BST8, BST10 & BST11 ERP Support ASC 606 Compliance
As an AEC firm, your company needs to record and recognize revenue from various contracts. The good news is that both BST8 and BST10 were designed to support the implementation of and be compliant with ASC 606 (known as revenue from contracts with customers). ASC 606 is the revenue recognition standard that affects all entities…
Read More4 Ways to Advance Your Billing Process
One of the most critical processes for any successful business is billing. To advance your own AEC firm’s billing processes, it’s important to understand four key ways that can help. The Billing Process Getting your billing to run efficiently, is an important step in optimizing your firm’s cash collection. But if you have a poor billing…
Read MoreInvoicing 101: How to Improve Your Invoice Process
The foundation of a successful billing process? Your invoices. Learning how to improve your invoices? Simple. The Invoice Problem Invoicing has the potential to make or break your AEC firm’s billing process. Why? Because if your invoices aren’t right, it means more work. More work going back and forth with your client to resolve a…
Read MoreDSO & DPO: What’s the Difference?
Analyzing Days Sales Outstanding (DSO) and Days Payable Outstanding (DPO) can improve one very important financial metric for your AEC firm: cashflow. While DSO and DPO address different areas, the information derived from each is equally important. But before I get into those formulas and how the resulting values impact your firm’s cashflow, let’s do…
Read MoreThe Importance of Working Capital for Your AEC Firm
Properly managing your working capital is necessary to ensure your architecture, engineering, and environmental consulting (AEC) firm is able to cover current obligations, improve operational efficiency, and invest in the future growth of your business. What It Is At a high level, working capital is an important financial metric that helps AEC firms assess their…
Read MoreThe Top 3 Concepts Every AEC Accounting Manager Should Know
Without an Accounting Manager’s ability to manage and communicate the health of the business, stakeholders cannot make well-informed decisions. In understanding these three concepts, it will help shape the foundation you need for that communication. Having gotten to this point in your accounting career, I believe it’s safe to say you’re already familiar with the…
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