We’re in the midst of a construction boom. That’s great news for trade-based businesses, such as construction companies, electricians, and plumbers, but finding the talent to match the demand during these booms can be a huge challenge for any employer.
Accrual Methods of Construction Accounting
Choosing a permissible method of accounting for tax purposes for your construction business involves classifying your contracts and business. As your construction business grows and changes, you may benefit from using a different method of accounting.
You should review the following three steps every year to ensure that you are using the right method of accounting for your construction contracts.