Now that January is officially underway and we’ve set our sights on the rest of 2021, it seemed like the ideal time to reflect on some of 2020’s positives — mainly, the areas we were able to provide helpful and interesting content to contractors.
So, in following the tradition of our 2018 and 2019 reports, we compiled a list of our top industry articles from 2020.
Construction is one of the top industries for startups; however, it also has one of the highest rates of failure. 63.6% of construction companies close within the first five years, whether due to a lack of business knowledge and experience, lack of finances or lack of planning. You don’t have to be one of them.
If you’ve ever worked on a government construction project, you’ve probably heard the name “Davis-Bacon.” Or else, those two words might be why you’ve never bid on a publicly funded job.
While construction accounting draws on all the same basic principles of general accounting, it also has several important and distinct features that set it apart. Get a high-level overview and drill down to learn about the most important concepts in construction bookkeeping.
Construction businesses don’t usually have a choice about paying costs, but contractors may have the choice whether to treat them as an expense on their financials. It’s called capitalization, and it’s not just for grammarians.
Work-in-progress reports are critical in helping contractors stay on top of the health of a project. And in the end, they can mean the difference in who’s actually funding a project — the customer or the contractor. Learn what makes them work and how project managers and accounting can work together.
For contractors, the amount of metrics to gauge the effectiveness of your construction business can be overwhelming. Between balance sheets and profit-and-loss (P&L) statements, it’s not always clear what all of these numbers are supposed to mean for the health of your company. That’s where financial ratios come in.
Once upon a time, contractors essentially chose between a contract-complete method or a percentage-of-completion method for recording revenue. More recently, the new ASC 606 revenue recognition standards have ushered many changes and raised as many questions.
The goal of a resume isn’t just to introduce you — it’s to stand out. When it comes to your construction business, that’s the job of a capability of statement.
Dive into everything you’ve always wanted to know about AIA billing, from exactly what it is and how it works to how you can create an AIA billing with FOUNDATION®.
You’ve probably heard it said before that QuickBooks® can’t do job costing, but that may not be quite true. Here are some of the key ways you can pull project reporting together in ways that are similar to a true job costing system.
Catch up on all the other articles you may have missed this year in our article archive! Or follow us on social media and always keep up-to-date!