Category Archives for Business

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Construction LLC, C-corp, S-corp, or Partnership?

Quick NavigationSole Ownership:​Partnership:Corporate Entity:Advantages to a Construction LLC, S-Corp or C-CorpSeparation of personal and business assetsTax AdvantagesCreation of a sellable asset The appearance of Credibility and ProfessionalismCorporate Structures for ContractorsSmall Business Corporation (S-Corp)Corporation (C-Corp)Limited Liability Company (LLC)$100,000 LLC Employee/Worker Bond$1 Million Liability Insurance MinimumPersonnel of RecordQualifying Individual$1 Million Personal Liability during Secretary of State SuspensionLiability Insurance […]

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Two construction workers looking at plans on a job site. Construction accounting is a critical aspect of the long term health of a company

Construction Accounting Basics

Quick Navigation Construction Accounting BasicsBalance SheetIncome Statement:Cash Flow StatementWhat makes Accounting for Contractors different?SalesCost of GoodsReceiving PaymentsOverhead ExpensesBreaking evenConstruction Accounting MethodsThe Cash Method:The Accrual Method:Completed Contract MethodPercentage of Completion MethodAdvantages and Disadvantages to each methodWhen should a Contractor hire a Bookkeeper?The role of an Accountant in your Construction BusinessConstruction Accounting Software Accounting is a process […]

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