Maximizing Tax Savings: How Section 179 Benefits Construction Businesses

What Is Section 179? Overview of Section 179 in the IRS Tax Code Section 179 of the IRS tax code is a powerful tool that allows businesses to deduct the full purchase price of qualifying equipment or software purchased or financed during the tax year. Rather than spreading the cost of investment over several years […]

How to Track Subcontractors in QuickBooks Online: A Complete Guide for Construction Businesses

In the construction industry, managing subcontractors efficiently is critical to staying on budget, maintaining compliance, and ensuring accurate job costing. With multiple vendors, varying payment schedules, and specific tax requirements, it’s essential to track subcontractor activity carefully. QuickBooks Online (QBO) offers a powerful platform tailored to streamline construction accounting—from 1099 reporting to project tracking and […]

How to Do Project Accounting in QuickBooks Online: A Complete Guide for Contractors and Service Businesses

Introduction to Project Accounting in QuickBooks Online What Is Project Accounting? Project accounting is a specialized branch of financial management that focuses on tracking income and expenses associated with individual client jobs or projects. It enables businesses to monitor profitability and ensure cost control on a per-project basis. For construction firms, architects, engineering consultants, and […]

How to Calculate Work In Process (WIP) in QuickBooks Online for Construction Accounting

How to Calculate Work In Process (WIP) in QuickBooks Online for Construction Accounting Introduction Work In Process (WIP) is a cornerstone of accurate construction accounting. It refers to the value of work completed on a job but not yet billed to the customer. For contractors, maintaining updated and correct WIP schedules helps forecast revenue, manage […]