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construction bookkeeping Archives - PVM Accounting

construction bookkeeping

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Financial Statements: Types and How to Interpret Them

What Are Financial Statements? Financial statements are formal records that document a company’s financial activities. They serve as crucial tools for assessing a company’s financial health and performance. These statements are often subjected to audits by government agencies and professional accountants to ensure accuracy, compliance, and transparency. Financial statements are essential for various purposes, including […]

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project budget

Crafting a Project Budget (Including Templates)

Understanding Project Budgets A project budget encapsulates the anticipated expenses required to execute a project within a specified timeframe. It serves as an estimation tool for forecasting the expenditures across each phase of the project. Developing a project budget constitutes a pivotal aspect of project planning. Comprising elements such as labor expenses, material acquisitions, and

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aia invoicing

AIA Invoicing in Construction

This guide explores AIA invoicing, a standardized method commonly used in commercial construction projects across the United States. What is AIA Invoicing? AIA invoicing is based on the AIA Document G702 Application for Payment and its companion G703 Continuation Sheet. These forms provide a structured approach to invoicing for construction projects. While originally introduced by

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Labor Expense

Understanding Labor Expenses: Definition and Significance

Understanding Labor Expenses: Definition and Importance The labor expense refers to the total expenditure incurred by a company on its workforce, encompassing wages, employee benefits, and payroll taxes. It is a crucial component of overall operational costs and is typically divided into direct and indirect expenses. Direct labor costs pertain to wages paid to employees

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Understanding Your Cash Flow: A Simple Explanation with Examples

What Does a Cash Flow Statement (CFS) Mean? A cash flow statement (CFS) keeps tabs on cash coming in and going out, offering a glimpse into a company’s financial well-being and how smoothly it runs its operations. It assesses how effectively a company handles its cash reserves, which entails its ability to generate cash for

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Cost of Goods Sold (COGS) Explained: Calculation Methods

What Does Cost Of Goods Sold Mean? Cost of Goods Sold (COGS) represents the direct expenses associated with manufacturing the items sold by a company. This comprises the costs of materials and labor directly employed in the production process, excluding indirect costs like distribution and sales team expenses. It is often interchangeably referred to as

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outsourced bookkeeping services

How to Get Outsourced Bookkeeping Services

Starting a business, managing purchases, logging sales—it’s all part of the entrepreneurial journey. But when it comes to recording every transaction, the task can seem overwhelming. Don’t fret! Outsourcing your bookkeeping responsibilities means you can leave the tracking to the professionals, giving you peace of mind and more time to focus on growing your business.

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Mastering Construction

Expert Construction Bookkeeping Insights & Tips

In the construction industry, efficient bookkeeping is essential for accurate financial reporting and management. Managing finances and tracking expenses can be challenging, and that’s why having a well-designed construction accounting system is crucial. Our team of experts has compiled valuable tips and insights to help streamline your construction bookkeeping practices and improve financial management. In

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construction bookkeeping

10 Construction Bookkeeping Strategies

Unlocking Financial Excellence through PVM Accounting’s construction bookkeeping Expertise   In the ever-evolving realm of construction, PVM Accounting recognizes the distinctiveness of each business. Tailoring our construction bookkeeping expertise to meet the unique demands of the industry, we proudly introduce our specialized construction bookkeeping services, available in two comprehensive plans: the Standard Plan and the

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