A larger company likely incurs a wider variety of debts while a smaller business has fewer liabilities. What is a liability for one party is an asset for the other – and vice versa. If a company has to pay an invoice to its supplier, this invoice is a liability for the company but an...

Financial reports, such as profit and loss statements and job costing summaries, provide insights into project health. Consistently generating these reports allows contractors to make informed financial decisions and adjust project strategies if needed. Costs including materials, labor, equipment, and subcontracts are listed on the income statement. Construction businesses record their revenues based on the...