By Tammy Hoang, QuickBooks ProAdvisor | Construction Cost Accounting | (949) 889-3283 Disclaimer: Construction Cost Accounting is a bookkeeping firm, not a CPA firm or law firm. The information in this post reflects general bookkeeping practices used in the construction industry and is intended for informational purposes only. It does not constitute accounting, tax, or legal advice. Readers should consult a licensed CPA or attorney for guidance specific to their situation. Th

By Tammy Hoang, QuickBooks ProAdvisor | Construction Cost Accounting | (949) 889-3283 Bookkeeping for construction companies is not the same as bookkeeping for a retail store, a law firm, or a marketing agency. The construction industry has accounting requirements that simply do not exist in other businesses — job costing that tracks every dollar to a specific project and cost code, WIP schedules that calculate overbilling and underbilling across every active job, retainage a

By Tammy Hoang, QuickBooks ProAdvisor | Construction Cost Accounting | (949) 889-3283 Disclaimer: Construction Cost Accounting is a bookkeeping firm, not a CPA firm or law firm. The information in this post reflects general bookkeeping practices used in the construction industry and is intended for informational purposes only. It does not constitute accounting, tax, or legal advice. Readers should consult a licensed CPA or attorney for guidance specific to their situation. As

By Tammy Hoang, QuickBooks ProAdvisor | Construction Cost Accounting | calendly.com/tammycca/30min Every month, construction business owners receive a set of financial statements from their bookkeeper or accountant. Most of them look at two numbers — revenue and net income — and move on. The rest of the report sits unread. This is one of the most expensive habits in construction accounting, because the numbers that actually tell you whether your business is healthy are not th

By Tammy Hoang, QuickBooks ProAdvisor | Construction Cost Accounting | calendly.com/tammycca/30min Most construction contractors know what a loss looks like when it shows up at year-end — a job that ran over budget, margins that disappeared, a number their CPA presents in April that nobody saw coming. What most contractors do not know is that under GAAP, that loss should have been on the books the moment it became evident — not months later when the damage was done. This is t