Construction accounting is different from standard accounting and typically requires a unique approach. Many contractors quickly outgrow the standard accounting practices and pivot to focus on the construction-specific requirements and procedures (e.g., WIP, job costing, AIA, certified payroll) necessary to stay compliant and run a profitable business at-scale.
In this webinar, John Meibers, vice president and general manager at Deltek + ComputerEase, will discuss key construction accounting areas that contractors can prioritize when beginning their transformation to ensure long-term, steady business success.
Topics will include:
- The most common construction accounting mistakes and how to proactively avoid them
- Job costing best practices to accurately predict, record and control the cost of each job
- A work-in-progress (WIP) starter guide and how to overcome initial challenges
- Improving cash flow through proper (e.g., progress, unit, time & materials) and timely billing
- Ensuring payroll tax compliance by understanding key concepts such as prevailing wages, union and certified payroll, as well as managing varying tax rates
- Effective document management strategies and how to increase communication between the field and office