Building Radar

NOVEMBER 18, 2024

The construction industry is complex, with various costs that influence project profitability. Understanding burden rates is essential for construction companies to accurately estimate costs and ensure projects remain profitable what is burden rate. One of the critical factors in determining project expenses is the burden rate.

Construction 52

Construction Insurance Profitability Bidding 52

Construction Business Owner

SEPTEMBER 27, 2011

A lot of contractors have asked me about Section 179. Most of these contractors are considering an investment in equipment or software, and they want to know if it can actually help their construction business. Public Exposure and Liability on Construction Sites. The Best Time to Go Live is…. Wally Evans Blog. Recent Posts.

Construction 180

Construction Software Software Accounting 180

Construction Marketing

NOVEMBER 25, 2014

Paper forms decrease worker productivity, increase risk/liability, and decrease operational efficiency. Using paper forms and manual processes for safety inspections can increase your firm’s liability risks and cost hundreds of hours of employee time tracking site safety rather than actually ensuring it. Employee/Contractor Timesheet.

Mobility 232

Mobility Inspections Construction Safety 232

Contractor Bookkeeping

AUGUST 27, 2014

QuickBooks For Contractors Setup. We Fix Bad QuickBooks For Contractors Setup Issues. Let us handle your QuickBooks setup for your contracting company because accurate QuickBooks contractor reports are what profitable contractors use to help them steer their construction company through the ups and downs of the business cycle.

Contractors 89

Contractors Accounting Work in Progress Profitability 89

Safety Services Company

DECEMBER 1, 2023

Two contractors working for a construction firm bid for projects in the same city —we’ll call them Mark and Bob. Both contractors have operated with their firms for over 15 years, employ qualified workers, and boast high-level capability to take on major commercial jobs. Consider this! Here’s where things change.

Safety 123

Safety Bidding Contract Liability 123

Autodesk Construction Cloud

FEBRUARY 25, 2022

Evaluating a subcontractor’s health before awarding work has become more important than ever for general contractors. Formula: (Cash and Cash Equivalents + Marketable Securities + Accounts Receivables) / Current Liabilities . Formula: Current Assets / Liabilities . Formula: Total Liabilities / Total Assets .

Safety 94

Safety Debt Liability Equity 94

Contractor Bookkeeping

JUNE 12, 2013

Contractors That Do Not Earn Large Profits see contractors bookkeeping services as overhead which leads to the following profit drains: They get a cheap computer, tiny monitor, garbage printer, tiny desk and broken down chair that even the dog would not sit in and tell the bookkeeper this is all the company can afford.

Profitability 48

Profitability Contractors Accounting Estimating 48

Contractor Bookkeeping

SEPTEMBER 29, 2017

I know this is not a statement that any contractor wants to hear about their bookkeeping. General Liability Insurance Provider. You Have Ultimate Control On Who Has Or Receives. Information About Your Contracting Company. Financials statements are based on the information you provided. Who wants details about your business?

Profitability 54

Profitability Contractors Compensation Liability 54

Construction Business Owner

JUNE 29, 2012

Committing Intentional Project Communications » Public Exposure and Liability on Construction Sites. The contractor doing the work was working for the city at the time. Points to Ponder: It is the contractor’s responsibility to create a work area and zone free from hazards that could cause injury or harm to persons or property.

Construction 120

Construction Safety Software Software 120

Levelset

MAY 23, 2022

As a contractor, you may have realized that taking care of every detail will not be enough as there are always going to be risks associated with your work. Moreover, it covers the cost of employee wages and operating expenses , as well as lost profits due to fewer customers. How to get business interruption insurance.

Insurance 97

Insurance Contractors Construction Claims 97

Contractor Bookkeeping

JUNE 21, 2012

The Most Popular Method - Designed by investors and developers and shrewd business people who understand the concept of divide and conquer is for contractors to get little or no down payment for a construction project, do all the work, including change orders and then try to collect their money. We simply do your bookkeeping.

Profitability 48

Profitability Contractors Banking Change Orders 48

Contractor Bookkeeping

MAY 5, 2014

The Balance Sheet is the summary report which shows all of the assets minus the liabilities which equals the "Book Value" or owner''s equity. Owner’s equity is in theory what would be left over if you liquidated the company, sold the assets and paid all of the debts or liabilities. Business Process Management (BPM) For Contractors.

