Restoration contractors can spend a lot of time waiting for payment. Even though the insurance company isn’t your customer, the property owner may be depending on that insurance check to pay for your work. Meanwhile, you’re incurring expenses that drain
Undertaking a large construction project is exciting, but it can also be overwhelming. Instead of looking at the project as one big job, it’s possible to break almost every project down into individual phases of construction. Every project involves
Prioritizing a low bid over contractor performance is a lose-lose procurement strategy. Unfortunately, low bidding is an accepted practice for both owners and contractors alike. Owners will say that focusing on the lowest bid possible ensures they get a good
In early February 2022, President Biden signed an executive order requiring project labor agreements (PLAs) on all federal projects over $35 million. This means contractors working on eligible projects should expect to pay more in labor and benefits and may
In Minnesota, prevailing wage laws apply to state-funded projects over $2,500 with one trade or over $25,000 with more than one trade. There are separate rates for highway/heavy construction and building construction. Penalties for not paying the correct rate include
On construction projects where prevailing wage laws apply, it’s important to abide by those rules. In Pennsylvania, publicly funded projects over $25,000 in costs are subject to prevailing wage requirements. Let’s explore Pennsylvania’s prevailing wage laws, how and when they
From the time that a construction project goes from an idea to a finished building, it has to go through several phases. Each phase has its purpose and is just as important as the next. One of these stages,
There are a lot of things that are different about construction accounting, but retainage may be one of the most unique. These amounts withheld from project payments can be a challenge, since they often account for a contractor’s entire profit
The construction industry runs on credit. Contracts are almost never paid up front, so contractors provide labor, materials, and equipment on credit with their customers. As a result, every construction business records transactions to Accounts Receivable (A/R) until they actually
Whenever you invoice a property owner, receive a check from a customer, or pay a material supplier, you need to categorize those transactions properly. The Chart of Accounts is the heart of every contractor’s accounting system, whether you’re using QuickBooks