Guide to construction payments

How do construction companies and contractors manage cash flow? Getting your cash flow dialed in is essential to keep your construction business running smoothly. In this video, construction business owner Nick Schiffer breaks down exactly how he handles getting paid: deposits up front, progress billing throughout large projects, and mobile payments on-site. 👉 What you’ll learn in this video: - Why cash flow is the #1 challenge for contractors and small businesses - How to protect your business with upfront deposits - What progress billing (progress invoicing) is and why it’s essential for long-term projects - How to accept digital payments securely (credit cards, bank payments, mobile wallets) - The pros and cons of using digital payments in construction - How mobile payments help builders and service businesses get paid on the job site - Why QuickBooks Payments makes billing, deposits, and invoicing seamless - How progress billing keeps projects on schedule financially and operationally Nick Schiffer is a lifelong builder and owner of NS Builders, a construction business based in Boston. He's used QuickBooks for years to organize finances. Follow along for business tips from Nick and his experience with QuickBooks Payments. 0:00 Intro: Why cash flow matters in construction 0:40 Common cash flow problems for builders and construction businesses 1:13 Digital and mobile payments in construction 2:24 Accept mobile payments in the field 3:16 Get paid as you work - progress invoicing 3:59 Progress billing explained and handling large projects with progress invoicing 4:29 QuickBooks makes project billing easy 4:51 Deposits up front: why they’re non-negotiable 5:18 Avoiding cash flow problems with automation 5:52 Wrap-up & recommendations The world’s largest workforce works for themselves. We work for them by providing smarter business tools. QuickBooks is always backing you. Visit https://quickbooks.intuit.com/ca/ #QuickBooks Subscribe to our YouTube channel: https://bit.ly/2ygdjUw Follow us on Facebook: https://www.facebook.com/IntuitQuickBooksCanada Follow us on Twitter: https://twitter.com/QuickBooksCA Follow us on Instagram: https://www.instagram.com/quickbooksca/