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Contractor Billings: Management, Strategy, & Effects on the Financial Statements

Updated 7/30/2019. In the construction world, management is key. It takes a tenured project manager to have a successful and profitable job, so when it comes to the billing department, take a strategic approach. Contractor billing breakdown Now some may be asking, “Why does billing matter? Don’t contractors earn revenue regardless of how much they bill?” And that is true – Generally Accepted Accounting Principles (GAAP) state that to be accurate, the best way for a contractor...

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3 Areas Contractors Should Focus on to be Successful in 2019

By Timothy Kennedy As we formally say good bye to 2018, we enter a new year that brings lots of promise. In order to seize the opportunities that will be presented to you in 2019, consider solidifying your approach to the following areas of your business: Accounting software A robust accounting software that is customized for your needs is a must in 2019. Contractors have unique needs that need to be addressed in order to have an accurate financial picture. Some of the items that...

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Utilizing Job Costing to Help Manage the Bottom Line

By: Wiss Employee Is your bottom line understated simply because you don’t have the necessary documentation or lack the accounting insight to allocate job costs to contracts? Or are you paying too much in taxes because you have an overly aggressive cost allocation strategy? If you are in either situation, the lack of a sound job costing strategy is costing you money. In the construction industry, there are three main types of costs: direct costs, indirect costs, and general and administrative...

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The Art of the Contract Schedule

By Wiss Employee When accountants hear the word “estimate,” most go into a panic. In an industry where accuracy and precision are paramount, the mere thought of a number not being exact can create a sense of unrest. However, in the construction industry, estimates are unavoidable. A slight one to two percent change in an estimate on a large contract could add or subtract a substantial amount of profit or loss to or from the bottom line. At Wiss, we work with our clients to strike...

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The Best Accounting Software Platforms for Growing Contractors

By Tim Kennedy As a part of the accounting team of a small construction company, you likely use QuickBooks as your accounting software. It’s affordable, intuitive and user-friendly.If your needs are still simple — you’re in the growth stage and generating a few million dollars in annual revenue — QuickBooks provides a reliable platform to manage your accounting needs. QuickBooks is at its best, handling simple cash inflows and outflows (rent, utilities, insurance, vehicles, paying...

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How to Avoid Risk and Stay Lean in the 2015 Construction Boom

By Wiss Associate Historically, the U.S. construction industry trails the economy by about a year. So when the economy tanks, the industry hangs on by finishing existing projects. And when things begin to improve, construction firms lag while investments are made, new projects are green-lighted and contracts are signed. Today, the economy, from the viewpoint of the construction industry, is 80 to 90 percent back to where it was before the recession. So now it’s time to figure out...

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