The new circumstances cited are redacted from the court filing, where the teams ask to be allowed to sign the charter agreement while not having to abide by the clause that releases NASCAR from antitrust violations. The teams claim that sponsors are making decisions for 2025 and they indicate sponsors want assurances the teams will … Continue reading What Is a Trust? Benefits, Types, and How It Works →

Contractors who report less in gross receipts may be able to pick other approaches based on what can provide the most benefit per contract. Fixed price method is also straightforward in that the contractor and home buyer agree on a price for the project before any work is underway. This offers advantages in construction budgeting … Continue reading How to Do Bookkeeping for Construction Companies: A Comprehensive Guide 2023 →

Construction comes with a set of unique challenges that make accounting difficult. Regularly revisit your forecasts and adjust them based on actual costs incurred as the project progresses. Construction payroll deals with complexities that other industries don’t normally have to worry about, like prevailing wage, union payroll, and multi-state-multi-city payroll requirements. In accrual accounting, you … Continue reading Introduction to Construction Accounting →

This means bills will be based on the percentage of a project that’s been completed. If you’ve completed 10% of the project in the last quarter, you’ll get 10% of the agreed funds. Check out this related article on using construction codes to help manage costs. Received a CP2100A Notice from the IRS? Time Is … Continue reading Construction Accounting 101: A Guide for Contractors →

When you enter any forecast activity, the double-entry process is completed for you, saving you time and giving you confidence in the numbers. To pay the rent, I’ve used cash, so my bank account (an asset account) is credited by £2000. With the outstanding bill paid, accounts payable account is debited by £700, reducing its … Continue reading T Account Examples Step by Step Guide to T-Accounts with Examples →

Doing so allows you to easily retrieve any document whenever you need it, save time and effort searching through paper files, and ensure that all your records are up-to-date and accurate. Using software and tools can help construction companies streamline their bookkeeping process and improve efficiency. There are many software options available that are specifically … Continue reading Construction Bookkeeping Tips to Maximize Contractor Success →

“It’s a fixed cost, it’s not like you can negotiate the fee or something like that — it just is what it is,” says Joe Nelson, a top real estate agent in Kansas City, Missouri. If you aren’t happy with the estimated value your appraiser returned, you have some options. You can order a second … Continue reading Home Appraisal: Process And Cost →

He says the best way to advance is by volunteering to work on various projects and decision-making tasks to increase your knowledge of the company and your role in its success. The contents of this book are very comprehensive and comparable to other Managerial Accounting texts I have used in the past from major publishers. … Continue reading Challenges Faced by Management Accountants in the 21st Century →

Join over 1 million businesses scanning receipts, creating expense reports, and reclaiming multiple hours every week—with Shoeboxed. Join over 1 million businesses scanning & organizing receipts, creating expense reports and more—with Shoeboxed. You can stuff your receipts into one of our Magic Envelopes (prepaid postage within the US). Use our receipt tracker + receipt scanner … Continue reading Cash Receipts Journal: Definition, Types, Pros & Cons →

Adding the two variables together, we get an overall variance of $4,800 (Unfavorable). Management should address why the actual labor price is a dollar higher than the standard and why 1,000 more hours are required for production. The same column method can also be applied to variable overhead costs. It is similar to the labor … Continue reading 8 3 Compute and Evaluate Labor Variances Principles of Accounting, Volume 2: Managerial Accounting →