This section will cover the fundamentals of bookkeeping for construction companies, including accounting methods, chart of accounts, and job costing essentials. Many small business owners begin by tracking transactions through an Excel spreadsheet. Yet, as the...
The ASC 606 applies to construction companies because of the nature of their revenue. There are other aspects of construction accounting that make it unique from general accounting, as well. This accounting method is praised because it gives a more accurate picture of...
This is a form of accounting that uses the construction contract as the basis of the accounting – which is to say, revenues are projected based on the likely costs. Your contracts should include clauses to allow for variations, and these should state clearly what the...
Regardless of the option you choose for your bookkeeping needs, it is useful to understand the process involved in construction bookkeeping. Regarding accounting, Safe 300 breaks tasks down into assignments and work orders. It also retains information about POs, time...
There are many software options available that are specifically designed for construction companies, such as QuickBooks for Contractors, Foundation Software, and Sage 100 Contractor. Construction companies can use cash flow statements to track their cash inflows and...