What’s So Different About Accounting for Contractors?
As we all know, having an accounting system is a vital piece of any successful business. An accounting system provides an automated and easy way to track how much money you are making vs. how much money you are spending. Creating proper accounts in your accounting system to track your businesses Assets, Liabilities, Equity, Income, Cost of Goods Sold and Expenses will allow you to see an overall picture of your company's worth or value from a financial standpoint - not only for yourself but also when you apply for a loan or have to be bonded.A construction company, like any other company, has numerous responsibilities - to their employees, customers, vendors, subcontractors, investors and even the government.This is where the similarities end!The construction industry has some very specific accounting…