What Are Recurring Expenses? Recurring expenses are foreseeable costs that help you run your business smoothly. They come due on a monthly or yearly basis. Identifying such expenses is necessary to create a budget plan and ensure you have sufficient funds to perform your financial obligations. Suppose you own a marketing agency in downtown Chicago,… Continue reading Recurring Expenses Defined: How They Differ from Non-Recurring Expenses

What is a Disputed Invoice? The term “disputed invoice” refers to an invoice with which the client has taken issue. For example, a consumer can complain about the service or product’s description, price, invoice total, payment conditions, etc. This disagreement of invoice dispute must be settled as soon as possible, and much will rely on… Continue reading What is a Dispute Invoice? Causes, Types, and Examples

What is Expense Control? Expenses can grow out of hand easily creating havoc if budgeting is not done properly. Expense control can save your business from such situations. It is the process of making changes to the spending of your business. For the best outcomes, many businesses follow a comprehensive financial planning strategy. By putting… Continue reading Everything you Need to Know to Control Expenses of your Business

What is a Construction Profit Margin? Many factors affect your average profit margin and other benefits when working in the building industry. Your profits are what is left over after deducting the amount you were paid, your overhead, and the “hard expenditures” of the project. The “hard costs” include direct costs like labor, materials, and… Continue reading Top Strategies for Boosting Construction Profit Margin

Key Takeaways:  Estimates and quotes aren’t the same. An estimate gives a rough idea of the cost, while a quote provides a fixed price that cannot be changed once agreed upon. Use an estimate early on when you’re still figuring things out with a client. It’s flexible and not legally binding. Use a quote when… Continue reading Quote vs Estimate: How They Differ & When to Use Them

Key Takeaways Businesses have a clear understanding of the project scope and financial requirements through estimation. Estimates are helpful in resource allocation before starting the project. Business professionals can plan a budget and ensure efficient cash flow management through an accurate estimate. Estimates provide cost approximations, whereas quotes represent constant prices that are agreed upon… Continue reading Is an Estimate Legally Binding?

What is Project Estimation? It’s the practice of user experience and current information to estimate how long it will take and how much money and materials will be required to finish a project. Scope, timelines, project cost, and potential hazards are the standard components of every project estimate. An estimate is a rough calculation of… Continue reading What is Project Estimation? Importance of Project Estimation

Why is Estimation Important in Project Management? The cost estimators are used to analyze inventory data, draw inferences about manufacturing costs, and specify whether cost-cutting technologies may be employed to optimize the production process. A company may also build well-informed foresight for better decision-making in the future with the use of reliable cost data. For… Continue reading Why is Estimating Important For Businesses: A Complete Guide

What is an Outstanding Invoice? An outstanding invoice is an unpaid invoice that is sent to a client and has not been paid yet. It is past due the moment you send the invoice to the client. The payment conditions determine how long an invoice is past due. Payment conditions specify when the client must… Continue reading What are Outstanding Invoices and How to Get Paid on Time?