RedHammer Blog

Behind every successful project is a construction accountant, working diligently to ensure that the financial foundation is as strong as the physical structures being built. Their role, often behind the scenes, is crucial in maintaining financial stability despite the industry's complexities.

This guide helps construction companies navigate 1099 reporting, covering IRS mandates, vendor classification, and the use of third-party software to streamline the process. Learn how to stay compliant, manage subcontractors effectively, and avoid costly penalties.

When it comes to launching a construction project, detailed planning and organization is involved, especially when it comes to accounting. Accounting in construction projects is more complex compared to general accounting because of the distinct challenges posed by project-based work.

The construction industry faces economic challenges, including inflation, interest rates, and supply chain issues, requiring firms to adopt strategic financial planning. By managing cash flow, securing financing, and monitoring economic indicators, construction businesses can adapt to volatility and position for future growth.

A well-structured Chart of Accounts is critical for construction companies. This guide covers best practices, including categorization of costs, job costing integration, retainage, and WIP accounts. Streamline financial reporting, enhance project management, and maintain compliance with industry standards.

Avoid the 10 most common software implementation mistakes, from underestimating complexity to insufficient planning and poor change management. This guide provides practical solutions to ensure your project is completed on time, within budget, and fully utilized.

This is RedHammer's comprehensive guide to successful construction software implementation. It covers best practices, common pitfalls, and software recommendations tailored to companies of all sizes. With expert insights, this guide helps construction businesses optimize processes, ensure smooth transitions, and achieve long-term success.

Learn how to optimize your 1099 process in QuickBooks Online for construction companies. This article covers best practices in vendor setup, Chart of Accounts configuration, and leveraging the subcontractor feature, ensuring you remain compliant with IRS regulations while streamlining tax reporting processes.

Discover how to configure a construction chart of accounts in QuickBooks Online for accurate job costing, tracking retention, and managing WIP. This guide covers best practices, essential construction-specific accounts, and step-by-step instructions for setup. Simplify your construction accounting with expert tips.

Properly managing certificates of insurance is crucial for construction companies to reduce financial and legal risks. Learn how to handle general liability, auto liability, and workers' comp coverage, and keep your projects compliant and on track with these best practices.