For custom home builders and contractors, financial audits are crucial in ensuring transparency, accountability, and compliance with regulatory requirements. Preparing for an audit can be a complex and time-consuming process. With the right strategies and practices, you can streamline the audit experience and ensure a successful outcome. Follow these essential steps to ensure that your …
Although artificial intelligence (AI) once sounded like something from the future, it is quickly becoming a mainstay in modern businesses. From chatbots used on e-commerce sites to schedule management software, AI has worked its way into nearly every industry – including construction. Custom home builders are adopting AI technologies to streamline the construction process, improve …
Construction accounting is a specialized practice, and not just because of the dozens of transactions involved with each build. There are several accounting methods that can be used by contractors to help track income and expenses, improve cash flow, and ultimately increase profitability. Here are the top four accounting methods we recommend for our custom …
Are you accepting client deposits before every building project? If not, you should be. Typically, contractors charge 5-10% of their project cost upfront. When used correctly, deposits can protect home-building businesses from incurring additional costs themselves. The Benefits of Deposits There are two primary benefits of client deposits. First, they act as good-faith payments, so …
Wouldn’t it be great if you could get paid for every cost you incurred during a home-building project? If your answer is a resounding “YES!,†you need to start a cost-plus building model. What is cost-plus building? Unlike fixed-price building when a builder builds a house for an agreed-upon set price at the beginning of …
As millions of workers continue to quit their jobs during the “Great Resignation,” businesses across industries are feeling the strain of the current labor shortage. After having time to reconsider their priorities and career goals during the pandemic, workers have been quitting their jobs en masse over the course of the last year. Almost no …
While most people choose to build a custom home as their or ever home, the latest trends will likely influence a home buyer’s design preferences – which is why they’re worth keeping up on. From black accent walls to solar-powered appliances, here are the biggest home-building trends for 2023. Alternative Energy With environmental concerns more …
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