Luke LoescherCEO, Account Cloud Inc · Senior Accountant at Living and Learning Enrichment Center

Why Managing Your Cash Flow is Crucial as a Home Builder

29 Mar 2023 · 1 min

Watch on YouTube

1:00

In this concise instructional video, the presenter addresses home builders and emphasizes the importance of cash‑flow management for paying subcontractors, funding business growth, and planning future projects. Four concrete actions are outlined: (1) create a cash‑flow forecast using Excel or a dedicated tool; (2) monitor cash flow regularly, with a nod to QuickBooks Online’s built‑in features; (3) accelerate invoicing and payments through progress invoicing; and (4) partner with a construction‑focused accountant. The video closes with a call‑to‑action, inviting builders to contact the accounting firm AccountCloud for assistance.

Chapters

As a home builder, managing your cash flow is critical for being able to pay your subcontractors on time, invest in your business, and plan for your future projects. So here are 4 actionable tips to better manage your cash flow. Number 1 is to create a cash flow forecast, and this can be done in Excel or in another cash flow forecasting tool of your choice. Number 2 is to monitor your cash flow on a regular basis. QuickBooks Online has some very interesting tools to help you, help you do that. Number 3 is to speed up your invoicing and payment processes by implementing progress invoicing. Number 4 is to work with a construction accountant. And as always, remember, managing your cash flow is an ongoing process. The accounting professionals at AccountCloud can help you easily manage your cash flow. So send us an email to hello@accountcloudcpa.com to get started today.