Remove Accounting Remove Banking Remove Construction Remove Inventory
article thumbnail

The Impact of ASC 842 – The New Lease Standard Is Here

Construction Business Owner

It is time for contractors to get serious about the new accounting lease standard. 02 ASC 842 Leases, the new lease accounting standard issued by the Financial Accounting Standards Board (FASB). The prior accounting standard (ASC 840) only required capital leases to be included on the balance sheet. Accounting & Finance.

Leases 177
article thumbnail

Types of Capital for Construction Businesses

Levelset

Construction companies need capital to get off the ground, stay in business, and keep growing. The term capital is used across industries to represent all of a company’s financial assets, including cash, inventory, equipment, and more. Construction companies need a solid understanding of capital to run a successful business. .

Debt 97
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Construction Accounting And Baseball Looks Easy From The Bleachers

Contractor Bookkeeping

What sport do you relate your accounting to? Purchase Orders / Sales Orders / Inventory / Class Tracking / Enabled Online Features / except Payroll and Merchant Services (those cost money) / Sync’d with Estimating Software – And QuickBooks advertisements make it is easy and quick too! Setting Up QuickBooks – DIY Setup.

article thumbnail

Contractors Online Accounting With QuickBooks Desktop Version

Contractor Bookkeeping

Online bookkeeping has several advantages: 24/7 Access to your accounting data. You do not own your accounting information which means as long as you are in their good graces you are O.K. 02 Qualified Accounting firm To Act As Liaison. If You Have Tried QuickBooks Online And Are Not Satisfied Perhaps We Can Help.

article thumbnail

QuickBooks Year End Closing Tips For All QuickBooks Users

Contractor Bookkeeping

Several years ago the accounting departments of smaller construction companies with less than $10M in annual sales had to slog through dozens of mind numbing General Journal Entries in order to "Close The Books". There are still a few things the accounting department needs to do. Review Personal Bank Statements - Business.

article thumbnail

QuickBooks Checklist For Your Construction Company Tax Preparation

Contractor Bookkeeping

Your Tax Bill Is Based - On reports produced from your accounting system. QuickBooks Year End Closing Tips For Your Construction Company. There are still a few things the accounting department needs to do. Review Personal Bank Statements - Business. Review Business Bank Statements – Personal. Invoice Unbilled Work.

article thumbnail

Three Unique Marginal Costs Grow Construction Profitability

Contractor Bookkeeping

Construction Company. High profit construction company owner''s focus on both and understand it "Takes Money To Make Money". 1 Get Rid Of Paperwork - All it does is slow your down and the more construction projects you win the more paperwork you will have to deal with. Three Simple Yet Powerful Action Steps You.