Construction Accounting Blog

Construction business owners are great at building things, but reading financial statements doesn’t always come as naturally. Unfortunately, if you’re not reviewing the right construction financial reports every month, you could be losing money without even knowing it.  The good news is you don’t need to be a CPA to

Your accountant hands you this month’s Construction WIP report (Work in Progress). You glance at the columns of numbers, nod knowingly, and file it away. Sound familiar?  Here’s the problem: that WIP report construction teams rely on isn’t just another financial document gathering dust. It’s your early warning system for projects that

How to Avoid Costly Prevailing Wage Mistakes  If you are a contractor who wants to bid on federal or state-funded construction projects, you need to understand prevailing wage construction requirements. It’s essential for your business’s success and compliance. Learning about these regulations and managing the tracking and reporting required can be

Your crew just finished a project in Tennessee and they’re heading to Virginia tomorrow. Great for business, but your bookkeeper just realized you need to register with Virginia’s tax agency, figure out their prevailing wage requirements, and determine which state’s unemployment insurance applies. Welcome to multi-state payroll compliance for contractors.  

If you run a small or medium construction company, you’ve probably heard: “Just use QuickBooks. It works for contractors.” When you’re starting out, QuickBooks handles basic bookkeeping. But here’s what nobody tells you: as your business grows, that “good enough” solution starts costing you money.  Construction accounting isn’t like accounting for a retail store or services business. You’re tracking job costs across multiple active projects, managing