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.
Read MoreFri Feb 5, 2021 | Alan Lefkowitz | Cash Management, Construction, Financial Reporting
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 your control, and some years tend to be more profitable than others.
Read MoreTue Nov 3, 2020 | Alan Lefkowitz | Business, Cash Management, Construction, Financial Controller Services
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 monitoring 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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