Essential Financial Statements in Construction Bookkeeping

Construction is complicated - with safety issues needing to be prioritized, complicated and longterm jobs, economic changes, and unpredictable challenges along the way. But your bookkeeping doesn’t have to be complicated. The best thing to do is outsource to experts. Do what you do best and outsource the rest.

Here are the essential reports you will need for construction bookkeeping:

• Job estimates vs. actuals report: records change orders and original estimates for a project

• Balance sheet: provides a summary of a business’s financial position

• Statement of cash flows: reports cash a business received and paid 

• Accounts receivable aging report: keeps track of outstanding invoices

• Accounts payable aging: keeps track of a business’s outstanding bills

• Job cost statement: full report of all the costs for a single job

• Job profitability statement: details the link for a job during a specific period

• Income statement: calculates the net income of a business

• Earned value statement: compares the work a business planned to the amount of work it actually did 

• Payment application: documentation that contractors use to request and track payment

• Work in progress report: section of the balance sheet that reveals if a business is underbilling or overbilling for a job

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