Levelset

FEBRUARY 11, 2022

The construction industry runs on credit. As a result, every construction business records transactions to Accounts Receivable (A/R) until they actually receive payment. Construction companies in particular need to pay close attention to their A/R balances and review them regularly. Setting up Accounts Receivable in QB.

Accounting 52

Accounting Management Contractors Lien 52

Contractor Bookkeeping

OCTOBER 16, 2020

Proactive versus reactive are the two methods of getting something done. I find everyone works in a combination of both, I included. Proactive is scheduling and doing everything ahead of time. Nothing is ever waiting until the last minute. Reactive is more emergency driven and are things that need to be done now.

Cash Flow 100

Cash Flow Lien Contractors Schedule 100

Best Practices Construction Law

SEPTEMBER 26, 2019

Well, the Court of Civil Appeals of Oklahoma recently held that “furnishing labor is not the same as performing labor” for purposes of filing a mechanic’s lien. The temporary staffing company then executed and filed a materialmen’s lien. In Advanced Resource Solutions, LLC v. Stava Building Corp. ,

Lien 48

Lien Contract Accounting Commercial 48

Levelset

MAY 23, 2022

In the construction industry, starting a new project means encountering automatic, upfront costs. Getting paid in a timely manner is another challenge for specialty contractors since the average payment collection time for the construction industry is around 90 days. Establish consistent accounting procedures. Invoice regularly.

Cash Flow 59

Cash Flow Lien Accounting Construction 59

Fieldwire

AUGUST 14, 2023

Construction is one of the hardest industries to manage cash flow in, with contractors often facing large up-front costs and frequent, long delays between expenses and payment. It’s fairly common, especially on commercial and public construction projects, and typically ranges from 5 - 10% of the total contract price.

Contractors 98

Contractors Cash Flow Lien Negotiation 98

Constructlaw

OCTOBER 20, 2022

A New York appellate court recently affirmed the dismissal of a subcontractor’s counterclaims for delay damages and for unpaid amounts because they were barred by the parties’ no-damage-for-delay provision and executed lien waivers, respectively. Pizzarotti LLC, a construction manager, sued its subcontractor, X-Treme Concrete, Inc.,

Lien 52

Lien New York Subcontracting Claims 52

Construction Lawyer

MARCH 13, 2012

Werner Sabo is a partner at the construction law firm of Sabo & Zahn in Chicago. He is a member various professional organizations, has been an officer and director of the Chicago Chapter AIA, President of the Chicago Chapter, Construction Specifications Institute, and writes a regular construction law column for The Construction Specifier.

Lien 40

Lien Illinois AIA Chicago 40

Construction Lawyer

MAY 21, 2009

Werner Sabo is a partner at the construction law firm of Sabo & Zahn in Chicago. He is a member various professional organizations, has been an officer and director of the Chicago Chapter AIA, President of the Chicago Chapter, Construction Specifications Institute, and writes a regular construction law column for The Construction Specifier.

Lien 40

Lien Illinois AIA Chicago 40

Construction Lawyer

APRIL 20, 2009

Werner Sabo is a partner at the construction law firm of Sabo & Zahn in Chicago. He is a member various professional organizations, has been an officer and director of the Chicago Chapter AIA, President of the Chicago Chapter, Construction Specifications Institute, and writes a regular construction law column for The Construction Specifier.

Lien 40

Lien Missouri Equipment Illinois 40

Levelset

MARCH 21, 2022

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. Protect your lien rights. The right to file a mechanics lien is the most powerful tool in your toolbelt. Learn more.

Cash Flow 98

Cash Flow Insurance Lien Management 98

Construction Lawyer

SEPTEMBER 22, 2005

Werner Sabo is a partner at the construction law firm of Sabo & Zahn in Chicago. He is a member various professional organizations, has been an officer and director of the Chicago Chapter AIA, President of the Chicago Chapter, Construction Specifications Institute, and writes a regular construction law column for The Construction Specifier.

Lien 40

Lien Illinois AIA Chicago 40

NH Construction Law

OCTOBER 7, 2018

Suppose the contractor applied for and got a mechanic’s lien attachment on an ex parte basis in the full amount of his claims (unpaid balance, interest and anticipated attorneys’ fees). If the owner then files an objection to the lien and asks for a hearing, what will be grounds for the judge to reduce or eliminate the lien?

