This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Whether you’re a bank with distressed commercial real estate assets on your balance sheet, or you’re a real estate investor/developer who purchased a foreclosed commercial property, creating a viable workout plan can be an uphill battle. I’m not going to sugar coat it. Provide cost estimates to complete the construction project .
A lot of problems can be traced back to the "Halo Effect" which happens when a contractor thinks "We are so good at (fill in the blank) we should expand into (fill in the blank). The same goes with managing sub-contractors and suppliers. Residential Remodel Contractor Building A Home. Every problem has one answer "Brute Force".
After interviewing this contractor and his bookkeeper and conducting a thorough review of his QuickBooks for Contractor file and the QuickBooks Setup I believe this contractor had a bookkeeping troll. He would look at the bank balance in QuickBooks and since it always showed over $100,000 he thought life was grand!
Please feel free to share them with your friends, relatives and most importantly contractors as they will appreciate the humor and perhaps find value in the words of wisdom we are sharing. 80/20 Rule – 80% of a contractor’s wealth and wellbeing comes from 20% of their activities.
Contractors and other businesses in the construction industry can file a mechanics lien if they aren’t paid for their work – even if they weren’t hired directly by the property owner. In contrast, a mortgage is a voluntary lien , because you sign papers giving the bank a lien on your property until you pay off the balance and interest.
It is no secret that contractors are in an industry with a lot of cash transactions and sometimes they get busy and forget to deposit the money in the bank and properly account for it inside their contractors bookkeeping services system. Contractors Are Prime Targets For IRS Scams.
A lot of contractors would like to subcontract out their bookkeeping services and the two main reasons they don''t is fear of losing control and cost. Click the button below to get right to the Frequently Asked Questions About Outsourced Contractors Bookkeeping Services. 4 out of 100 contractors will earn between 3%-15% net profit.
You Want Money; Banks Want To Lend Money, What''s The Problem? Multiply That By 100,000 And You Will Begin To Understand Why Banks Seem So Tight Fisted About Loaning Money. Banks stay in business is by loaning money and earning interest. Think of all the times: You loaned money to a friend or relative.
Being Ripped-Off And Driven Into Bankruptcy! Whenever we see a contractor is heading toward a problem, issue or disaster we immediately raise an alarm. In other words, when it comes to owning, operating and making a substantial amount of money with construction and contractor service companies we know what we are talking about.
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. Yet most contractors believe the complete opposite about construction; cheaper is not better. It is used to M.A.P.
He is a partner in the law firm of Sabo & Zahn, concentrating in construction law and representing owners, contractors, architects, developers, engineers and other parties in the construction process. Unlimited liability for designers and contractors. Zahn is a licensed architect and attorney in the State of Illinois. Categories.
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. Payment should be in the full amount currently owed to the contractor, regardless of how much is still owed on the contractor’s loan.
In this article, we’ll explain how completed operations coverage works, and how it protects contractors and subcontractors. Completed operations insurance covers property damage or injury caused by work that a contractor performed in the past. Completed operations coverage is bundled with a contractor’s general liability policy.
Tax Season Is Here and this is when most construction contractors think about getting their construction bookkeeping system in order so they can file their annual tax return for the previous year. Contractors Accounting For Your Company. Why Not All Three? Accountants are the next highest paid accounting specialist. Most C.P.A.
The owner initially hired a contractor to perform waterproofing repairs at the manufactured stone façade of the building. While performing these repairs, the contractor raised concerns to the owner regarding several stone units that appeared to be in a loose or unsound condition.
CAPCO financing, an alternative to conventional bank financing, can accommodate a slightly higher risk profile and provide a more flexible structure for growing businesses. Many small businesses that are not able to receive traditional bank financing can get support through CEF. CALIFORNIA – updated for 2014.
We have a contractor licensing guide for every state you can refer to. Obtain a business bank account and any software or staff you’ll need for accounting and bookkeeping. If you start growing without proper financial management, you will quickly find your company out of cash and in bankruptcy court.
Moving from working as a roofing contractor to starting your own business may feel a bit dizzying, but it doesn’t have to be. We have a contractor licensing guide for every state you can refer to — as many states do require specific licensing for roofing businesses. Read more: The profit roadmap for contractors.
We have a contractor licensing guide for every state you can refer to — as many states do require specific licensing for plumbing businesses. Obtain a business bank account and any software or staff you’ll need for accounting and bookkeeping. That’s not an overstatement: Cash flow is the number one reason why plumbing contractors fail.
We have a contractor licensing guide for every state you can refer to — as many states do require specific licensing for electrical businesses. Obtain a business bank account and any software or staff you’ll need for accounting and bookkeeping. Read more: The profit roadmap for contractors.
CAPCO financing, an alternative to conventional bank financing, can accommodate a slightly higher risk profile and provide a more flexible structure for growing businesses. The COMMERCIAL FISHING AND AGRICULTURE BANK provides loans to fishing, tourism, natural resources and agriculture-based projects.
Most contractors enjoy a bit of excitement in their lives and for some of them it is more than just the thrill of being their own boss it is the thrill of the hunt! It helps if you understand that most Construction Contractors live in a rough and tumble world. Either way it will be magnificent or a lot of fun!
We organize all of the trending information in your field so you don't have to. Join 116,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content