The main benefit of charging a client in milestone payments is that you don’t need to wait until you fully complete the job to get paid. If you manage many projects at once, strong retainage management is essential. It will ensure you have capital in the event that a customer withholds money owed. Indirect costs … Read more
If none of the in-person options work for you, you can still submit your application by mail. We strongly suggest that you get certified copies of all your documents instead of sending originals. We also suggest you send the application and documents by certified mail so you’ll have evidence of when you filed the application … Read more
By integrating preconstruction parameters, such as bidding and cost building, contractors can quickly move a project from the prework phase into the project management and building phases. Construction software becomes a one-stop platform for everything from prices to contracts and compliance. This helps ensure that nothing slips through the cracks in the construction process. Furthermore, … Read more
It is a preventive measure and helps you represent your financial records accurately. An allowance for doubtful accounts is considered a “contra asset,” because it reduces the amount of an asset, in this case the accounts receivable. The allowance, sometimes called a bad debt reserve, represents management’s estimate of the amount of accounts receivable that … Read more
For context, most companies have scores around 31 to 50, but that can vary by industry. The layout of the calculator should look like the image below with fields for Discount Rate, Initial Investment, and cash flows by year. An NPV Calculator is an online tool designed to compute the Net Present Value (NPV). This tool … Read more
The Premium plan is enough if you only plan to track the time and attendance of your employees. QuickBooks Time is an app you and your employees can use to track time. You can view employee time data from any device, which is convenient if you have remote workers. With QuickBooks Payments, you can accept … Read more
The resulting ratio compares the contribution margin per unit to the selling price of each unit to understand the specific costs of a particular product. The overarching objective of calculating the contribution margin is to figure out how to improve operating efficiency by lowering each product’s variable costs, which collectively contributes to higher profitability. To … Read more
Dealing with financial matters can be stressful, especially for independent contractors who are not finance experts. contra asset account Outsourcing bookkeeping services alleviates this stress, allowing you to have peace of mind regarding your financial affairs. Careful bookkeeping for independent contractors is essential to keep your small business healthy or sustainably grow your business. Record … Read more
Regular reviews of your books can help you stay organized and make informed financial decisions for your business. As an independent contractor, it is important to accurately and consistently track your financial transactions. Proper bookkeeping can help you stay organized, make informed financial decisions, and prepare for tax season. Furthermore, it can provide you with … Read more