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Accounting – it’s a part of the construction business that most don’t think about regularly until a billing, payment or other issue arises. Although it can be a secondary consideration to new sales, customer management or labor acquisition, it’s an essential process that provides critical management data. Financial performance, project profitability, cost control and cash flow management reports all originate from accounting. While essential for all companies, it’s especially imperative for construction companies to have robust accounting practices in place because of the nature of the industry. Multiple jobs with various labor requirements, equipment and materials all present unique accounting challenges. To help clients, prospects and others optimize accounting practices, Wilson Lewis has provided a few tips below.
Essential Construction Accounting Practices
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An effective accounting process will ensure that any construction company is ready for the financial management and reporting challenges common to industry companies. If you have questions about optimizing your accounting practices or need assistance with other tax planning or compliance, Wilson Lewis can help. For additional information call us at 770-476-1004, or click here to contact us. We look forward to speaking with you soon.
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