Construction accounting plays an integral role in providing visibility and insight into a business’ financial health and operations. Therefore, maintaining up-to-date and accurate accounting records is essential to the success of any construction company.  To do this, it’s important to recognize that the ways that construction companies account for their income and expenses differ from other industries simply due to the nature of how construction projects work. It requires a unique approach and the right tools to produce accurate, timely financial and accounting records. In this blo ..read more

Imagine overseeing a construction project where you’re unsure about the cost of materials, labor, and other overhead costs. This is where the role of accounting in construction becomes evidently crucial to the project’s success. From tracking costs to ensuring projects stay within budget, a project cannot be successfully completed without accurate accounting data and reporting. In an industry, where cost overruns are common and cash flow can be unpredictable, understanding the nuances of accounting aspects like accounts receivable, indirect costs, and the balance sheet is essential to th ..read more

With another year closed, 2024 is stretched out before us like a blank canvas. For construction businesses, there is plenty of potential for growth and success, though they’ll likely be plagued with some of the same issues they’ve dealt with for years. Challenges like cost overruns, acquiring skilled staff, and knowing where your job costs are at have generally been expected in the last few years.  So what can the construction industry expect from 2024? Let’s take a look into what’s on the horizon in this 2024 construction outlook. In this blog: What is the Cons ..read more

What are the Construction Technology Trends of 2024? The construction industry is undergoing a significant transformation. Innovations, economic uncertainty, construction workforce shortages, and other factors have forced service and construction companies to change the way they work and deliver their projects.  In 2024, we can expect to see an increased application of technology trends in the industry. Here are some of the construction technology trends that will dominate in 2024: Additive Manufacturing 3D printing technology is becoming more accessible and affordable, allowing con ..read more

Owning a construction business comes with its own set of unique challenges, one of which is funding and supporting your business and knowing how to save money. Luckily, there are several grants and incentive programs for businesses within the construction industry. With that said, finding the grants your business is eligible to receive can be rather time-consuming and burdensome (especially because time=money). If your business is located in the US, you’re in the right spot! If your business is located in Canada,  check out our Canadian money-saving tips article. We’ve compiled the ultim ..read more

Owning or managing a construction contractor business keeps you busy around the clock. So how can you keep up with industry changes in order to stay profitable and competitive? As the construction industry evolves, so do the stats and trends and so do the ways in which you will need to pivot your business to avoid getting left behind. Today, we’re here to share 34 up-to-date contractor statistics to highlight the current state of the construction industry. Below, you will find everything you need to know about industry growth, worker demographics, and significant challenges that contractors a ..read more

As a service or construction business, you might be wondering what programs are available to help you earn some extra cash. In Canada, there are a number of great grants and incentive programs for corporations like yours. However, finding all of the funding and tax credits that you’re eligible to receive can be pretty time-consuming and cumbersome… until now! To make it easier, we’ve compiled the ultimate resource list for Canadian contractors to save more money this year and in the years to come. Use this list to reduce the amount of taxes that your business is required to pay and take advan ..read more

While service and construction management software can make work life easier and more productive for both office and field teams, finding the right software for your business may not be as simple. With so many different functionalities and options to consider, finalizing a service and construction management software will likely require a collaborative effort from your management team and staff. In service and construction management, many would consider accounting to be one of the most important aspects of a job and necessary for maintaining a profitable business. Under accounting functional ..read more

After a turbulent start to a decade that was marked by a lot of uncertainty for construction companies across the globe, where does the construction industry stand as we enter a new year in 2022?  In this article, we’re taking a look back at the important trends that shaped the construction industry in 2021 and we’re looking forward to the new trends on the horizon for 2022.  As the industry continues to evolve, construction companies are eager to take advantage of the latest trends and innovations in order to stay ahead in an increasingly competitive landscape. To help your constru ..read more

If you find it challenging to find skilled workers to fill vacancies on your job or service sites, you’re not alone. The construction industry has reported a record number of job vacancies and the most struggling subindustries are masonry, painting, and electrical work. According to StatCan, vacancies in construction increased to 62,600 in the second quarter of 2021, which is the highest it’s been since 2015. The question becomes – in an industry where labor shortage is so prevalent, how do you make things work if there’s no one to work with? Before we get into strategies you can use to manag ..read more