Resources

Learn 5 proven methods to prevent cost overruns in construction. Explore the key causes and practical solutions to keep your project on budget.

Timely payments are essential for maintaining strong subcontractor relationships, which are crucial for delivering successful projects. Implementing clear payment terms, using digital payment platforms, automating processes, and improving communication can help streamline payments and avoid disputes, making it easier to retain skilled subcontractors.

You started your construction business because you love to build—not to spend all afternoon at your desk or chasing paper checks. But getting paid on time is critical to your business' success.‍ In the construction industry, it's common to feel that managing invoicing and payments is taking away from your projects or sales. But if you stick to a process and make a small investment in the right tools, getting paid on time can take just minutes each week.

For years, QuickBooks Desktop Contractor Edition has been the go-to accounting software for construction, offering robust reporting, customization options, and tailored features. However, with Intuit's upcoming discontinuation of QuickBooks Desktop, many in our industry are facing the challenge of transitioning to QuickBooks Online.

Review the basics of lien waiver management for general contractors.

The hassle of managing invoices and payments might feel like a drain on your project or sales focus. But implementing a consistent process and making a small investment in the right resources can significantly improve your cash-flow management. An effective cash-flow management strategy provides a full picture of your revenue versus costs and ensures that you can cover your bills whilst earning a nice profit.

As a contractor, adopting cost codes is crucial because they enable you to have better control over your project finances, track expenses more accurately, and make informed decisions about resource allocation and project budgets. By utilizing cost codes, you can improve your estimating accuracy, identify areas of profitability, and streamline your cost tracking processes. This ultimately leads to better overall business management and increased project success.