Thu Mar 18, 2021 | Alan Lefkowitz | Accounting, Construction
Construction-in-progress (CIP) accounting is the process accountants use to track the costs related to fixed-asset construction. Because construction projects necessitate a wide range of prices, CIP accounts keep construction assets separate from the rest of a company’s balance sheet until the project is complete.
Read MoreWed Mar 17, 2021 | Alan Lefkowitz | Bookkeeping Services, Cash Management, Construction, Financial Reporting
Construction accounting has unique challenges compared to many other business bookkeeping and management types. Construction businesses frequently travel, incur specialized job costs for each construction project, and use unique processes to keep track of financial transactions. Unfortunately, construction accounting errors can be costly, so contractors must hire professional, knowledgeable accountants to manage their finances.
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