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Understanding your financial health is a critical component to any construction business. In construction accounting, there are two primary methods of tracking income and expenses: Accrual method and cash basis method. In this article, we’ll look at the pros and cons of these two accounting methods, and when to use each one. The cash basis method of accounting is simple and straight-forward, meaning that you will track cash out and cash in. The accrual method…
If you’re worried about getting paid for a construction job, or your payment is LONG overdue, you’re probably already brainstorming ways to light a fire under the GC or owner. Should you call a lawyer? Duct tape their door shut? Walk off the job? Before you go to any of these lengths to spur payment, you should understand the power of your state’s prompt payment law, and how to use it to get paid…
Contractors, subcontractors, and suppliers are entitled to prompt payment on construction projects in Texas. In this article, we’ll show you how to figure out if your project is covered by the Texas Prompt Payment Act, what the penalties are for late payments, and how to demand payment using prompt payment laws. Prompt payment on construction projects in Texas is governed by both state law and the federal law. The national Prompt Payment Act applies to…