What is Net D?

Single-entry accounting is a simplified bookkeeping method where each financial transaction is recorded only once, typically as either income or an expense. Unlike double-entry accounting, which requires balancing debits and credits across multiple accounts (asset, liability, equity, etc.), single-entry accounting functions more like a detailed checkbook register. 

It’s a simple system that works well for smaller contractors with straightforward billing. But as your projects, clients, and payment terms get more complex, it can become limiting, often requiring extra spreadsheets and manual workarounds.

That’s where Siteline comes in. Built specifically for commercial subcontractors, it automates progress billing, manages custom GC requirements, and provides accurate, real-time cash tracking and reporting, helping you keep projects moving and payments on schedule. Learn more about Siteline.

A Balance Sheet, in the context of the construction industry, is an essential financial statement that provides a snapshot of a construction business's financial condition at a specific point in time. It summarizes the company’s assets, liabilities, and shareholders' equity, thus helping to reveal the financial health of the company. For instance, assets may comprise structures in progress, equipment, buildings, and land. Liabilities are what the company owes, including loans, accounts payable, and accrued expenses. The difference between the two, when subtracted, indicates the equity of the shareholders. This vital financial document is indispensable in decision-making processes involving potential investments, lending, and credit. By presenting a clear picture of the company's capabilities, the balance sheet also aids in risk-assessment and financial planning.

A request for change order (RFC) is a formal document that subcontractors submit to general contractors when they encounter work that falls outside their original contract scope. Unlike the actual change order, which is the approved contract modification, an RFC is the preliminary request that kicks off the approval process. These requests typically include details about the additional work, justification for why it's necessary, cost estimates, and timeline impacts.

RFCs are critical for protecting subcontractors from performing unbillable work, but they need to be submitted quickly when field conditions change. The challenge is that field teams often discover the need for additional work while actively working on-site, but the documentation and approval process typically happens back in the office. This disconnect can create delays that either hold up project progress or pressure subcontractors to proceed with work before getting proper approval.

Siteline streamlines this process by bridging the gap between field and back office teams, making it easier to document scope changes as they happen and convert them into well-organized requests. See how Siteline can improve your RFC process—request a personalized demo here.