The progressive loss of gross profit on a building project is known as profit fade. When profit fade occurs, the project appeared to have a higher chance of being profitable at one point, but unforeseen or unexplained costs or production may begin to surpass billings.
In construction, effective Work-In-Progress (WIP) management is crucial for financial health. This blog provides a guide to avoiding common WIP pitfalls and enhancing project profitability through accurate forecasting, documentation, and alignment between accounting and project management.
Read MoreAs construction companies grow, managing complex workflows and detailed job costing becomes essential. Intuit Enterprise Suite extends QuickBooks Online, adding advanced features like automation, multi-entity management, and project tracking to streamline operations and support scalable growth.
Read MoreStreamline your construction accounts payable with software tailored for job-specific workflows, cost codes, and vendor management. Learn about key features, integration tips, top providers, and how AP automation can enhance efficiency, reduce errors, and boost project profitability.
Read MoreA GL insurance premium audit can be complex for construction companies. This guide outlines best practices, from managing vendors and segregating job costs to preparing financial records and understanding insurance policies, ensuring you stay compliant and avoid costly penalties.
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