10 Construction Accounting Best Practices
Construction accounting is unique with many distinctive features, such as job costing and change orders. It can leave many contractors and construction companies struggling to find the right accounting methods to keep up with their different projects, decentralized work, and irregular costs.
Ten tips to simplify the construction accounting processes.
- Use Job Costing
- Consider Completed Contract Accounting for Taxes
- Use Time Tracking Software With Geofencing
- Manage Change Orders
- Leverage Accounting Software
- Choose the Right Payroll Provider
- Track Business Expenses
- Reconcile Bank and Supplier Statements
- Back-Up Records Digitally
- Improve Inventory Tracking
Accounting for construction companies comes with its challenges and requires a unique approach as well as a comprehensive understanding of all of the factors that go into the process.
Our experienced construction accounting and tax professionals can help ensure that your company will be able to maintain accurate records and have a better handle on your financial situation.