What is the Percentage of Completion Method?

What is the Percentage of Completion Method?

The percentage of completion method calculates the ongoing recognition of revenue and expenses related to longer-term projects determined by the proportion of work completed. By using this method, a company can recognize any gains or losses related to a project during...
Best Practices for Construction Payroll

Best Practices for Construction Payroll

Payroll will always be one of the top priorities for any company. After all, its management directly impacts the relationships with its employees and the quality of work. Unfortunately, construction payroll is one of the most unique and complex payrolls due to the...
Lien Waiver vs. Lien Release

Lien Waiver vs. Lien Release

It is valuable for those in the construction industry to understand the lien process, especially since securing your lien rights can protect payments on private construction projects. Unfortunately, the lien process can involve several forms, documents, and notices....
What is the Percentage of Completion Method?

Job Costing and Payroll

No matter what business you are in, making a profit is likely one of your overriding goals. Even small businesses utilize a basic accounting ledger to record income, expenses, assets, and liabilities. However, for more complex companies, job costing is a unique...
Common Reports in Construction Accounting

Common Reports in Construction Accounting

Construction accounting is more complex than regular business accounting. In addition to traditional accounting activities like accounts payable, accounts receivable, and payroll transactions, additional actions are also required like retention, job costing, change...
Construction Spending is Projected to Increase in 2022

Construction Spending is Projected to Increase in 2022

The second half of 2020 and the beginning of 2021 was a phenomenal time for residential construction. As renters sought to shift from renter to owner, the demand for new housing grew exponentially. However, now that the housing market has started to return to normal...
Construction Industry Trends: 2022 Edition

Construction Industry Trends: 2022 Edition

According to most experts, 2022 is projected to be a time of tremendous growth for the construction industry. While GlobalData has calculated what they believe will be a 3.2% growth for the sector worldwide, one of the slowest growth markers in over a decade, the...
Data Analytics For Construction Finance

Data Analytics For Construction Finance

Construction finance experts must constantly overcome unexpected challenges due to the abnormal complexity of the clients and markets that they provide services to. At any given time, a job site could be suspended, or short-term setbacks could create labor...