Long-term productive assets (also known as non-current assets or fixed assets) are purchased to be kept and used in business for a long period of time. They are capital assets and are purchased to maintain or enhance the production or trading capabilities of the entity. Examples of such assets include plant and machinery, equipment, tools, […]
This is best for contractors who want The Role of Construction Bookkeeping in Improving Business Efficiency clients to have access to cost data and project management oversight. When it comes to financials, the software offers bid management, change orders and purchase orders (POs). You can invoice clients and make payments directly from the app and […]
We’ll help keep track of profitability for every project, and we’ll ensure that you’re monthly financial statements are always ready for lenders, auditors or other oversight. Compliance with tax regulations is a critical concern when it comes to contractor payments. The landscape of tax laws is constantly changing, and failure to comply can result in […]
Insurance Expense, Wages Expense, Advertising Expense, Interest Expense are expenses matched with the period of time in the heading of the income statement. Under the accrual basis of accounting, the matching is NOT based on the date that the expenses are paid. Fees earned from providing services and the amounts of merchandise sold. Ensuring Financial […]
This involves continuous training, evaluating new software releases, and adapting to evolving industry standards. Real estate transactions are multifaceted, with each transaction having its nuances. Ensuring accurate financial data amidst these complexities is a challenge. Real estate professionals must be adept at navigating these intricacies to ensure financial transparency. Real estate accounting delves deep into […]
To prevent overspending, they ensure that the money designated for a project are utilized effectively. A balance sheet is an overview of a company’s finances, including assets, liabilities, and equity. A monthly balance sheet is crucial for a construction business to keep track of its financial health, and a balance sheet produced at the end […]