The Basics of Construction Accounting

When a contractor has decided it’s time to make the transition from standard accounting methods and tools to construction-specific accounting methods and tools, it’s best to start by reviewing the fundamentals of construction accounting and what role it will play in the contractor’s business. When a contractor conceptually understands the basics of construction accounting it accelerates the contractor’s ability to build upon that knowledge effectively.

In this session, you will learn:

• The construction company structure and what key partners to include 
• The basics of debits and credits 
• The different types of accounting and revenue recognition methods
• An overview of job costing and why it should function as the center of your business
• What key financial reports are critical to your financial success