Thu Mar 18, 2021 | | Accounting, Construction

Construction-in-Progress Accounting: What Business Owners Need to Know


Construction in Progress Accounting

Construction-in-progress (CIP) accounting is the process accountants use to keep track of the costs that relate to fixed-asset construction. Because construction projects necessitate a wide range of costs, CIP accounts keep construction assets separate from the rest of a company’s balance sheet until the project is complete.

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Wed Mar 17, 2021 | | Bookkeeping Services, Cash Management, Construction, Financial Reporting

Accounting for Construction Companies: The Basics


Accounting for Construction Companies

Construction accounting has unique challenges compared to many other types of business bookkeeping and management. 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, which is why contractors must hire professional, knowledgeable accountants to manage their finances.

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Fri Feb 5, 2021 | | Cash Management, Construction, Financial Reporting

Increase Your Commercial Construction Profit Margin Now


commercial construction profit margin

If you are in the commercial construction industry, you have probably struggled with profit margins in the past. Unfortunately, profit margin depends on several factors outside of your control, and some years tend to be more profitable than others.

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Tue Nov 3, 2020 | | Business, Cash Management, Construction, Financial Controller Services

The Work in Process Schedule: Your Construction Company Needs to Use One


work in progress schedule

Construction companies typically juggle many complex jobs at once, often with a diverse mix of vendors and stakeholders. This makes managing your financials and tracking profits and costs an ongoing challenge. Fortunately, there is a tool that helps with managing and tracking the progress of your jobs. “The WIP,” which is the work in process schedule (sometimes called the work in progress or the contracts in process schedule), helps contractors determine their profitability by job while tracking and forecasting their job costs.

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