Cash Flow 48

Cash Flow Agreement Profitability Contractors 48

Job Order Contracting

JANUARY 5, 2017

Things Contractors Should Know About Job Order Contracts. As a construction contractor considering a Job Order Contract (JOC), it is critical to be aware that all JOCs are not the same. Here are a just a few things contractors should know about job order contracts. Will you earn a reasonable profit?

Contract 100

Contract Contractors Consulting Software 100

Construction Business Owner

APRIL 1, 2011

Healthy Competition » Free Webinar on Reducing Profit Fade. One problem that even the most savvy contractors deal with is profit fade, when a job continues to incur additional costs that are not factored into the estimate. In turn, profit fade can dramtically affect cash flow and hinder the possibility of booking new jobs.

Cash Flow 120

Cash Flow Construction Software Software 120

Contractor Bookkeeping

JUNE 18, 2012

Business Owners - Need three basic reports, Cash, Profit and Equity. Profit And Loss Report. Sales - Expenses) = Profit. Assets - Liabilities) = Equity. It is easy to run reports to determine which items are profitable and unprofitable and make adjustments quickly as needed. Cash On Hand. Balance Sheet Report.

Contractors 58

Contractors Profitability Overhead Equity 58

Construction Business Owner

JANUARY 18, 2012

Mid-January is a time of reflection for many contractors. Querying different type of jobs in job costing to look at profitability by type. Public Exposure and Liability on Construction Sites. Home » Blogs. « “How good do you want to be?” Creating year-end financial reports. Closing your general ledger.

Construction 168

Construction Software Software Accounting 168

Construction Business Owner

AUGUST 18, 2011

Many State and Federal projects require a contractor to be bonded. In a way, a surety bond is like insurance; it is a three-part agreement between the contractor, the organization requiring the bond (e.g. This report illustrates how a contractor bills a client versus the work they have actually completed. So let’s talk bonding.

Cash Flow 168

Cash Flow Software Software Accounting 168

Contractor Bookkeeping

AUGUST 1, 2012

Reviewing QuickBooks Profit And Loss Reports - From our construction accounting clients reminded me of something I learned in my own construction businesses a long time ago. Change is not always easy but it’s necessary to grow a healthy and profitable construction business.

Profitability 54

Profitability Accounting Construction Overhead 54

Construction Business Owner

NOVEMBER 8, 2011

It crystallizes our mission to make contractors’ jobs easier and we put that mission into our own words: “When better is possible, good is not enough.” For instance, Foundation Software’s vision is this: “To provide the best in accounting software and service for the labor intensive contractor.” Wally Evans Blog. Recent Posts.

Construction 174

Construction Software Software Accounting 174

Construction Business Owner

AUGUST 19, 2011

One of my favorite parts of this job is getting to talk with professionals in the industry who work with contractors for a living. And, let’s face it: the kind of individual driven to be a general contractor is often not the kind that relishes tedious office work and long hours spent analyzing numbers. Wally Evans Blog. Recent Posts.

Construction 120

Construction Software Software Accounting 120

Construction Business Owner

AUGUST 30, 2011

You know, lots of contractors using an off-the-shelf accounting program ask me the same question: Why is construction-specific accounting software so much more expensive? Construction-specific systems allow contractors to instantly track and analyze job progress and performance. Public Exposure and Liability on Construction Sites.

Construction 168

Construction Software Software Accounting 168

Job Order Contracting

FEBRUARY 20, 2023

JOC unit prices include direct material, labor and equipment costs, but not indirect costs or profits which are addressed in the coefficient(s). The use of labor-only line items is appropriate for use when proper internal controls are in place and incidental to construction. (a) b) Statement of work. (1) c) Authorization and limitations. (1)

Contract 264

Contract Office Negotiation Documentation 264

Construction Business Owner

APRIL 5, 2012

And risk can be a profit center, since insurance companies obviously make money. Contractors work in the middle of a chain of risk passed onto them. Public Exposure and Liability on Construction Sites. If you stop to think about it, it’s clear that risk carries a dollar value. www.dexterchaney.com. Wally Evans Blog.

Risk 120

Risk Insurance Construction Software 120

Contractor Magazine

MARCH 18, 2014

This evolved from a question that was posed by contractors on a message board regarding the difference between profits and cash. It’s the financial statement that summarizes the company’s assets, liabilities and equity at any moment in time. Now, let’s go back and take a detailed look at the balance sheet as previously promised.

