Payless Taxes LLC | Accounting and Tax Blog

🚧 Project Delays Happen — But They Don’t Have to Wreck Your Budget In commercial construction, delays are inevitable. Weather, labor shortages, permit issues, material backorders—there’s no shortage of ways a timeline can slip. But while some delays are unavoidable, what is preventable is the financial damage they can cause. And the secret weapon?👉 Smart construction accounting. With the right cost-tracking and accounting systems in place, you can spot problems… Read More

If you’ve ever wrapped up a project wondering, “Where did all the profit” go?”—you’re not alone. Many commercial construction companies rely on traditional accounting methods that show overall income and expenses—but leave them guessing about project-level performance. That’s where job costing comes in. In this post, we’ll break down the differences between traditional accounting and job costing and explain why job costing is essential if you want real financial control… Read More

Commercial contractors face numerous challenges that can keep them up at night, from cash flow worries to project delays. Modern accounting solutions—like QuickBooks, Sage 100 Contractor, Procore Financials, and other construction-specific software—can directly tackle these concerns. By automating financial tasks and providing real-time insights, these tools help contractors make informed decisions and stay competitive. Below is a breakdown of ten key business concerns for contractors and how accounting solutions, practical… Read More

In construction, estimates, budgets, and work-in-progress (WIP) reporting serve distinct but interconnected purposes in managing financials and project performance. Here’s a breakdown of their benefits: 1. Estimates An estimate is a forecast of the expected costs of a project, typically created before work begins. Benefits of Estimates: 2. Budgets A budget is a financial plan that allocates resources based on the estimate but is refined as the project progresses. Benefits… Read More

Managing long-term construction projects comes with its own set of financial challenges. Builders need clear, detailed reports to track progress, ensure profitability, and manage cash flow efficiently. These reports provide the financial transparency required for better decision-making and strategic planning. Here are five essential accounting reports that every builder working on long-term contracts should rely on: 1. Job Cost Report A job cost report provides a comprehensive breakdown of all… Read More

1. 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑺𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕 𝑨𝒄𝒄𝒖𝒓𝒂𝒄𝒚 𝒂𝒏𝒅 𝑷𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒐𝒏 Sureties rely on accurate, transparent, and consistent financial statements to evaluate a contractor’s financial health. The key elements include: 👷🏾Work-in-Progress (WIP) Reporting 2. 𝐉𝐨𝐛 𝐂𝐨𝐬𝐭𝐢𝐧𝐠 𝐚𝐧𝐝 𝐂𝐨𝐬𝐭 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 A robust job costing system is critical for accurate financial reporting and cost control: 👷🏾Detailed Cost Tracking 3. 𝐑𝐞𝐭𝐚𝐢𝐧𝐚𝐠𝐞 𝐚𝐧𝐝 𝐂𝐚𝐬𝐡 𝐅𝐥𝐨𝐰 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 👷🏾 Retainage is the percentage of progress payments withheld until project completion, impacting… Read More