Contractor Bookkeeping

FEBRUARY 21, 2025

Understanding COGS isn't just about accountingit's about making smart decisions for profitability, pricing, and more. These include materials, labor hours, and even manufacturing overheads. COGS provides critical insights into your business's efficiency and profitability. What is the Cost of Goods Sold (COGS)?

Overhead 99

Overhead Profitability Inventory Construction 99

Job Order Contracting

MARCH 1, 2022

Materials. General / Prime Contractor Profit and risk. Shipping of all materials to the jobsite. Adjustment factors to account for small jobs. Items included in a JOC coefficient (also known as a “Bid Factor”). Labor (Both during Normal Work Hours and Outside of Normal Work Hours). Equipment. Supervision.

Insurance 264

Insurance Compensation Overhead Security 264

Job Order Contracting

APRIL 4, 2024

It should be used to account for contractor overhead and profit. It should NOT BE USED to account for fluctuations in material costs, labor rates, and other factors that can change during the contract term. ( should simply include contractor overhead and profit. Cost Adjustment : A coefficient less than 1.0

Overhead 187

Overhead Profitability Contract Risk 187

Pro Builder

FEBRUARY 11, 2022

Reducing 3 Types of Construction Waste to Increase Home Builder Profit. In today’s economic climate, it’s vital for home builders to keep waste to a minimum so they can receive the highest profit on their homes. Accounting for extra tile for perimeter cuts is another area that will often result in required waste. .

Profitability 111

Profitability Materials Construction Estimating 111

Levelset

JUNE 6, 2022

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. Retention doesn’t usually apply to material suppliers. According to Steven J. View profile.

Accounting 98

Accounting ABC Banking Liability 98

Fieldwire

FEBRUARY 14, 2022

Anyone who has managed a construction company, department, or project knows profitability can be challenging. Intense competition, fluctuating market conditions and other factors often result in tight profit margins. Even with numerous challenges, specialty contracting can be profitable. In-Demand Expertise. Clear Communication.

Profitability 98

Profitability Contractors Management Contract 98

Construction Business Owner

SEPTEMBER 1, 2022

All sorts of businesses rely on inventory to provide goods and services to their customers, but when it comes to construction, supplies and materials are truly essential. You’ll always have just enough construction supplies and materials. Greg Ragsdale. Thu, 09/01/2022 - 13:29. Without them, work comes to a halt.

Inventory 226

Inventory Resource Construction Materials 226

Autodesk Construction Cloud

APRIL 24, 2023

Bank failures, rising interest rates, high material prices, and labor crunches are all making it more challenging for construction companies to protect, let alone, improve their margins. By taking proactive steps and adopting the right tools, you can mitigate and safeguard your firm’s profits. design and preconstruction.

Profitability 97

Profitability Construction Autodesk Forecasting 97

Contractor Bookkeeping

MAY 31, 2019

Proper construction accounting is all about the details. Everything starts with cash because "cash is fact, profit is an opinion." 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. Job Deposits.

Accounting 67

Accounting Profitability Overhead Banking 67

Viewpoint Construction Technology

JUNE 26, 2018

Hear how to best manage mobile devices, more efficiently collect time, track materials and manage equipment in the field. For HR and Accounting Professionals. And, see how collaborative software solutions are making it easier to work in real time. Get deep dives into detailed financial reporting and business intelligence tools.

Conference 195

Conference Viewpoint Software Software 195

Job Order Contracting

MAY 4, 2023

Labor, material, and equipment costs, as well as productivity information should be provided and all based upon current local market conditions. Make certain that the selected year-of-expenditure reflects a realistic scenario, taking into account project planning and development durations, as well as construction.

Estimating 245

Estimating Construction Documentation Risk 245

Viewpoint Construction Technology

OCTOBER 23, 2018

Construction sites these days have no shortage of data: design and BIM data from the planning stages of a project, jobsite data collected by wearables, mobile devices and sensors on equipment/materials, accounting and job progress data from the office, project management data and much more. Diving Deeper into Construction Data.

Construction 241

Construction Software Software Cash Flow 241

Construction Business Owner

AUGUST 30, 2011

ACCOUNTING |. Accounting & Finance. Considering New Accounting Software? The Best Time to Go Live is… » Why Construction-Specific Accounting Software Costs More than Generic Accounting Software. I was doing some research on construction accounting softwares and came across your entry. Tags accounting.

