Contractors are facing constant challenges in today’s economic climate. In addition to planning, environmental challenges and regulatory demands, there’s must to consider.
One area often overlooked, yet especially necessary, is having accurate, timely financials for your construction organization. We commonly receive questions on construction accounting across the industry and we can not overstate the critical importance of your financial records.
Having timely, detailed financials can help you make critical business decisions, model financial scenarios and know what’s going on in your organization.
To help answer those questions and give construction entities an understanding of the importance of accounting, we’ve developed a guide on common issues in construction accounting.
The guide covers key accounting items, including:
This guide assumes you are accounting for contracts using generally accepted accounting principles in the United States of America (U.S. GAAP) and recognizing income using the percentage of completion method (and QuickBooks).
While we provide you as much information as possible, please know that accounting and bookkeeping can be complex and confusing, even for the most skilled of professionals.
If you have any questions, or need additional guidance, reach out to a member of our construction team.
Complete the form below and you’ll receive immediate access to our guide for construction accounting for your organization. You will also receive an email with it attached so you can save it for later reference.
As you work through these changes and updates, don’t hesitate to reach out with questions.
See what more we can bring to organizations just like yours.Construction & Real Estate