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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 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...

November 12, 2019

The purchase of construction equipment for your company represents a significant financial investment, as well as a time investment when you consider all the research and planning you need to put into the purchase. If you are uncertain about whether or not purchasing new equipment is the best option for your business, you can instead purchase used equipment to save your business some money.

Here are just a few of the primary advantages associated with buying used construction equipment rather tha...

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