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Assessing Key Tax Methods for Contractors

Construction Business Owner

Assessing Key Tax Methods for Contractors ccapoccia Tue, 12/17/2024 - 14:24 C ontractors face challenges that necessitate careful consideration of accounting methods for their contracts, especially for tax purposes. The choice of tax accounting methods for contracts can significantly impact financial statements, cash flow and tax liabilities.

Cash Flow 156
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15 Tips For Starting Your Own Roof and Guttering Business

Construction Marketing

Insurance, liability, and workers’ compensation . Limited liability company (LLC) . 10) Business bank account and credit card. 10) Business bank account and credit card. A separate bank account will make management easier, and it will help protect your personal assets. 11) Accounting. Labor costs.

Insurance 295
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Common Construction Contractor Bookkeeping Issues With Accounts Payable

Contractor Bookkeeping

Accounts Payable keeps track of the bills owed to a supplier or subcontractor. A proper Construction Contractor Bookkeeping System uses the Accounts Payable feature to track unpaid bills. Again, the banker wants to know how long it takes to pay your bills.

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Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor. Retention receivable and payable is different from accounts receivable and payable. Fariba Mehdian.

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Dupont, Spinoffs Set $4B PFAS Toxic-Cleanup Liability Fund

ENR Construction

Firms' escrow account will cover 20 years of legacy liabilities from 'forever chemicals' drinking water pollution occurring before July 1, 2015

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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.

Leases 177
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Public Procurement of Construction Services

Job Order Contracting

Without out this, the vast majority of projects, approximately eighty percent or more (80%+) will continue to fail by being late, over budget, or viewed as not being satisfactorily completed by one or more parties. References: AIA (2007).