Since many construction companies typically have more than one job underway simultaneously, it can create logistical nightmares for the accounting teams who need to manage, coordinate, and divvy up the funds necessary for each individual … about How to Manage Entire Construction Budgets Without the Nightmare
Cash Flow Management
Specialty contractors have bigger challenges with cash flow than many other construction project participants; they are close to dead last in the payment line, and their work progress is easily affected by others.
To ensure issues in the field don’t spiral out of control you need to identify and resolve them as early as possible before they jeopardize profitability. Unfortunately, how quickly specialty contractors can discover these margin-killing … about Protect Your Margins By Catching Field Issues in Real Time
Even in an industry where payment problems are acknowledged and visible, most invoices or pay apps end up getting paid. It’s easy to lament the problems associated with payment in the construction industry.
As a specialty contractor, you have likely relied on Excel for a long time. It’s in every aspect of your business. You use spreadsheets for accounting, estimating, labor planning, logistics planning, and project management. It … about The Six Steps You Need To Take To Break Your Spreadsheet Dependence
Managing cash flows is an important consideration for any business. Construction companies in particular need to manage cash flows to ensure that all elements of a construction project run smoothly.
So you’ve laid the groundwork to keep the cash flowing by addressing the strategic aspects of managing cash flow. But, experts will tell you that managing cash flow also requires tactical actions designed to get … about 5 Cash Flow Tactics of Successful Contractors