Articles Tagged - contractors

Contractor Billings: Management, Strategy, & Effects on the Financial Statements

By Wiss, Posted in Construction

By Jeremy Higginson Updated 7/30/2019. In the construction world, management is key. It takes a tenured project manager to have a successful and profitable job, so when it comes to the billing department, take a strategic approach. Contractor billing breakdown Now some may be asking, “Why does billing matter? Don’t contractors earn revenue regardless of how much they bill?” And that is true - Generally Accepted Accounting Principles (GAAP) state that to be accurate, the best way for... read more.

3 Areas Contractors Should Focus on to be Successful in 2019

By Wiss, Posted in Construction

By Timothy Kennedy As we formally say good bye to 2018, we enter a new year that brings lots of promise. In order to seize the opportunities that will be presented to you in 2019, consider solidifying your approach to the following areas of your business: Accounting software A robust accounting software that is customized for your needs is a must in 2019. Contractors have unique needs that need to be addressed in order to have an accurate financial picture. Some of the items that you should consider when... read more.

Holy Matrimony: Contractors and New Jersey Sales Tax

By Wiss, Posted in State & Local Tax Services

By Tim Kennedy Not all work performed on a property is created equal in the eyes of the tax collector. Some improvements fall into the realm of capital improvement, while others are considered repairs, and still others are maintenance services. Because New Jersey sales tax rules differ based on the type of work performed, it is important to understand the classifications to avoid paying too much or too little in taxes. Here’s what you need to know. What work is exempt from sales tax? For owners of... read more.

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