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Bid to win: How to improve your bidding process
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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 numbers, sorting through piles of data, and making sense of it all can be a daunting task. It’s no surprise… Read More »Bid to win: How to improve your bidding process
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What is a construction submittal and how to utilize them for project success
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A construction submittal is a form of written or physical information sent to architects, engineers, or general contractors for approval of specific materials, equipment, drawings, or data in construction. These submittals set the expectations for all parties involved and when sent in detail, can help to keep a project running on time and on budget.… Read More »What is a construction submittal and how to utilize them for project success
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Job costing vs process costing: key differences & advantages
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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 of a project. However, job costing in construction brings certain advantages that process costing does not and vice versa. Simply… Read More »Job costing vs process costing: key differences & advantages
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Overcome construction cash flow challenges in 3 steps
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Maintaining positive cash flow is a struggle for every business, but especially for those in construction. For most construction businesses, cash is flowing out faster than it’s coming in. According to a recent survey by Billd, more than 60% of construction contractors say they’ve had to pay supplier bills before their customers paid for the… Read More »Overcome construction cash flow challenges in 3 steps
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Mechanics Lien: How they function & protect contractors
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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 completed work. The unpaid contractor can place a lien on the property which acts as a security interest (or collateral)… Read More »Mechanics Lien: How they function & protect contractors
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Schedule of values in construction: A contractors guide to SOVs
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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. In other words, it’s an itemized list of the entire budget of the project broken down by individual tasks and… Read More »Schedule of values in construction: A contractors guide to SOVs
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