Tag: Bad Debt
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Common Pitfalls in Construction Project Accounting
Contractors can take on a job after decent planning and enthusiasm, only to wonder what happened when they see a tiny profit or worse at the end of the project. Sometimes the reasons are elusive, but several of them show up in the post mortem time and time again. Below are some issues not immediately obvious…
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Why Customers Don’t Pay and What To Do When It Happens
However, the best thing you can possibly do about the threat posed by non-paying customers is to prevent a non-payment situation from happening in the first place. And how do you do that? Through a collaboration-first mindset complemented by proactive communication using the tools specially created to help ensure that construction companies get paid the money they’ve earned.…
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You Know What Is Expensive? Bad Debt
To illustrate how tight margins make bad debt even more expensive, we have actual data on bad debt losses from 7 new zlien customers. Each of these customers signed up with us in 2017, and each of them had recently written off a bad debt from a non-paying customer before they signed with us. We’re not…
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The Construction Office Manager’s End of the Year Checklist
With the end of the year fast approaching, there’s no better time to review and reflect on how your business did over the last 12 months, and to make preparations for the coming year. Since the holidays are about to begin, it’s time to start making your reports, checking your books twice, and finding out…
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5 Things You Can Do TODAY to Put an End to Your Construction Payment Problems
When you’re in the construction business, getting paid can be tough a tough task. How often do you send out past-due invoices to your customers? What about demand letters? Have you ever had to hire an attorney to resolve a payment issue, only to end up spending more in legal fees than the uncollected payment itself? And…