Closing the Year-End Books in a Construction Company: A Detailed Guide to Preparing Accurate Financials for Your Business Tax Return
The year-end close for a construction company is more complex than for most other industries. Unlike standard businesses that record revenue at the point of sale, construction firms must navigate percentage-of-completion accounting, retainage, job costing, subcontractor compliance, multi-state tax exposure, bonding and WIP reporting, and equipment-heavy operations. Because of these unique challenges, closing the books in the construction industry requires a disciplined, multi
Year-End Accounting Close: A Comprehensive Guide to Preparing Your Business for Tax Reporting and Year-End Compliance
The year-end accounting close is one of the most important financial events for any business—especially for companies operating in industries with complex revenue cycles, subcontractor relationships, job costing, or seasonal fluctuations. A clean and accurate year-end close ensures tax returns can be filed correctly, lenders and bonding companies receive reliable financial statements, and owners have clear data for planning the upcoming year. This post provides a detailed, st