Phase Accounting | Business Economics - A Library of Information

Bookkeeping – Phase Costing (Lesson 73)

10/29/2017 David J Hoare

Phase costing takes accounting to the next level. Phase accounting (costing and accounting are interchangeable at this level of detail) can only be used with job costing. It is designed to break a job down […]

Project Reports – Introduction

06/09/2015 David J Hoare

There are basically three groups of financial based project reports. Each set has its own priorities and purposes. Project reports are a function of production reporting with the exception of the balance sheet set (commonly […]

Construction Accounting Terminology

05/15/2015 David J Hoare

In construction accounting accountants and bookkeepers use certain terms and there are distinct meanings associated with these terms. This article is designed to introduce beginner accountants and contractors to these terms from the perspective of […]

Progress Billings in Construction

04/27/2015 David J Hoare

Just like a tip of an iceberg, a progress billing for a construction project is an invoice for a small part of the overall contract value. It needs to be recorded correctly and presented to […]

Project Accounting Principles for Residential Contractors

04/04/2015 David J Hoare

Almost every residential contractor I had as a client had no clue of their financial position as it related to any one of their residential contracts. None of them knew whether the project was fully […]

Use Phase Accounting in Construction – Part III (Walls & Flooring)

12/13/2014 David J Hoare

The primary goal of phase accounting is to break out the construction costs into distinct groups in order to assist management in identifying issues related to cost overruns or profitability. This is a function of […]

Using QuickBooks in Construction Accounting

06/08/2013 David J Hoare

Over the last 17 years I have become a fan of QuickBooks over other accounting software. Having been involved in construction accounting, I have set up over 9 different construction clients on this software. Overall it […]

Implement Cost Accounting in Construction – Processing Documents

03/12/2013 David J Hoare

In construction there is little respect for processing paperwork. Contractors want to build projects, not deal with how paper is managed. But to gain a true understanding of what it costs to build a project […]

Implement Cost Accounting in Construction – Document Flow System

02/26/2013 David J Hoare

This is the second article in a series of articles walking the small business contractor step by step in implementing cost accounting in construction. This article focuses on designing and developing a document flow system […]

Implement Cost Accounting in Construction – File Structure

02/25/2013 David J Hoare

To take the small construction company to the next level of financial success, you must implement cost accounting. This article is one in a series designed to illustrate how you implement cost accounting in a […]