There’s a new revenue standard in town. Taking effect is Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, which introduces the new “five-step model.” See what that means for you.
While construction accounting and bookkeeping draws on many basic accounting principles, it has several important and distinct features. Dive in with an overview of the fundamental differences and examples, along with bonus learning resources.
In construction, we sometimes throw around a lot of words, acronyms and alphabet soup. Find out what we've been talking about the whole time as you jump around on our Definitive Construction Accounting Glossary, and zoom in on related articles to learn even more.
You may have heard of work-in-progress reports or been asked to help provide information for them. So what's the big deal with WIP, and why does the field need to get involved? Plus, see a sample WIP report!
You’ll sometimes hear that QuickBooks can’t do job costing. And that’s not quite true. QuickBooks Online offers a few ways to pull project reporting that can be similar to a job costing system.
Whether you recognize revenue with the cash method or the accrual method is all about knowing how much cash you have and when — plus how much the IRS gets!
QuickBooks® is among the best accounting systems for smaller companies, and for contractors just starting out, it’s a great place to begin toward an organized accounting system. While it isn’t designed for construction, it’s made to work for a wide range of businesses.
How do you allocate construction overhead? There are numerous methods contractors can choose from. Learn about using the rate of direct job costs, weighted proportions and more in an easy, high-level overview.
Learn how you can perform an AIA progress billing application, looking at an example with FOUNDATION construction accounting software.
Cash flow reporting takes contractors beyond financial statements to look at the company-wide and job-level cash health. Find out why and how.