Construction Accounting
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How to Manage Construction Project Delays
Data compiled from over 500,000 construction schedules (provided by contractors and clients) showed that 85.5% of the projects were completed late. And of those projects, 59.4% were late by more than two months. It goes without saying – construction delays are almost impossible to avoid. Delays in construction projects can be caused by many factors,…
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7 Construction Industry Trends to Continue Watching in 2023 (and Beyond)
The past few years have been nothing short of interesting for the construction industry. Supply chain shortages and other issues are just a few of the challenges faced since the beginning of the pandemic. And as we approach the halfway point of 2023, several construction industry trends continue to emerge. Anticipate and adapt to these…
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9 Reasons Why Your Construction Company Should Outsource Accounting
Whether you’re a startup or an established enterprise, you may find it challenging to manage your finances and keep up with your accounting. And having a full-time, in-house accountant means there’s one more person to manage and one more person taken away from other projects. Accounting may not be the most enjoyable part of your…
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10 Construction Site Safety Tips: Keeping Your Workers Safe and Happy!
Construction sites can be hazardous places to work. When employers and their workers aren’t aware of the many risks present, it can result in serious accidents. Construction workers are at risk of serious injury and even death when it comes to ineffective safety guidelines. There are also financial implications associated with deaths and injuries like…
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10 Common Construction Accounting Mistakes
The construction industry is hectic and complex. No two jobs are the same, and few projects progress according to plan. These volatile conditions make it easy to miss something on the financial side of your business. Accounting errors can range from minor missteps to oversights so severe that they become legal issues down the road.…
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8 Challenges Facing the Construction Industry in 2023
The construction industry is one of the U.S. economy’s largest sectors. It employs roughly seven million workers and is responsible for more than $1.8 trillion in spending each year. As 2023 approaches, many construction industry professionals will be wondering what challenges and issues they will be facing over the coming year.
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The Best Construction Accounting Software Programs Heading into 2023
Accounting is a critical aspect of running a successful construction business. If you own a business in this industry, you know that accounting for construction companies is considerably different from the methods used in many other sectors. Each project varies in its scope, size, labor and materials cost, and other factors, so owners and partners…
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How to Increase Productivity in the Construction Industry
Productivity and efficiency are ongoing challenges for businesses in the construction industry. Although this sector is a driver of global economic growth, there is always room for improvement when it comes to productivity. Despite various challenges, the U.S. construction industry is projected to grow 5% over the next four years, with an estimated value of…
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The Basics of Accounting for Construction Companies
Construction is a complex and challenging industry with factors like labor and material shortages, local and state regulations, tax issues, and the overall economy impacting your company’s profitability. As the old saying goes, “every penny counts.” Having accurate construction accounting and financial management is vital. However, accounting for construction companies isn’t the same as it…