Construction Accounting Templates

General FAQs

• What is the best Construction Accounting Software?

  According to The Balance Small Business, there are eight accounting software programs that are suitable for construction. These include Jonas Construction Software, QuickMeasure Onscreen, B2W Estimate, WinEx Master, Primavera P6 Enterprise Project Portfolio Management, Sage Estimating, Coins, and Microsoft Dynamics SL for Construction.

• What is Construction Contract Accounting?

  A construction contract accounting is a method of accounting that uses either the percentage completion (PC) method or completed contract (CC) method. The former is the most common and most appropriate to use since it is identified from the extent of the project to its completion. While in the latter, the revenues and costs are put off to a later time until the substantial completion of the contract.

• What is the Difference Between Regular Accounting and Construction Accounting?

  Although they are almost the same, they have minor distinct characteristics that to be recognized. Regular accounting is the basic financial reports for tax returns and other financial management. Construction Accounting is most commonly used in a mobile environment where you have a bookkeeping services system.

• What is Construction Cost Accounting?

  A construction cost accounting is a form of accounting that involves classification, accumulation, and assignment of construction costs of your project. Cost accounting is a crucial aspect of the construction project. 

• What are the Features of Construction Accounting?

  The features of construction accounting are the following:

  1. Multi-Company, Multi-Division
  2. Job Cost Tracking
  3. Payroll
  4. Time and Material Billing
  5. Equipment
  6. Inventory
  7. Financial Analytics and Reporting