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Stock impact report

4 tips to help construction managers streamline accounting [CNBC]

Procore Technologies, Inc. (PCOR) 
Company Research Source: CNBC
If you're committed to overcoming cash flow constraints, you may want to take a tip from your contractor. Cash flow issues are a major problem in construction, an industry known for tight margins and long payment timelines. “Sometimes an invoice will fall right before the end of the year, and that customer will say, ‘We're not going to pay you until January,' just so they look more profitable on their end-of-year accounts,” said electrician Dylan Pierce, co-founder of Fifty Five Electric in Boise, Idaho. It's not unusual for it to take 60 to 90 days before you receive a payout from a project, Pierce adds. That unpredictability can push any small business to its limits. So, how can construction companies keep financial uncertainty to a minimum? Here are four strategies: 1. Start with an accurate estimate Construction companies operate under extremely tight margins and must anticipate direct and indirect costs for every project. Many are just a few inaccurate estimates away f Show less Read more
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