Accountants are the next highest paid accounting specialist. Most C.P.A. Most C.P.A.