Accounting Fundamentals
Cash, accounts receivable, and equipment would be examples of these
Assets
The accounting statement that shows a company's assets, liabilities, and equity
Balance sheet
System used for invoice approval
Pvault
Procore and DocuSign would be examples of this profit pocket
Software
This method of accounting recognizes revenue and expenses as they are incurred.
Accrual method of accounting
This income statement line item is the difference between revenue and cost of sales
Gross profit
Employee that can review owner billings, aid in monthly budget update, and ensure subcontractor compliance
Project Accountant
This financial metric for qualifying subcontractors is assets minus liabilities
Net worth
Method of recognizing revenue on a long-term construction contract as it’s earned over the construction period
Percentage of Completetion
This financial statement line item will decrease when a customer pays an invoice
A/R (Accounts receivable)
Day of the week when all approved Pvault costs are synced to Sage
Friday
This profit pocket is derived from 1.5% of subcontract value on a project
Subcontractor Default Insurance (SDI)