Construction Accounting

Carpenters
Concrete Specialists
Contractors
Dry Wall
Electricians
HVAC
Masonry and Stonework
Painters
Plumbing
Roofing
Siding
Water Well Drilling

Contractors can use various types of accounting to track their income, expenses, profit centers and taxes. Your firm may use draw or progress billings. Construction accounting may also include vehicles, equipment and overhead allocation.

Income is generally tracked using the Percentage Completion Method. Income is recognized using an estimate for the overall anticipated profit for a particular contract multiplied by the estimated percent of completion. There is also the Completed Contract Method. This method does not recognize contract revenues and costs until the contract is substantially completed.

Costs fall into three categories: direct, indirect and SGA. Direct costs are labor, materials and subcontracting costs. Indirect costs include: indirect labor, supervision, tools, equipment costs, supplies, insurance and support costs. SGA is selling, general and administration costs, which are generally excluded from contract costs.

We can provide (depending on your needs):

Accounting and outsourced financial management
Audits
Bookkeeping
IRS problem resolution
Payroll
QuickBooks Accounting Support & Training
Reviews & Compilations
Staff Training
Tax Services
Sales & Use Taxes
Temporary Living Expenses

We have years of experience in working with Construction Accounting. Put our expertise to work for you by calling Carol at (704)583-9090.