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Cash Flow Management in Construction: Everything You Need to Know

Construction Accounting

Cash Flow Management in Construction: Everything You Need to Know

Did you know that 82% of construction companies failed not because of their profits, but due to improper cash flow management? And, it is not surprising that when cash does not come up on time to cover what is needed, the entire operation can start fluctuating, leading to failure. That’s why strategic cash flow management […]

8 mins read Read more
Construction Profit Margin: What It Is and How to Improve Yours 

Construction Accounting

Construction Profit Margin: What It Is and How to Improve Yours 

Construction profit margin is one of the most important financial indicators for contractors, yet it’s also one of the most misunderstood. With unpredictable material costs, labor shortages, scope changes, and narrow bid competitiveness, turning a consistent profit in construction is becoming harder each year. Even a minor miscalculation or delay can erode your bottom line. […]

10 mins read Read more
QuickBooks for Construction: Bookkeeping with Essential Integrations

Construction Accounting

QuickBooks for Construction: Bookkeeping with Essential Integrations

How do you manage to keep track of your construction company’s finances with so many moving parts at the job site? Your answers may vary, but using QuickBooks for construction is a highly recommended solution by many contractors and bookkeepers.  If you’re still among those who use the good-old Excel accounting, this article will help […]

7 mins read Read more
6 Main Construction Billing Methods | Which Is Right for You?

Construction Accounting

6 Main Construction Billing Methods | Which Is Right for You?

Have you ever considered how the construction billing methods you choose impact the success of your project? Selecting the appropriate billing method is not a decision to be taken lightly. It goes beyond mere preference; it’s about understanding the balance between ensuring timely payments and maintaining the financial health of the project. With this in […]

12 mins read Read more
General Contractor Markup 101: Everything You Need to Know

Construction Accounting

General Contractor Markup 101: Everything You Need to Know

Did you know that the average general contractor markup on labour is 25% and higher, and on materials, it can be as high as 50%? What does this imply for your business as a builder? Considering these average markup percentages, it’s essential to ask yourself: Are you charging enough to impact your profitability positively, or […]

9 mins read Read more
Manage Payments Reliably: Top 9 Contractor Invoice Software in 2024

Construction Accounting

Manage Payments Reliably: Top 9 Contractor Invoice Software in 2024

Regardless of the sphere of your construction activity, as a contractor, you will have to deal with invoicing. Creating accurate invoices can be as time-consuming and frustrating as dealing with clients who don’t pay on time. Documentation management and automation are crucial to streamlining the workflow so that you can focus on your business goals. […]

13 mins read Read more
Construction Accounting 101: Principles and Best Practices

Construction Accounting

Construction Accounting 101: Principles and Best Practices

Construction accounting is a unique branch of accounting that reflects the specific financial needs of contractors and construction companies. It’s not a parallel universe, but it’s worth knowing some important differences between construction accounting and other types of business accounting. The projects are usually larger and more complex than other business ventures. So, the impact […]

21 mins read Read more
Comprehensive Guide to Construction Budgeting | Must-Have Tools

Construction Accounting

Comprehensive Guide to Construction Budgeting | Must-Have Tools

Construction project management requires careful planning and execution to achieve the desired results. While most short-term projects may not require a detailed construction budget, for anything more complex, precise budget planning is a crucial step that can make or break the project. What’s all the fuss about? Construction budgeting is not as simple as allocating […]

13 mins read Read more