Despite the precariousness of the past five years or so, the construction industry has proven, as it often does, to be quite resilient. Not only has it weathered the storm of COVID-19, it found a… Read More »Unlock faster payments: A guide to construction invoicing
A chart of accounts is a window into your business’s financial standing. It’s a comprehensive list of all account numbers and names relevant to your operation. From this list (or chart) of accounts, you can… Read More »Understanding a chart of accounts in construction
Accounting is said to be the language of business, as it tells the story of how well your business is doing financially. For this reason, understanding the financial nuances of your construction projects is vital… Read More »Accounting for construction: 5 tips & best practices
AIA billing has remained a construction industry standard for over a century. They bring a reliable, organized, and standardized system, providing clear directions for contractors. However, as any contractor using this method knows, it requires… Read More »How to add sales tax to AIA billing
Continuation sheets, such as the AIA G703 form, provide key pieces of information on each item of work that general contractors and project owners use to monitor the progress of that job. At a glance,… Read More »How to fill out an AIA G703 continuation sheet
The G702 form is an AIA payment application, or billing form, used as a summary sheet of billing progress. Subcontractors will use it to request payment from a general contractor; and a general contractor will… Read More »How to fill out an AIA G702 form
Everybody looks forward to payday. It’s a time-honored agreement between employer and employee that exchanges honest work for honest pay. However, payroll is more than cutting a check to your employees every two weeks. Payroll… Read More »Construction payroll 101: A beginner’s guide for contractors
Construction accounting is unique from any other industry. It requires specialized skills and knowledge that traditional accounting rarely dips into such as work-in-progress (WIP) and retainage. The key difference, however, is that construction accounting requires… Read More »Construction accounting methods 101: Accrual, cash basis, and revenue recognition
Retainage is the practice of temporarily withholding payment from a contractor for work performed. Project owners use retainage to mitigate risk by setting aside a portion of payments (5-10%) should the contractor default or fail… Read More »What is retainage? Everything a contractor needs to know
Job costing is central to construction accounting for its ability to track and allocate all associated costs for a specific job. When done right, it’s a powerful tool for understanding job-level profitability and is key… Read More »Best job costing app integrations for QuickBooks Online