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Construction work in progress: Everything you need to know about WIP
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Construction work in progress (WIP) is a necessary accounting strategy used over long-term projects. But it’s so much more than getting paid for a project. Creditors and banks use WIP reports to understand a contractor’s profitability. WIP shows whether or not a contractor or company is accurately and effectively estimating and billing for job costs… Read More »Construction work in progress: Everything you need to know about WIP
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Subcontractor agreement: The basics, key provisions & more
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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 all these requirements on their own. In those cases, a subcontractor will need to be hired to complete those specific… Read More »Subcontractor agreement: The basics, key provisions & more
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Purchase order vs. invoice: Everything you need to know
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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. an invoice is who is sending it, and when they send it. A purchase order (PO) is sent by a… Read More »Purchase order vs. invoice: Everything you need to know
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How to write a construction proposal
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A great proposal is crucial to win business, especially for growing contracting businesses. By using a generic or unoptimized proposal for your bids, you could be leaving potential profit on the table. Learning how to write a construction proposal that stands out from the competition and conveys trust can help you win more contracts and… Read More »How to write a construction proposal
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Understanding scope of work in construction
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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 cost. In 2021, disputes resulted in an estimated $73 billion in claims for construction companies worldwide. This is why a… Read More »Understanding scope of work in construction
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#SNH22 – Thrive
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Once again, it’s that exciting time of year where the accounting community gathers to reconnect, network, and explore new ways to help their practices thrive. Scaling New Heights begins this Sunday in Orlando, FL (June, 19-22). The Knowify team will be there ready to share insights on the construction industry and showcase a brand new… Read More »#SNH22 – Thrive
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