Lien 40

Lien Claims Contract New Hampshire 40

Chianelli Estimating

JANUARY 30, 2020

Construction estimating is an important task that should not be overlooked or done in a careless manner. Failing to prepare a reliable construction estimate could make the difference between a successful project and a complete fiasco aided by a calamity of errors. Preparing an estimate does not come without a cost.

Estimating 78

Estimating Construction Bidding Bankruptcy 78

Construction Law Monitor

JANUARY 17, 2012

Being a construction law attorney , I wanted my clients and readers to learn form the mistakes and shortcomings of my favorite teams. When then end of the project rolled around, there would be no substantial competion filed, no adequate demand for payment , no lien filed or any other tool used to secure payment.

Lien 66

Lien Construction Contract Defense 66

Levelset

DECEMBER 3, 2024

Levelset is excited to team up with American Express to provide our trusted lien rights management tools to eligible merchants who accept American Express [at a discount]. We are passionate about supporting our customers and are excited to work alongside American Express to empower the construction industry together.

Lien 40

Lien Industrial Security Construction 40

Autodesk Construction Cloud

SEPTEMBER 13, 2022

But in construction, with razor-thin margins, the stakes are significantly higher and there is little room for the unexpected. Our solutions help mitigate some of the largest project risks from conceptual design through construction operations. As with every industry, everything ultimately boils down to the bottom line.

Autodesk 105

Autodesk Risk Industrial Construction 105

Construction Cost Estimating

JULY 1, 2013

the renowned leader in providing various types of construction management softwares and superior practices, recently introduced Maxwell Systems ProContractorMX version 3.1. This newly launched software has the core competence to augment inter-company transactions, change management, lien management, reporting, and lots more.

Software 45

Software Software Management Lien 45

Construction Law Monitor

JULY 20, 2011

There is likely no answer for you under the lien law – unless you filed a notice of lease agreement with the owner within the appropriate time frame. Lessors often do not learn about the dreaded notice provision until after they have been bitten by a bad customer.

Leases 44

Leases Lien Louisiana Equipment 44

Construction Dive

JUNE 11, 2014

By Bruce Jervis Companies selling equipment or materials to construction contractors face a unique challenge. Payment security may exist in the form of public works payment bonds or private materialman’s liens, but there is a problem. Many suppliers of equipment and materials sell to constructors on an open account.

South Dakota 52

South Dakota Lien Claims Products 52

Chianelli Estimating

NOVEMBER 11, 2011

Their accounting department has established a project budget that can not be exceeded and, if adhered to, the project is feasible. The committee agreed that minimizing design and consultant fees would leave more for constructing the building. Not always. . Scenario: A company needs to expand it’s facility.

Bidding 100

Bidding Estimating Budgeting Budget 100

Autodesk Construction Cloud

JULY 7, 2022

There are many advantages to being a small construction firm. Like most SMBs, small-scale construction companies run on fewer resources. Their teams and budgets are leaner, so every investment must be carefully considered—particularly when it comes to tools like construction management software. . Let’s get started. .

Software 105

Software Software Management Construction 105

Levelset

FEBRUARY 14, 2022

There are a lot of things that are different about construction accounting, but retainage may be one of the most unique. These amounts withheld from project payments can be a challenge, since they often account for a contractor’s entire profit margin on a job. Read more: The ultimate guide to construction accounting.

Contractors 52

Contractors Accounting Cash Flow Lien 52

Contractor Bookkeeping

JUNE 20, 2014

Let Us Help Reduce Construction Business Start Up Stress. We Are QuickBooks Experts Specializing In Construction Bookkeeping Services. You Quit Your Job - And started a construction business only to discover you need a contractor’s license and bond. Consult with a construction attorney and follow their advice.

Insurance 48

Insurance Construction Claims Accounting 48

Levelset

JUNE 27, 2022

Securing mechanics lien rights isn’t just as simple as filing a document — it’s a process. Illinois in particular handles the amounts a subcontractor can file a lien for very differently than most other states. Each state has varying degrees of rules and requirements that must be met.

Illinois 52

Illinois Lien Claims Contractors 52

Levelset

AUGUST 25, 2022

Retainage : It’s been a hot button topic in the construction industry for years. Given the slim profit margins on construction projects, retainage practices can be incredibly frustrating for contractors. Texas lien law: ‘Retainage’ or ‘reserved funds’? Lien for unpaid retainage.

