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Construction Cost Accounting: Construction Cost Accounting | Bookkeeping for Contractors | Irvine CA
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Nearly 60% of contractors don't accurately track job costs, leading to profit margins 15-25% lower than they should be. Unlike new construction, service work involves emergency calls, unpredictable repairs, and constantly changing conditions that make accurate job costing both critical and difficult. Your billing model, Time & Materials (T&M) or Fixed Bid fundamentally c...
Cash flow challenges cost construction businesses dearly nearly 82% of construction failures are tied to poor cash management. Two contract clauses play a massive role in this crisis: retention and withholding . While both involve holding back money you've earned, they work differently and require distinct negotiation strategies. Understanding the difference between retention a...
Imagine finishing a major phase of a construction project, expecting payment any day, only to find the general contractor has delayed or refused payment. You're not alone, construction payment disputes cost subcontractors billions annually, with the average payment delay stretching 83 days beyond terms. What options do subcontractors, suppliers, or laborers have to secure the mo...
Imagine submitting a payment application for a major commercial project, only to have it rejected due to mismatched totals or missing lien waivers. Your payment gets delayed by three weeks. Subcontractors start calling about their checks. Your cash flow takes a hit, and project relationships get strained. This scenario happens more often than it should. For construction owners, ...
Imagine bidding on a project with complete confidence, knowing exactly how much revenue you need before making a single dollar of profit. That clarity comes from understanding your breakeven point, a number that can make or break your construction business. Yet many contractors focus solely on profit margins while ignoring the breakeven point. They chase low-bid projects, win th...
