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Construction

Accounting practices for construction businesses including job costing, WIP schedules, and retainage

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11 минути четене

Ню Йорк обезсилва строителния задържан процент над 5%: Ръководство за изпълнителите по Закона за своевременното плащане

Изменението на Закона за своевременното плащане в Ню Йорк обезсилва клаузи в частни строителни договори, които задържат повече от 5%, изисква освобождаване на задържания процент в рамките на 30 дни след окончателното одобрение и добавя 1% месечна лихва върху забавени суми — ето как изпълнителите трябва да коригират договорите си, да осчетоводяват задържания процент като договорен актив съгласно ASC 606 и да проведат 30-дневно приключване.

Mike Thrift

constructionsmall-businesscash-flow
12 минути четене

Construction WIP Schedules: How Percentage-of-Completion Accounting Exposes Overbilling and Underbilling

A work-in-progress (WIP) schedule ties revenue to actual completion using the cost-to-cost percentage-of-completion method, exposing overbilling and underbilling before hidden losses reach year-end financials. Includes worked examples, a four-project sample schedule, and the signals bonding companies underwrite.

Mike Thrift

constructionjob-costingrevenue-recognition
7 минути четене

California and New York Cap Construction Retainage at 5%: What Contractors Should Do for 2026

California's SB 61 caps private-project retention at 5% for contracts signed on or after January 1, 2026, and New York's S5655 voids any retainage clause above 5% on covered private contracts of $150,000+ as of December 19, 2025. Here's what changed, the carve-outs, and how contractors should track retainage receivable in their books.

Mike Thrift

constructioncash-flowcontracts
7 минути четене

Spec Home Builder Bookkeeping: WIP Schedules, Percentage of Completion, and Why Profitable Builders Run Out of Cash

A monthly work-in-progress (WIP) schedule turns four numbers per job — contract price, estimated cost, costs to date, and billings to date — into an early warning for overbilling and underbilling, the cash-flow gaps that sink profitable builders. Spec builders also differ from contract builders on revenue recognition, since homes held as inventory typically use the completed contract method under the IRC Section 460 home construction exemption.

Mike Thrift

constructionjob-costingbookkeeping
9 минути четене

Environmental Remediation Contractor Bookkeeping: Job Costing When a State Cleanup Fund Pays the Bill

How environmental remediation contractors should structure job costing when a state UST cleanup fund — not the property owner — is the real payer. Covers the five remediation phases as cost codes, ASC 606 collectibility with fund caps and deductibles, tracking 6-to-8-week reimbursement aging separately from ordinary AR, and the documentation that survives a fund audit.

Mike Thrift

bookkeepingsmall-businessconstruction
14 минути четене

Davis-Bacon Certified Payroll in 2026: A Practical Compliance Guide for Federal and IRA-Funded Construction Contractors

A working contractor's guide to Davis-Bacon compliance in 2026, covering the redesigned WH-347 certified payroll form, fringe benefit annualization, apprenticeship ratios measured daily, the 2023 final rule and 2024 truck-driver injunction, and how the Inflation Reduction Act's five-times tax credit multiplier ties prevailing wage compliance to clean-energy projects.

Mike Thrift

constructionpayrollcompliance
14 минути четене

OSHA's Proposed Heat Standard: A HIIPP Compliance Playbook for Construction, Restaurant, and Warehouse Employers

OSHA's proposed federal heat rule sets 80°F and 90°F triggers requiring water, shade, paid breaks, acclimatization, and a written HIIPP. Five state plans — California (Cal/OSHA 3395 and 3396), Washington, Oregon, Nevada, and Maryland — already enforce binding heat illness standards. Here's the compliance playbook construction, restaurant, warehouse, and delivery employers can build today under the General Duty Clause.

Mike Thrift

complianceconstructionrestaurant
12 минути четене

Residential Roofing and Storm Restoration Bookkeeping: A Practical Guide for Re-Roof Crews and Insurance-Claim Specialists

How residential roofers and storm restoration contractors should handle ASC 606 variable consideration, Section 460 elections, supplemental claim revenue, customer deductibles under state law, OSHA fall protection costs, and the KPIs (squares per crew-day, gross margin by channel) that separate profitable shops from busy ones.

Mike Thrift

bookkeepingconstructionjob-costing
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