Accounting is said to be the language of business, as it tells the story of how well your business is doing financially. For this reason, understanding the financial nuances of your projects is vital to… Read More »Accounting for construction: 5 tips & best practices
The Small Business Administration (SBA) will is rolling out a new rule that goes into effect today, August 22, 2022, that will impact subcontractors across the country. The new SBA requirements implement section 868 of… Read More »How a new SBA rule impacts subcontractors
It’s no secret that design-build construction has been increasing in popularity in the last few years. A recent study found that 58% of owners intend to use design-build as opposed to using traditional design-bid-build systems.… Read More »Design-build construction & what it means for subcontractors
Creating accurate, timely bids is one of the most essential components for any contracting or construction business. Nonetheless, how to bid on a construction job is not as straightforward as it may seem. Calculating the… Read More »Bid to win: How to improve your bidding process
When it comes to job costing vs process costing contractors may wonder which accounting system is best for their business. Both enable better decision making and help keep a close eye on the financial health… Read More »Job costing vs process costing: key differences & advantages
In the construction industry a mechanics lien (also known as a construction lien or contractors lien) happens when a contractor performs work that will permanently improve a property, but does not receive payment for the… Read More »Mechanics Lien: How they function & protect contractors
A schedule of values in construction (SOV) is a breakdown of every billable task on a project providing an overview of the budget, a detailed timeline, and percentage of work completed for the entire job.… Read More »Schedule of values in construction: A contractors guide to SOVs
Many jobs, whether they are large or small, will need varying degrees of expertise, skill, licensure, techniques and special requirements. A single contractor will likely not be able to perform all these tasks and meet… Read More »Subcontractor agreement: The basics, key provisions & more
Two critical documents used in the construction industry are purchase orders and invoices. Yet they are often confused and misunderstood. Although similar, each serves avery different purpose. The key difference between a purchase order vs.… Read More »Purchase order vs. invoice: Everything you need to know
Disputes and communication breakdowns are all but guaranteed when working on a project. This is true whether you have decades of experience or have just opened up for business. Yet, these disagreements come at a… Read More »Understanding scope of work in construction