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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.

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Xero Accounting Online Setup Errors Fixed Fast And Easy!

Contractor Bookkeeping

Did You Have Trouble Setting Up Xero Accounting Online? You are not alone, it is an accounting program built to satisfy the needs of accountants with an attempt to make it easy for non-accountants. Xero Accounting Online Setup is not as complicated as QuickBooks setup projects. Set up your Chart of Accounts.

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Bookkeeper Vs. Accountant Vs. C.P.A. For Your Construction Company

Contractor Bookkeeping

Each Branch Of Accounting serves a different function similar to how it works in construction. Three Accounting Skillsets = Three Types Of People. Bookkeepers are the lowest paid and the least skilled accounting specialist. Accountants are the next highest paid accounting specialist. Most C.P.A. Most C.P.A.

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Construction Bookkeeping Unique Features

Contractor Bookkeeping

All Accounting Uses The Accounting Equation. Bank Balance - Un-cleared Checks) = Cash. Regular Bookkeeping - Is roughly 80% of all accounting for businesses in the world. Construction Bookkeeping - Is roughly 15% of all accounting and Accounting with manufacturing making up roughly 5%. Regular Bookkeeping.

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Unique QuickBooks Setup For Contractors

Contractor Bookkeeping

QuickBooks Premier Accountant 2000 And Up. If your QuickBooks setup was done by a QuickBooks Expert in construction accounting and maintained correctly you are riding high and living well! The Chart of Accounts is the foundation and if your Chart of Accounts is not setup right you will not have anywhere to put the transactions.

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Contractor's Secretary Does Everything Including Bookkeeping!

Contractor Bookkeeping

Some Contractors Hire Part Time Secretaries to do everything including construction bookkeeping and then wonder why their company debts keep growing and crushing them. Twelve General Office Duties: Be the receptionist. Fill out every new form that arrives in the office. Enter bank deposits. Make coffee. Answer the phone.

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Unique Contractor Investment Can Exceed 100% Return

Contractor Bookkeeping

As Contractors Move Away From Gut-level Decisions - And begin relying on their accounting systems to provide useful financial and job costing reports the open a treasure chest busting at the seams with useful knowledge which can lead them to earning massive profits and by extension increase their personal wealth exponentially. What you say?