Cash Flow 51

Cash Flow Accounting Contractors Equity 51

Construction Business Owner

APRIL 26, 2012

Customer Collaboration & Construction Software » Staying Focused in the Fight Against Profit Fade. Just about every contractor has been there — a project starts out strong but, as it moves forward, delays and incidental added work and changes knock dollars and cents off of the bottom line. Know the Contract and Budget.

Change Orders 120

Change Orders Construction Profitability Software 120

Construction Business Owner

OCTOBER 26, 2011

I know a lot of contractors are getting into bidding season, and this got me thinking about communication. 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. And then you wait. Wally Evans Blog.

Construction 159

Construction Software Software Bidding 159

Construction Business Owner

APRIL 2, 2011

« Free Webinar on Reducing Profit Fade. For those of you contractors doing government work: relish the competition involved with bidding. Public Exposure and Liability on Construction Sites. About Us Contact Us Advertise Press Releases Upload Artwork Via FTP -->. Free Subscriptions. Construction Business Owner Magazine.

Construction 159

Construction Software Software Accounting 159

Job Order Contracting

SEPTEMBER 29, 2017

(c) “Job order” – a firm, fixed priced, lump-sum order issued by an organization to a job order contractor for a definite project scope of work as compiled from the unit price book to be performed pursuant to a job order contract. (d)

Organization 100

Organization Contract Liability Contractors 100

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. Plus, you know you’ll incur a profit.

Contract 98

Contract Maine Construction Agreement 98

NH Construction Law

AUGUST 13, 2020

The Contractor and Owner waive Claims against each other for consequential damages arising out of or relating to this Contract. ” The Court concluded that the quoted language “can only be construed to exclude incidental or consequential damages, such as lost profits, resulting from the data breach. In Mentis Sciences, Inc.

Profitability 40

Profitability Contract Liability Bargains 40

Contractor Bookkeeping

MAY 17, 2013

Business Owners - Need three basic reports, Cash, Profit and Equity. Profit And Loss Report. Sales - Expenses) = Profit. Assets - Liabilities) = Equity. It is easy to run reports to determine which items are profitable and unprofitable and make adjustments quickly as needed. Cash On Hand. Balance Sheet Report.

Accounting 48

Accounting Contractors Profitability Overhead 48

Construction Business Owner

NOVEMBER 22, 2011

Many contractors go into business because they’re great at what they do. I know a successful excavating contractor that took over his father’s grave digging business when he was younger. Public Exposure and Liability on Construction Sites. Wally Evans Blog. Recent Posts. Is There No Free Lunch or Construction Software?

Construction 159

Construction Software Software Accounting 159

Construction Business Owner

JANUARY 19, 2011

Relationship between the designer and the contractor » The Difference Between Selling Used Cars and Selling Software. They just plod along telling unsuspecting contractors that their software can do everything imaginable. Foundation Software has been profitable in each of its years of business since 1985. We Walk the Talk.

Construction 136

Construction Software Software Accounting 136

Job Order Contracting

MARCH 1, 2017

JOB ORDER CONTRACTING Cooperatives play an important role for real property owners, facilities manager, and contractors. Here are some tips for contractors considering working with JOB ORDER CONTRACTING Cooperatives or considering changes in within specific programs. Job order contracting cooperatives – Contractor Info.

Contract 100

Contract Legal United States Documentation 100

Lets Build

DECEMBER 2, 2022

It requires written standards that can be referred to at any time by employees, sub-contractors, and clients alike. That gives your firm the fiscal strength and confidence to pitch positively for future work, without overruns or remediation eating into profit margins at this time of unexpectedly high inflation. Creating a plan.

Management 156

Management Construction Risk Cash Flow 156

Construction Business Owner

JUNE 29, 2012

Public Exposure and Liability on Construction Sites » Better Project Management through Better Communication. Contractors need to proactively evaluate and address how project teams – including subs and vendors – are communicating. Public Exposure and Liability on Construction Sites. Home » Blogs.

Construction 136

Construction Documentation Software Software 136

Construction Enquirer

JUNE 27, 2023

An update on the administration filed at Companies House said the firm was sunk by a combination of rising materials costs, project delays and defect liability claims. Howard Russell worked across the UK as a design and build contractor for a wide range of sectors. with 31 staff working at the company.

Debt 72

Debt Liability Negotiation Forecasting 72