Complete Guide to Construction Accounting: What You Need to Know
Construction accounting is a specialized financial framework tailored for the unique demands of the construction industry. It involves detailed job costing, progress billing, and revenue recognition methods such as the Percentage of Completion and Completed Contract. Keeping track of work-in-progress (WIP) ensures accurate profit evaluation, while milestone-based billing helps manage cash flow and contracts. By adopting these practices, contractors can maintain financial clarity, stay compliant, and improve project profitability.
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