Construction Industry Insights
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10 Common Construction Accounting Mistakes
Because construction projects are complex, accounting errors can be costly. The most common mistakes include inaccurate overhead allocation, poor cost estimation, and cash flow mismanagement. To avoid these pitfalls, use the right software and outsource to a construction accounting professional.
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8 Challenges Facing the Construction Industry in 2023
Challenges persist for the construction industry post-2020. Key issues include labor shortages, supply chain issues, rising inflation, crime risks, and technology adoption. These challenges impact your bottom line, but with the right accounting partner, you can face any financial struggle head-on.
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The Best Construction Accounting Software Programs Heading into 2023
A wealth of specialized accounting software is available for construction firms to manage projects and finances. Sage is a feature-rich platform for larger companies with complex projects, while QuickBooks might be all you need to manage the financial demands of a small business
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How to Increase Productivity in the Construction Industry
There’s always room for improvement in the construction industry. To increase productivity, use sophisticated planning tools, prioritize clear communication, set realistic goals, and outsource administrative tasks like financial management to construction accounting professionals.
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The Basics of Accounting for Construction Companies
Construction accounting differs from traditional accounting due to industry challenges like project-based contracts and irregular costs. It also involves things like job costing and payroll. A construction-specific accounting firm knows these complexities and can help you manage your finances.