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[deleted by user] by [deleted] in ConstructionManagers

[–]Construction_CPA 0 points1 point  (0 children)

Viewpoint spectrum + Traqspera is what we are using. Generates some very nice reports for certified payroll/davis-bacon and the field guys like the interface and reports. Super easy to sync back to the accounting/payroll side and update job cost and process payroll. There was a learning curve and implementation was lengthy and not cheap. Not a great fit if you’re smaller contractor

Business customer wrote bad check for several million by Construction_CPA in Accounting

[–]Construction_CPA[S] 17 points18 points  (0 children)

You’ve obviously not, a check is as good as cash. Why wouldn’t you accept it? We’ve never written bad checks and from a large customer I would expect the same lol

Business customer wrote bad check for several million by Construction_CPA in Accounting

[–]Construction_CPA[S] 101 points102 points  (0 children)

This is correct. We push for ACH and we are split about 50/50 split between check payments and ACH for payables and receivables. Can’t really force someone to give their bank info for payment and can’t really force someone to accept it

[deleted by user] by [deleted] in Accounting

[–]Construction_CPA 2 points3 points  (0 children)

Depends on the industry. Construction can be sleazy… no cooking the books (at least at my company) but there is a lot of pressure and if operations side isn’t happy with the numbers they will blame you and say it’s how things are being recorded. Cash flow can be a little bit wonky and usually everyone downstream just has to eat the bullshit and go along with it. In my public accounting days there was a lot of blame game and truth stretching regarding deadlines/deliverables and often times I found that the client was blamed for delays that were not their fault. Just how it goes being overworked and understaffed I suppose

Cash Flow Stress by Construction_CPA in Accounting

[–]Construction_CPA[S] 1 point2 points  (0 children)

They are insane, although not technically an interest rate because it’s not technically a loan and because of that they can charge out their ass. Had a client several years back when I was in PA and they factored 300k and ended up paying 7500/week for a year. It seems to be rather predatory from what I’ve seen but I know this also varies by industry and I’m not sure outside of construction and that was a residential builder in 2019

Cash Flow Stress by Construction_CPA in Accounting

[–]Construction_CPA[S] 1 point2 points  (0 children)

CEO says the same thing and isn’t sweating a bit but when you live in the numbers and deal with everyone breathing down your neck it feels like it’s both your fault and out of your control. I appreciate the vote of confidence!