Download the Free Chart of Accounts for Construction and General Contractors
Construction and contractors are the foundation of a nation’s infrastructure (pun intended); similarly, a chart of accounts (COA) is the foundation of an excellent accounting system. As a contractor, you know the importance of having a plan or blueprint under your belt before you begin doing any work at the construction site, and the same principle applies to a chart of accounts and your company’s accounting process.
A proper accounts list enables you to account for income and expenses with extreme accuracy, and it also helps you create reports to assess your company’s financial health with ease.
Aside from the usual expense accounts, industry specific accounts that are common to contractors include business and building permits, outside labor expenses, and outside service expenses such as mobile restroom rental and catering services for employees.
Download your free construction and general contractors’ chart of accounts now!
This COA is designed specifically for your industry, tailored to account for all the services you have to offer.
Suppose, for example, you offer the following services: carpentry, drywall hanging, HVAC, plumbing, masonry, stucco, welding, remodeling, electrical work, and landscaping. Now, typically, all of these services are recorded under one project (such as building a home or office complex), so many people popularly opt to use one construction income account. However, it is possible to separate the services into smaller income accounts. That way, you can tell exactly where the money is coming from.
There are also a variety of industry-specific expense accounts, such as business and building permits, outdoor labor, and outdoor services (like a mobile restroom rental or catering services). We know that contractors need to include a lot of information with the construction records, which is why we did our best to consider all income and expense accounts.
In short, our COA covers all the bases so you can get the most out of your accounting system. That is not all, though! With the help of your customized chart of accounts, you can improve your company’s job costing abilities, too, and thus increase your profitability. You can do this on your own, or you can ensure that you maximize your accounting potential by consulting with one of our experts. Aside from help with job costing and further customization of your COA, we offer a number of services guaranteed to benefit your business.
Schedule an appointment with one of our team members so we can get you on the fast track to exceptional accounting.
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