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January 28, 2020

The project-centric nature of construction accounting makes for some unique processes that either don’t exist or don’t play a large role in other industries. One of these is the process of job costing.

Basically, job costing is used alongside the accounting general ledger (G/L) to track and report transactions specific for every individual job the contractor takes on. While the G/L is used to track financial information across the entire company, the job costing process is used on a narrower scop...

January 21, 2020

Contract retention, also occasionally referred to as contract “retainage,” is the amount of money that gets held back from (or retained) from a contractor or subcontractor during the construction process. This is a practice that is quite common within the construction industry, but not as common in other types of industries. You’ll often find construction contracts mandate a certain portion of the contract price (usually five to 10 percent) gets withheld until the project is completed. This can...

January 8, 2020

With the start of a new year, it is a convenient time to take a look at some of the financial trends that influenced the construction industry over the last year and will likely continue to do so in 2020.

Here’s a quick overview of some of these major construction accounting and finance trends you should be aware of as they continue to be influential in your industry.

Online lenders entering the industry

Online lending has really taken off in a variety of sectors over the last few years, and it has...

December 10, 2019

For many industries, 'tis the season to discuss overtime in the run up to Christmas. It is important for any company with employees to understand its responsibilities for paying overtime. This includes knowing who is and who is not eligible for overtime pay, and what eligible employees are entitled to receive.

Here’s a brief overview of what you need to know.


There are two categories of workers for under the Fair Labor Standards Act (FLSA): exempt and nonexempt. Exempt employees are not...

November 19, 2019

Most businesses will, at some point, have to take out loans to finance major purchases. It is crucial that any company performing financing put plenty of thought and planning into its financing to ensure the company does not compromise its own financial health.

Here are a few examples of some of the most common financing mistakes businesses make and what you can do to avoid them.

Borrowing more than the business can afford

This is one of the most common mistakes business owners make with their fina...

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