Construction 168

Construction Software Software Accounting 168

Construction Marketing

MAY 17, 2023

These tools provide an in-depth analysis of project expenses during the planning stage by taking into account a variety of elements. Construction companies may profit from new opportunities, foster innovation, and establish themselves as market leaders by staying on top of the latest trends.

Innovation 273

Innovation Construction Safety Budget 273

Viewpoint Construction Technology

APRIL 10, 2018

In many cases, they have purchased software solutions for construction-specific processes like accounting, project management or field management to rectify the situation.While this is a positive step, it’s not always ideal—especially for larger and growing contractors managing multiple projects.

Management 217

Management Viewpoint Software Software 217

Viewpoint Construction Technology

OCTOBER 9, 2018

Construction projects all too easily run over budget and behind schedule, and in an industry with thin profit margins, that can be a big problem. Keep Better Track of Materials and Equipment. Having a master inventory and tracking the usage of all the materials, tools and equipment on your jobsites sounds like a basic thing to do.

Contractors 189

Contractors Software Software BIM 189

Construction Business Owner

APRIL 26, 2012

ACCOUNTING |. Accounting & Finance. Customer Collaboration & Construction Software » Staying Focused in the Fight Against Profit Fade. Greg is a Principal at Mountjoy, Chilton, Medley LLP , a CPA firm with a team of accountants dedicated to construction accounting. STRATEGY |. MANAGEMENT |. SOFTWARE |.

Change Orders 120

Change Orders Construction Profitability Software 120

Viewpoint Construction Technology

FEBRUARY 19, 2015

Spectrum’s Work Order solution—the tools you need to keep operations profitable and clients satisfied. Transaction information flows seamlessly between Service Management and other applications throughout Spectrum, including: Accounts Receivable, Accounts Payable and General Ledger. Construction Accounting.

Software 130

Software Software Management Construction 130

Contractor Bookkeeping

JUNE 20, 2013

Construction Profits Are Simply. Income - COGS - Expenses] = Profit. "If Let''s Get Some Answers - Contractors and sub-contractors know there is more to profits than what is shown above and most of you rely on your "gut feel" to know when project has made a profit or not. With Bonus Material On Cash Flow.

Profitability 51

Profitability Income Cash Flow Accounting 51

Viewpoint Construction Technology

MARCH 14, 2018

Lagging productivity hurts contractors in many ways, including lost jobs, low profits, and unnecessary headaches like change orders and rework. Managing projects in construction is a complex set of tasks that involves overseeing a lot of people, equipment, materials and timelines.

Products 221

Products Software Software Project Management 221

Lets Build

MAY 11, 2022

Preliminary costs in construction impact your entire project, and you’ll find that they cover a broad range of equipment, labour, and materials. With more contracts becoming collaborative , contractors are taking on more and more design work to put their material and methods expertise to use. What do preliminaries in construction mean?

Contract 144

Contract Construction Site Accounting 144

Viewpoint Construction Technology

FEBRUARY 19, 2015

By streamlining all of your purchasing and inventory processes in Spectrum, you can ensure that your project teams have the materials they need to complete the job whenever they need to have them. Manage open commitments and their impact to job profitability. Construction Accounting. Materials Management. HR + Payroll.

Inventory 130

Inventory Software Software Construction 130

Contractor Bookkeeping

SEPTEMBER 5, 2013

All Construction Contractors Get Referrals which some turn out to be profitable some turn out non-profitable. The key is getting more profitable leads and fewer not-profitable leads. Most Profitable Lead Referrals come from your clients and most not-profitable lead referrals come from customers.

Profitability 51

Profitability Contractors Accounting Income 51

Viewpoint Construction Technology

AUGUST 9, 2018

Construction management is no easy task, as today’s contractors have a lot to juggle: job costs and budgets, progress reporting, overseeing subcontractors, field crews and schedules, materials and equipment, constantly moving timelines and much more. Learn how to find construction software that will benefit your whole team.

Software 200

Software Software Construction Budget 200

Contractor Bookkeeping

AUGUST 11, 2014

The banker said his Profit & Loss, Balance Sheet did not look right to him. His banker was a blunt and told him that if he wanted to stay in the construction business he needed to have accurate Profit & Loss, Balance Sheet and Job Costing Reports. QuickBooks Job Profitability Reports. He had to rely on his gut feeling.

