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Accounting & Finance

Construction Business Best Practices Series, Step 4: Financial Systems and Controls

Written by George Hedley

Editor's Note: This article is the fourth in a series of twelve to lead you toward entrepreneurial excellence by our regular contributor George Hedley, owner of Hedley Construction and Hardhat Presentations. To read part three, click here. To read part five, click here.

As your construction business grows, you get to the point where you can't do it all yourself. You really don't like paperwork, accounting or bookkeeping. But you have to pay your bills, balance your checkbook and collect your receivables to keep your doors open.

Tags: 2006 April Issue , accounting , financial , George Hedley

Written by John M. Donovan

Imagine a situation in which a piece of equipment unexpectedly breaks down, and to make it worse, imagine it happening right at the end of your most productive season. Now you're looking at a repair bill at the most inconvenient time when your cash flow is tightest. If your bank is flexible enough to help with that situation, consider yourself lucky. But when you have a revolving credit account, luck has nothing to do with it.

Tags: 2006 April Issue , accounting , financial

Written by Russell F. Agosta

The road you take to work, the school your children attend and the police and fire stations that protect the subdivision in which you live each very likely have at least one thing in common: surety bonds. Surety bonds provide the public with the security that the contractors working on construction projects in their community will complete the work and that the local laborers and suppliers will be paid. They are mandated by law to be used on public works projects, and owners may often use surety bonds on privately-owned construction projects, too.

Tags: 2006 April Issue , accounting , economy , financial , safety

Written by Laura Walter

In any economy, smart business owners look for ways to ensure that their businesses are running at peak efficiency. This has been even more evident in the past few years, as many companies have placed an increased importance on controlling costs, as well as enhancing their company's brand image.

Tags: 2006 February Issue , accounting , financial