Texas 52

Texas Lien Claims Contract 52

Autodesk Construction Cloud

MAY 5, 2023

Historically, accounting and IT departments have managed enterprise resource planning (ERP) environments and forced project management teams to make these solutions work for operations. ERPs can be configured to meet the needs of accounting teams, and their on-prem deployment allowed IT to control accessibility.

Office 52

Office Autodesk Accounting Project Management 52

Contractor Bookkeeping

JANUARY 2, 2015

We Are QuickBooks Experts Specializing In Construction. Did You Quit Your Job - And start your own construction company only to discover you need a contractor’s license and bond. Did You Ask A Friend Or Relative - To loan you some start-up capital and they agreed on condition you become equal partners in your construction company.

Construction 48

Construction Insurance Accounting Claims 48

Construction Law Monitor

NOVEMBER 6, 2013

Everyone in the construction industry has trouble getting paid at some point. In fact, when Construction Week Online conducted a poll inquiring who in the industry had payment problems , it found that a whopping 0% – that’s right, zero percent – reported they were always “paid in full and on time.”

Lien 51

Lien Cash Flow Accounting Debt 51

Green Building Law Update

APRIL 7, 2020

HB 177 modifies dam safety laws related to the Maryland Department of the Environment’s authority to respond to an emergency situation related to a “water infrastructure asset,” defined as a reservoir, dam, or any other waterway construction. The bill also establishes liability protections for MDE and the State.

Maryland 156

Maryland Commissioning Regulation Environment 156

Green Building Law Update

APRIL 7, 2020

HB 177 modifies dam safety laws related to the Maryland Department of the Environment’s authority to respond to an emergency situation related to a “water infrastructure asset,” defined as a reservoir, dam, or any other waterway construction. The bill also establishes liability protections for MDE and the State.

Maryland 156

Maryland Commissioning Regulation Environment 156

Construction Lawyer

AUGUST 28, 2013

Many construction cases involve either personal injury or property damage claims. If a third party lien is known to exist, the plaintiff may protect the third-party’s right of recovery or subrogation interest by tendering to the defendant: (1) A signed release of the attorney''s lien. (2)

Illinois 40

Illinois Lien Claims Insurance 40

NH Construction Law

OCTOBER 22, 2023

It happens this way: A contractor or subcontractor borrows money from a lender, and as security for the loan it gives the lender an assignment of or lien on its receivables and contract rights. Suffolk Construction Co. , Any subsequent square-up was between lender and borrower, and not the account debtor’s concern.

Security 40

Security Contract Accounting Construction 40

Construction Law Monitor

APRIL 10, 2014

Most business think that when an account is overdue, then they call up a debt collection agency and the debt will be collected or its deemed bad debt. Businesses write off huge percentages of accounts receivable every year based off this flawed thinking. Delinquent Accounts Can Ruin A Business – Put An End To Them.

Debt 56

Debt Commercial Accounting Louisiana 56

Levelset

APRIL 15, 2022

They may not have the funds available to pay the contractor out of pocket, so they’re counting on that insurance check to cover the construction costs. Klark Brown , Co-founder of The Alliance of Independent Restorers, concedes this might be one of the very situations in which an AOB construction agreement might help a contractor. “An

Insurance 52

Insurance Contractors Lien Claims 52

Contractor Bookkeeping

OCTOBER 4, 2013

Starting Or Re-Starting A Construction Company Is Easy. Secret #01 Decide What You Want From Your Construction Company. Action Step - 01: On a peice of paper type and print or hand write a description of what you want from your construction company and put it into a three ring binder. If You Know Exactly What To Do.

Profitability 48

Profitability Construction Accounting Cash Flow 48

Construction Lawyer

OCTOBER 6, 2012

Werner Sabo is a partner at the construction law firm of Sabo & Zahn in Chicago. He is a member various professional organizations, has been an officer and director of the Chicago Chapter AIA, President of the Chicago Chapter, Construction Specifications Institute, and writes a regular construction law column for The Construction Specifier.

Illinois 40

Illinois Lien Banking AIA 40

Levelset

APRIL 5, 2022

Most construction businesses focus on their profit margins — making sure that revenue exceeds costs for each job. Cash flow is the number one reason why construction companies go out of business. Otherwise, you could be overdrawn on your account. Read more: The construction business guide to getting paid on time.

Cash Flow 52

Cash Flow Finance Construction Materials 52