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How to do Construction Accounting: 5 Easy Steps : EasyBooks Small Business Bookkeeping App Try For Free!

Implement robust cash flow forecasting and management practices to ensure your business remains financially healthy. Regular account reconciliation helps catch errors, prevent fraud, and ensure accurate financial reporting. For long-term projects, consider using the percentage-of-completion method for revenue recognition. Manage your construction bookkeeping effectively Construction companies must factor this in when determining upfront payments or expenses. The length of construction […]

Track purchase commitments using user-defined books

As stated in ASC , take-or-pay contracts require a purchaser (or in our case a “producer”) to make specified minimum payments even if it does not take delivery of the contracted services. In contrast, although Chesapeake (as producer) is exposed to rate volatility, our contracts do not require us to make fixed or minimum payments. By creating a user-defined journal […]

Days sales outstanding DSO: How to calculate DSO 2024

However, ensure that the cost of the collection process doesn’t outweigh the value of the debt. Finally, firms could offer incentives for early payment, such as early payment discounts. By creating incentives, customers are more likely to prioritize your payment, thereby improving your DSO. 💹 Latest Articles: You should calculate days sales outstanding to get deeper insight into opportunities to improve […]