Billings in excess of costs is a financial accounting of project billings that are greater than the actual revenue earned from work performed on the job. This is a technique done by many contractors to cover costs during the course of a project. It also refers to the practice of sending an invoice to a client prior to the completion of a project. To help offset an inflated picture of revenue from overbilling, billings in excess of costs are recorded on a company balance sheet as a liability until the work for those billings is complete.
As construction companies grow, managing complex workflows and detailed job costing becomes essential. Intuit Enterprise Suite extends QuickBooks Online, adding advanced features like automation, multi-entity management, and project tracking to streamline operations and support scalable growth.
Read MoreStreamline your construction accounts payable with software tailored for job-specific workflows, cost codes, and vendor management. Learn about key features, integration tips, top providers, and how AP automation can enhance efficiency, reduce errors, and boost project profitability.
Read MoreA GL insurance premium audit can be complex for construction companies. This guide outlines best practices, from managing vendors and segregating job costs to preparing financial records and understanding insurance policies, ensuring you stay compliant and avoid costly penalties.
Read MoreThe Construction Company Accountant plays a vital role in overseeing the financial health of construction projects, ensuring that costs are accounted for and reported accurately. They are key partners in ensuring that construction projects not only stay on track but also deliver on financial goals.
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