The Value of Cost Accounting

The positive attributes of cost accounting are described and explored in various articles and case studies.

Implement Cost Accounting in Construction – Document Flow System

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 for use in cost accounting. The next step after creating a document flow system is learning how to sort and process the documents that come into the office. 

Completed Contract Method of Accounting in the Construction Industry

Completed Contract Method

The completed contract method of accounting recognizes revenue and the associated costs once the project is complete. This is one of the two popular accounting methods used in the construction industry. For residential contractors, the completed contract method may have a slight tax advantage by deferring revenue recognition but is generally not considered the best method of accounting in the construction industry. 

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