Your Source for Construction Accounting Insights

CFMA's 2024 Financial Benchmarker shows the construction industry's strong performance in 2023 despite economic challenges. Companies achieved a 10.4% revenue increase and higher profitability, with net income before taxes at 6.3%. Top firms excelled in cost management and asset use, indicating areas for improvement industry-wide.

In the fast-paced world of construction, managing finances can be especially challenging due to the complexity of long-term projects, multiple job sites, and changing contracts. Construction companies must adopt construction accounting software that complies with Generally Accepted Accounting Principles (GAAP).

Cost codes are vital for accurate job costing in construction. This guide covers their importance, how to set them up in QuickBooks Online, and best practices for improved budgeting, financial reporting, and cost control, ensuring better project outcomes.

Behind every successful project is a construction accountant, working diligently to ensure that the financial foundation is as strong as the physical structures being built. Their role, often behind the scenes, is crucial in maintaining financial stability despite the industry's complexities.

This guide helps construction companies navigate 1099 reporting, covering IRS mandates, vendor classification, and the use of third-party software to streamline the process. Learn how to stay compliant, manage subcontractors effectively, and avoid costly penalties.

When it comes to launching a construction project, detailed planning and organization is involved, especially when it comes to accounting. Accounting in construction projects is more complex compared to general accounting because of the distinct challenges posed by project-based work.

The construction industry faces economic challenges, including inflation, interest rates, and supply chain issues, requiring firms to adopt strategic financial planning. By managing cash flow, securing financing, and monitoring economic indicators, construction businesses can adapt to volatility and position for future growth.

A well-structured Chart of Accounts (COA) is critical for construction companies. This guide covers best practices, including categorization of costs, job costing integration, retainage, and WIP accounts. Streamline financial reporting, enhance project management, and maintain compliance with industry standards.

Avoid the 10 most common software implementation mistakes, from underestimating complexity to insufficient planning and poor change management. This guide provides practical solutions to ensure your project is completed on time, within budget, and fully utilized.

This is RedHammer's comprehensive guide to successful construction software implementation. It covers best practices, common pitfalls, and software recommendations tailored to companies of all sizes. With expert insights, this guide helps construction businesses optimize processes, ensure smooth transitions, and achieve long-term success.