Bookkeeping

How to Do Accounting for Your Construction Business 8 Steps

Forming solid construction accounting processes is absolutely critical if you want to grow your contracting business. The problem is, construction accounting is entirely different from accounting in other industries. From long term contracts and historically slow pay cycles to balancing costs in dynamic and unpredictable site conditions, there are a ton of factors that make financial management much more difficult. If you want to succeed, you can’t approach construction accounting from a conventional perspective. The Ultimate Guide To Construction Bookkeeping Time [...]

Unearned revenue definition, explanation, journal entries, examples

Accurate accounting for unearned revenue ensures financial statements accurately reflect a company’s financial Accounting For Architects position and performance. You should report any deferred revenue as a current liability on your company’s balance sheet, knowing that prepayment terms are typically for 12 months or less. Unearned fees are initially recognized as liabilities on the balance sheet, representing obligations to deliver future goods or services. Steps To Recognize Prepaid Revenue: In the entry above, we removed $6,000 from the $30,000 liability. Deferred [...]

How to Comply When Paid Sick Leave Laws Vary by State SPARK Blog

Attendance policies should be written and communicated to employees in ways that ensure the information is understandable and easily accessible. If employees violate the policies despite being notified, it’s important to track the infractions and the disciplinary actions taken to the extent applicable. Absence management policies vary based on the industry, the jurisdiction and individual business needs. Q: Do we have to provide paid leave to employees if they miss work due to COVID-19? A PTO tracker can help improve workforce [...]