In Construction accounting it is necessary to analyze performance on other levels instead of just from the Financial Accounting perspective. Regular accounting is customer based, but construction is based on THE JOB. And the job is measured by its COSTS.
Chances are, your construction business hires subcontractors, rather than employees, to perform some of the work. What’s the difference, and why should you care? Turns out the IRS cares – a LOT!! So how can you protect your money-saving use of subcontractors?
Submitted by Bryan Eto, CPA BeachFleischman It’s a family affair!? Customer relationships with general contractors or owners who give your firm regular work can be like family relationships. One specialty […]
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. It’s a fairly educated guess to believe that Section 179 will continue to shrink or disappear in the near future.
Version 12.1 contains some significant changes to the data structure which were further enhanced in version 13.1, and Sage recommends that customers bypass 12.1 and upgrade directly to 13.1.
Once you have identified the reason for your profit starting to sink, you can make adjustments. Be sure to track these adjustments so (a) you know if your actions are effective, and (b) for historical value in future construction project estimating.
Automated workflows for contractor accounting software can help your company attain a more competitive position.
Is your current construction accounting software solution growing in parallel with your company? Perhaps it has the capabilities to expand as you grow, but you are not utilizing it to its full potential.
How to access prior years’ (2 + years) financial statements and transactions after closing the current year in Sage 300 CRE (formerly Timberline).