Accounting & CFO Services for COntractors | Tandem CPA

Tracks and reports the costs incurred for each construction project. Cost accounting helps construction firms monitor and control their costs, measure their profitability, and manage their cash flow. Involves identifying, allocating, and reporting direct and indirect costs, such as materials, labor, equipment, overhead, and subcontractors, for each project.

Requests or instructions to modify the original contract terms, scope, or specifications of a construction project. Change orders may arise due to unforeseen circumstances, design errors, client preferences, or regulatory requirements. Change orders affect the cost, time, and quality of a project, and require proper documentation, approval, and communication among the parties involved.

Billing clients for the work completed or the milestones achieved in a construction project. Progress billing helps construction firms improve their cash flow and reduce their credit risk, as they do not have to wait until the end of the project to receive payment. We help clients monitor the progress and performance of the project, and avoid paying for incomplete or defective work.

  Construction accounting software helps construction firms track and manage their cash flow, contracts, change orders, lien waivers, and retainage. An outsourced accountant can help construction firms select, implement, and maintain the best construction accounting software for their needs, as well as provide training and support for their staff.