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Accounting

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

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    External Liquidity Strategies

    In the first installment of this series on liquidity strategies, we explored the merits of “internal” approaches which typically consist of selling to family, senior managers or to the tax-advantaged Employee Stock Ownership Plan (ESOP).
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    The ABCs of Accurate Bidding

    Being able to accurately bid on construction jobs is one of the most critical skills you must have so your business will not only survive but thrive.
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    Exit Strategies Using ESOPs

    Successful entrepreneurs know that it takes time and planning to maximize the value of their companies’ stock when they are ready to move on.
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    How Contractors Can Prepare for Financial Challenges

    Conduct an honest business assessment, and take these steps to prepare for unexpected financial challenges.
    Read More →: How Contractors Can Prepare for Financial Challenges
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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.
    Read More →: The Pros and Cons of Leasing vs Financing
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    How Should I Allocate Overhead Costs?

    Should you take the extra step and allocate all overhead costs?
    Read More →: How Should I Allocate Overhead Costs?
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    Find a Payroll Company That Fits Your Needs

    Fred Ode answers your construction accounting and finance questions.
    Read More →: Find a Payroll Company That Fits Your Needs
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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.
    Read More →: Construction Business Best Practices Series, Step 4: Financial Systems and Controls
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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.
    Read More →: Get Your Construction Business to Work Part 4: Boost Your Bottom Line
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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…
    Read More →: Construction Accounting: A Solid Foundation for Your Business

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