topic

Accounting

Accounting insights for construction firms—job costing, financial reporting, cash flow and bookkeeping strategies to keep contractors profitable.

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    What Do Auditors Look For?

    As a business owner, you are concerned about numerous issues not limited to maximization of profits, employees, succession planning, business risks, customers, partners and that large bid you and your estimator just submitted.
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    The Pros and Cons of Leasing vs Financing

    Compare the benefits of leasing to the benefits of financing.
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    How Should I Allocate Overhead Costs?

    Should you take the extra step and allocate all overhead costs?
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    Find a Payroll Company That Fits Your Needs

    Fred Ode answers your construction accounting and finance questions.
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    Construction Business Best Practices Series, Step 4: Financial Systems and Controls

    As your construction business grows, you get to the point where you can’t do it all yourself.
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    Get Your Construction Business to Work Part 4: Boost Your Bottom Line

    Use these construction business tools to boost your bottom line in any economy. Take the time to implement them, and you will make more money.
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    November 2007: Straight Answers to Tough Questions

    Straight Answers to Tough Questions
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    Construction Accounting: A Solid Foundation for Your Business

    Many business owners view accounting as nothing more than an administrative headache. But good construction accounting systems and practices are powerful tools for managing your business. Accurate and timely construction financial reports can help you monitor your performance, control costs, improve profitability and manage cash flow. This is important for any business, but it’s particularly critical in the construction industry, which, by its nature, is subject to a great deal of uncertainty. Good accounting practices provide a snapshot of where each project stands at any given time, allowing management to detect problems and make necessary adjustments before it is too late. Construction Accounting 101 Construction accounting is distinct from other types of accounting because of the long-term nature of many construction contracts. Revenue recognition is…
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    Focusing on Gross Revenues Instead of Net Income Can Be Hazardous to a Contractor’s Health

    Why the bottom line matters more than the top line
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    Setting Up Retirement Plans

    Implementing a 401(k) plan into your construction company can pay off’ at tax time and hiring time.
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    Prepare for Your Construction Business Year-End

    Learn how to prepare your construction business for the end of the year.
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    How to Obtain Surety Bonds: What You Need to Know about Surety Bonding

    Federal, state and local governments require surety bonds in order to manage risk on construction projects and protect taxpayer dollars. However, surety bonds are not limited to public construction. Many private project owners stipulate bonding requirements on their projects, and prime contractors may require subcontractors to obtain bonds. In today’s competitive construction environment, a contractor’s ability to obtain surety bonds has a significant effect on that contractor’s ability to acquire work. What is a Surety Bond? A surety bond is a three-party agreement in which the surety assures the project owner (obligee) that the contractor (principal) will perform a contract in accordance with the contract documents. When a contractor requires its subcontractors to obtain bonds, the contractor is the obligee and the subcontractor is the…
    Read More →: How to Obtain Surety Bonds: What You Need to Know about Surety Bonding

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