December is here, and as the year draws to a close, it’s the perfect time to reflect on your business’s achievements and areas that may need improvement. One crucial aspect that often gets overlooked but can make a significant impact on your operations is data management. At Home Builders Financial Partners, we understand the value …
Cash flow is the lifeblood of any business, and for Home Builders Financial Partners, we understand just how crucial it is for your success. We recognize that managing cash flow can often be a source of stress, especially when dealing with capital calls and ensuring timely payments to subcontractors and vendors. In this blog, we …
As a construction-specific bookkeeping company, it’s important to have a strong grasp on budget cost analyzation. This process involves analyzing a construction project’s budget to determine where money is being spent and where cost savings can be found. By doing so, you can help your clients save money, increase their profits, and ensure that their …
Our payment system is not just about providing clear deadlines for draw requests and payments for vendors, it goes beyond that. We understand that managing subcontractor payments can be a daunting task for any business owner, that’s why we have designed a system that would take the burden off your shoulders. Here’s how our payment …
Between balancing multiple budgets and timelines, accounting for various payment types and salary schedules, and managing overhead costs, contractors and custom home builders face a unique set of financial challenges – which can come with unique pitfalls. By understanding and addressing these pitfalls proactively, construction industry professionals can attain financial stability and achieve long-term growth. …
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 …
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