Getting paid correctly and on time by customers can be a constant frustration for business owners. Communicating your terms is the best way to ensure you aren't out of pocket – or are left chasing debtors.

Investors, developers, and shrewd business people designed the most popular method - those who understand the concept of divide and conquer - it is when contractors get little or no down payment for a construction project, do all the work, including change orders, and then try to collect their money.

What often happens is that contractors hate paperwork preferring to keep everything in their heads. Then when it comes time to collect their money, they have to re-sell the job and talk their customer into parting with their money.

 

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Topics: Construction Company, Payment Collect, Payment Applications, Contractor, payment issues, Payment Terms

For most construction businesses, increasing sales during this time will be very beneficial and may provide some much-needed cash flow relief. 

 

Local search engine optimization (SEO) is an integral part of any online marketing strategy for traditional businesses which serve a specific geographical area.

 

Local SEO works in much the same way as standard SEO, although some significant differences are considered. Taking the time and trouble to optimize your website for local is essential since about a fifth of desktop queries and more than half of mobile searches have local intent. 

 

To capitalize on this fact, you'll need to make sure that your website appears in local searches. Fortunately, local SEO is somewhat more straightforward than regular SEO, which is significant because it is less competitive.

 

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Topics: Pay Applications, Systems And Processes, Contractor Operating Tips, payment issues

All construction contractors have experienced bad debt's financial pain, which is defined as a customer who refuses to pay no matter what you do.

We've been there before, and it will probably happen again in the future. Owning and operating any business, including accounting, means sometimes you provide goods and services and not get paid.

Knowing The Answers Helps

"If you know the answers, the questions will not bother you" - Randalism.

When you sat for an exam or a school test and knew the material forwards and backward, it was fast and easy. The exams and tests for the classes you struggled with were the opposite.

In your construction company, it is the same; you need the answers to develop understanding, which helps us all let go of the past and move forward.

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Topics: Pay Applications, Systems And Processes, Contractor Operating Tips, payment issues

Without proper tracking and matching of income and expenses, most construction companies never know if they made a profit until the job is over. Due to your work's nature, as construction contractors provide services on a per-job operation, issuing invoices make it all the more challenging and complicated than it has to be. The good news is that it doesn't have to stay that way. 

 

What should you include on your invoices to get paid faster? Even if you've been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.

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Topics: Payment Collect, Invoice With Smart Phone, Invoice With Tablet, QuickBooks Construction Accounting, payment issues

All construction contractors have experienced bad debt's financial pain, which is defined as a customer who refuses to pay no matter what you do.

 

I've been there before, and it will probably happen again in the future. Owning and operating any business, including accounting, means sometimes you provide goods and services and not get paid.

 

When you sat for an exam or a school test and knew the material forwards and backward, it was fast and easy. The exams and tests for the classes you struggled with were the opposite.

 

Read More

Topics: Construction Accounting, Customers, Contractor Challenges, Contractor, payment issues