3 Types of Accounting: A Guide to Financial, Managerial, and Cost Accounting
Accounting is divided into several sections, but for small business owners, there are three types that are necessary to generate financial i
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- Mar 29, 2022
- 4 min
What are Underbillings? 5 Easy Ways to Stop Cash Flow Drain
Underbilling is the opposite of overbilling and occurs when a contractor does not invoice their customer for completed work. Not complete pr
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- Mar 28, 2022
- 5 min
Law Firm Billing: Ultimate Guide and Best Practice
Administrative tasks like billing and invoicing can be tedious and time-consuming and you may be stuck if you don’t implement the proper law firm billing process at the outset. That is why it’s crucial to have a streamlined process in place, ultimately saving lots of time and resulting in faster client payments. Reduce the repetitive and tedious tasks associated with tracking and entering billable time Simplify and standardize the invoice to create process Make it easier to s
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- Mar 23, 2022
- 4 min
8 Most Common Construction Accounting Mistakes That Cause Catastrophic
Incorrect overhead rates create problems because they do not accurately describe the current overhead of a business
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- Mar 22, 2022
- 2 min
Overhead Cost - How to Calculate
Along with direct materials and direct labor, overheads are also a very important cost element to determine directly to your business’s profitability. In this guide, we’ve covered: Overhead definition Examples of overhead Types of overhead Overhead calculation What is overhead? Overhead, also known as an overhead cost, refers to an ongoing expense of operating a business. Overhead costs are not directly attributed to creating a product or service to lead to the generation of
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- Mar 18, 2022
- 8 min
Construction Billing Methods: Never Waiting on Unpaid Billing
When a small construction company does not get its payables, it is more vulnerable to damage than a large company with large cash reserves.
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- Mar 2, 2022
- 3 min
Calculating Cost of Goods Sold for Contractors - Expert Guide
As a contractor, you are working on many projects, whether it is a small task or a big project, it requires months, years, or even decades to complete. Thus, meticulously tracking the cost of goods sold and keeping them separate from regular business expenses is key when it comes to measuring job profitability. What is the Cost of Goods Sold in Construction? Cost of Goods Sold (COGs) refers to the direct costs incurred in the production of any products and services by a compa
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- Feb 18, 2022
- 3 min
What Is a Purchase Order? Difference Purchase Order vs Invoice?
A purchase order is very crucial for a well-managed purchasing process that makes it easier to track your inventory and order supplies and sellable goods. However, many small business owners have not fully understood the importance and process which is certainly essential for the success of your company. In this guide, we’ll cover: Purchase Order Definition Purchase Order Process The Purpose of Purchase Order Key Differences Between Purchase order vs Invoice What is a Purchas
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- Feb 16, 2022
- 4 min
Everything Contractors Need to Know About Retainage
Construction is one of the hardest industries to manage cash flow in. For many projects, general contractors and subcontractors often face large up-front costs and frequent, long delays between expenses and payment. As a business owner, you may know that you aren’t getting paid in full until the work is completed and accepted. The construction retainage practice throws another wrinkle into the process. The retainage allows a project owner to hold off on paying the full price
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- Feb 11, 2022
- 6 min
Best Accounting Software for Small Business of 2023
Are you finding the best accounting software that fits your business needs? We’ve rounded up the best accounting software that makes it simple and easy to manage financial records for all costs and profits. This accounting software will reduce the amount of time you spend on back-office and administrative tasks, including accounts payable, payroll, billing, general ledger, etc. Additionally, the accounting software we’ll mention below is integrated with many applications that
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- Feb 9, 2022
- 4 min
What is Progress Billing? How to Implement and Why You Should Use It
Many businesses undertake long-lasting projects with substantial budgets but struggle to find an effective way to invoice customers. Many clients hesitate to make significant payments before the work is completed, so how can your business handle the expenses for labor and raw materials before getting paid? The answer should be progress billing. Let’s discover the progress billing definition and how it benefits customers and your business for large-scale and lengthy projects i
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- Jan 21, 2022
- 4 min
Outsourced Bookkeeping Services for Small Business
As a small business owner, you have everything on your plate, from taking care of customer relationships, marketing and sales, finance, and more. You are most likely overburdened with work. While you pile bookkeeping on top of it, two things can happen: your books and your financial aspects get ignored, which might hurt your bottom line. The best advice is to outsource bookkeeping solutions for small businesses with all support from bookkeeping specialists. An outsourced book
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