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March 3, 2020

It’s a sad fact of the construction industry that fraud is all too common. As the owner of your own construction company, you have stay alert to whether your contractors, subcontractors or employees might be trying to rip you off. You not only have to worry about the dollars you’re losing due to fraud, but also your professional reputation. If someone commits fraud on behalf of your company, it could leave you exposed to career-ending lawsuits.

Avoiding fraud requires strong systems for ensuring...

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 15, 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...

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