Author: David J Hoare MSA
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Implement Job Cost Accounting in Construction
Financial success in construction is tied directly to job costing. Without job cost accounting, financial wellness is likely a product of coincidence than authority within this industry. Implementing job costing in construction is the absolute best financial control a contractor can do to ensure success. Tie cost accounting to the estimating process, and prosperity is…
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Estimating in Construction – Part IV (Concepts, Tenets, and Principles)
With estimating in construction, well developed, accurate and timely estimates are the best tool ensuring profitability in the construction industry.
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Estimating in Construction – Part III (Job Costs by Phase Evaluation Process)
Estimating in construction is prepared utilizing a similar timeline fashion as project milestones with an overall section to cover those costs that are ongoing throughout the project’s entire time frame.
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Estimating in Construction – Part II (Financial Outcomes Evaluation)
Estimating in construction is a tool to guide the construction management team towards improved profitability (an internal control system).
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Estimating in Construction – Part 1 (Introduction)
Estimating in construction is the best internal control tool to maximize profit. Estimates act similar to a dashboard of critical information.
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Legal Structures for Contractors
There are four different core legal structures a contractoror may select. Each has its own restrictions, advantages and distinct issues requiring knowledge to ensure the best selection.
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Mark-Up with Construction
To grasp the concept of mark-up, the reader must first understand some history associated with mark-up. Next, a modern approach is adopted which requires an understanding of hard and soft costs.
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Control Equals Profit in the Construction Industry (Introduction)
With construction, control equals profit. Control must exist at both the organizational and field operations level.
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Retainage in Construction – Purpose, Accounting and Law
A tool used by a developer, contractor or homeowner to keep the primary party committed to getting the project completed is called ‘retainage’.
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Construction Management Fee – What is a Good Rate to Charge?
Charging a construction management fee is one of several different construction production styles. The most common is the traditional build and sell style. Here the contractor puts up the capital to build the house and sells the house while under construction. A common term used with this style is ‘Spec’ house. Another style involves shifting…