Many SMEs still rely on traditional accounting methods, which are often designed for retail businesses or service industries. This isn't just an oversight it's a financial misstep that can significantly undermine your business. When your multi-million dollar, multi-year projects are treated the same as selling a simple product, you're opening yourself up to hidden losses, tax issues, and even lost bonding capacity. The truth is simple: Construction accounting is not just an e

Accounting is one of the most important parts of business management and administration. In the construction industry, contractors face...

Cash vs. Accrual? This essential guide helps contractors choose the right accounting method to accurately track profitability, manage cash flow, and secure bonding.

Whether you’re using QuickBooks Desktop or QuickBooks Online, managing bad debts is crucial to maintaining accurate financial records. In...

it is essential for you to write off the uncollectible invoices.

Construction projects always require a large number of funding sources, including costs related to office space, equipment, materials

This is the most used and helpful report for contractors. By showing both estimate and actual cost and estimate and actual revenue, this rep

It can be said that accounting is a necessary part of every business to ensure the financial matters of the company.

For construction businesses, it's even a huge difficulty. Therefore, we will suggest books related to construction accounting to help you.

An Expense is a rent, phone bills, website hosting fees, office supplies, accountant fees, trash service, janitorial fees, etc.

Let's talk payments. Do you prioritize timely payments? The secret lies in timely invoicing. Especially for those in the Construction...

In the construction industry, financial transparency is crucial for decision-making, business planning, and attracting investors. Two of the most important financial statements that construction companies rely on are the Balance Sheet  and the Profit & Loss (P&L) Account . These two financial documents are fundamental in understanding the financial position and performance of a company. This article will clarify their differences, roles in construction financial reporting, an