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Category: Contractor Chronicles

Construction Accounting

Get a Better Handle on Your Financial Situation with these 4 Tips for Construction Accounting

Standard accounting has rules and regulations for businesses in every industry. Some industries, like construction, need a more tailored system to understand their business’s financial picture. In addition to accounts receivable, accounts payable, and payroll, contractors must consider job costing, change orders, progress billings, and customer deposits. Construction accounting offers more in-depth options for tracking, […]

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IRS Increases Mileage Rates Reimbursements for Second Half of 2022

The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for business and certain other purposes become effective July 1, 2022, and will remain in place […]

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Accounting for Joint Ventures: What’s Involved When Working With Multiple Construction Firms

Construction companies regularly pursue joint ventures to win larger contracts and manage bigger projects. In an economic downturn, they can be a useful option for companies that need additional resources and capital, want to share the risk, complement their workforce, or increase their bonding capacity. But accounting for a joint venture can be tricky, as […]

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Informed Project Forecasting Can Take the Sting Out of Inflation

Record levels of inflation are weighing on the construction industry when contractors are already feeling the squeeze from labor and supply shortages. According to Associated General Contractors analysis, contractors are seeing staggering increases in construction inflation. The Producer Price Index for inputs to new non-residential construction — a weighted average of the goods and services […]

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Is Inflation Impacting How You Analyze Your Financial Statements?

As a business owner, your company’s financial statements play a significant role in monitoring your company’s performance and financial standing. However, the information presented in financial statements is susceptible to distortion when certain economic factors come into play — notably inflation. The cumulative impact of a global pandemic, labor shortages, and supply chain disruptions have […]

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