Debt isn’t a bad thing when it is used strategically to grow your business. The smartest way to approach business debt is to know what you will need the money for, what it will allow you to do in terms
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Inland Marine Insurance: Protecting Your Tools & Equipment
With so many options for insurance policies and coverages, it’s hard to know what contractors need to purchase and what they don’t. Inland marine insurance is one of those coverages that contractors should look into. It covers tools and equipment
Vermont Contractor License: Guide to Rules & Requirements
Vermont is known for a lot of things: maple syrup, cheddar cheese, Ben and Jerry’s ice cream, and beautiful fall foliage. What better state could exist as a base for your contracting business? But there’s more to starting a construction
How to Do an Asset Search When a Contractor Won’t Pay
The collection process can be one of the most challenging aspects of any construction business’s operations. If a customer is refusing to pay, and you have protected your payment rights, you can most likely file a mechanics lien to recover
How Construction Credit & Sales Teams Can Work Together to Secure Revenue & Boost Morale
Sales and credit departments have a unique relationship: While a sales person’s main goal is to bring in more revenue, credit professionals are more concerned with mitigating financial risk.
Because the two don’t always align, the success of one department
Construction Bidding Websites: How They Work — and Which to Use
The construction industry has long relied on the same methods for advertising and landing jobs. Word-of-mouth, billboards, vehicle lettering, and job site banners are favorites among the most established contractors. But for a new contractor — or an established contractor
Credit Managers Nationwide Have Made the Move to Lien Rights Automation (and They’re Loving It!)
Credit managers have a big job: They’re responsible for getting their companies paid and mitigating financial risk. However, time-consuming busywork like data entry, staying up-to-date with laws and regulations, and juggling paperwork can take time away from their core responsibilities.
Skip Tracing: How to Find & Collect From a Contractor In Default
Construction companies frequently have a hard time collecting payment. Often, the challenge is simply due to the complex nature of the payment chain. But other times, it’s because a delinquent contractor can’t pay you — or worse, they don’t want
How to Use QuickBooks for Construction Job Costing: A Step-by-Step Guide
QuickBooks is among the most popular accounting software for construction companies, with built-in tools that allow users to create custom reports. Accurate job costing is essential use historical experience to forecast job expenses and minimize any potential cost overruns.
3 Challenges When Using a Manual or In-House Process for Your Notices
Sending lien notices is an important — and in some cases required — part of securing receivables for subcontractors and suppliers.
Unfortunately, the process for creating and sending these notices is extremely nuanced and frustrating — especially if everything is