Profitability 48

Profitability Contractors Accounting Income 48

Job Order Contracting

AUGUST 8, 2016

Answer: A unit price is a detailed description and associated material, labor, and equipment line item within a Job Order Contract Unit Price Book, UPB. When used in Job Order Contracts, a unit price historically does not include contractor profit and overhead as this is account within the JOC co-efficient. What is a unit price?

Education 100

Education Contract Overhead Profitability 100

Construction Business Owner

OCTOBER 14, 2011

ACCOUNTING |. Accounting & Finance. ” Every construction project is a gamble – you’re betting that your estimate is accurate, that labor and material prices don’t go through the roof, etc. Change orders can be harder to manage – and present more of a profitability challenge – than pre-planned project work.

Change Orders 120

Change Orders Construction Software Software 120

Contractor Bookkeeping

OCTOBER 4, 2024

You made a decent living for yourself, hired a few sub-contractors per project, paid your suppliers, and earned a profit—at least that is what your tax preparer said. Those early customers who were your friends because you could get faucets, fixtures, and materials at wholesale prices now tell you they were happy with your work.

Overhead 131

Overhead Contractors Bidding Profitability 131

Construction Business Owner

OCTOBER 26, 2011

ACCOUNTING |. Accounting & Finance. I know from my days as a general contractor that plans and specifications are altered continuously as subcontractors become involved, materials are changed, and change orders are issued. Tags accounting. accounting software. Construction Accounting Software. STRATEGY |.

Construction 159

Construction Software Software Bidding 159

Autodesk Construction Cloud

AUGUST 12, 2021

Construction accounting software is a must-have, but may seem daunting to implement new solutions if your accounting technology hasn’t kept up with the complexities of your growing business. That includes accounting. Sure, accounting may have a bit of a reputation for being mundane. Everything Is Moving All the Time.

Accounting 52

Accounting Software Software FASB 52

Viewpoint Construction Technology

APRIL 18, 2018

Contractors have a lot to keep track of daily: from crews on the jobsite and subcontractors to equipment, materials and ever-changing conditions. To keep things organized, most contractors use technology in some capacity to facilitate day-to-day workflows for project management , scheduling, accounting , estimating and more.

Project Management 211

Project Management Management Viewpoint Software 211

Lets Build

DECEMBER 2, 2022

These are some of the issues which may require consideration over the course of a construction project: Changes in the style or quality of supplied materials. Issues may arise around ownership and accountability, roles and responsibilities, tools and materials. Supplier and vendor failures. Unexpected site issues or setbacks.

Management 156

Management Construction Risk Cash Flow 156

Viewpoint Construction Technology

FEBRUARY 19, 2015

Spectrum’s flexible reporting structure allows you to keep real time tabs on every aspect of your businesses such as job profit trends, change order status, over/under billing, responses to bid invitations, and much more. Construction Accounting. Materials Management. Case Study: Reporting – Interstate Electrical Services.

Software 130

Software Software Construction Change Orders 130

Viewpoint Construction Technology

MAY 9, 2019

In an industry as large and complex as construction, simplifying processes in any way possible can reap significant benefits for contractors in terms in of productivity, mitigated project risks and profitability. Does the software allow users to continue to work and input data, storing and synching later when connected again?

Software 218

Software Software Organization Contractors 218

Job Order Contracting

MARCH 14, 2017

JOC construction labor costs p rovide the foundation for any successful Job Order Contracting Program. On average, labor accounts for sixty percent (60%) of a project total construction cost and is therefore a primary consideration. Bare costs (no contractor overhead and profit).

Construction 100

Construction Overhead Contract Accounting 100

Building Radar

NOVEMBER 11, 2024

Companies can gain a competitive edge by developing sustainable product lines , which not only align with global sustainability goals but also enhance profitability. Implementing sustainable construction initiatives like using renewable materials can significantly reduce waste and emissions, leading to long-term benefits.

Sustainability 52

Sustainability Products Industrial Construction 52

Autodesk Construction Cloud

SEPTEMBER 1, 2022

Knowing which contract to use when is critical to ensuring a successful outcome in delivery, customer satisfaction, and profit. Knowing which general construction contract to use and when to use one is vital to a successful project, your customers’ satisfaction, and your profits. time and materials contract. Key Takeaways.

Contract 98

Contract Maine Construction Agreement 98