Debt Income Overhead 
Contractor Bookkeeping
SEPTEMBER 23, 2013
All construction contractors have experienced the financial pain of bad debt which is defined as a customer who refuses to pay no matter what you do. Oddly enough most of them paid the debt years later and all of them were very appreciative that we treated them with courtesy and respect. Knowing The Answers Helps.
PSMJ Resources
JULY 10, 2013
Most clients are demanding more work for lower fees, and firms that do not reexamine the terms of their contracts usually find themselves without enough income to break even, let alone make a profit. With government clients, this term can reduce overhead, making your contract price more attractive. Shorten the billing/payment cycle.
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Contractor Bookkeeping
AUGUST 16, 2013
Expenses - Overhead required to maintain business operations. Breakeven - Is fairly easy to calculate because there is a direct relationship between income and expenses on every item. Expenses - Overhead is extremely complex because some expenses in regular Accounting are actually Cost of Goods Sold in construction accounting.
Contractor Bookkeeping
MAY 5, 2014
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. This means you will send a plumbing drain technician to clean the main drain of the restaurant four times a year at a cost to your company of $75 for labor and overhead each = $300.
Contractor Bookkeeping
FEBRUARY 5, 2014
Their primary function is to read the incoming paperwork (electronic and hard copy) and follow a pre-determined set of rules and guidelines to put each transaction where it needs to go in QuickBooks or Xero Accounting Online depending on which accounting software the construction contractor is using.
Contractor Bookkeeping
AUGUST 27, 2014
Chart of Accounts Bad Debts. Other Income Tracking. Your income can be sporadic and extremely sensitive to the ups and downs of the new construction market which is why you need a strategy with an external focus on the global housing market. Chart of Accounts Intercompany Transfers. Chart of Accounts Payroll.
ProcurementExpress.com
JANUARY 2, 2019
In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. Meaning, they’ve likely paid for most of the materials, labor, and overhead a while back. Or, worse, your company could go into debt should things slow down later in the year. Well, not exactly.
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