Creating an invoice for the entire project seems like it is the simplest way to track payments and have the current balance. The harsh reality is that if all of the work is NOT done, accounts receivable is reflecting a balance due that is NOT REAL. Without proper tracking and matching of income and expenses, most construction companies never know if they made a profit until the job is over.
However, due to your work’s nature, as construction contractors provide services on a per-job operation, issuing invoices make it all the more challenging and difficult than it has to be. The good news is that it doesn't have to stay that way. Consider the following invoicing errors contractors make and take actionable steps on how to avert them.Read More