On today’s show we are talking about how to set up the accounting for a construction project. There is a right way and a wrong way to do it. But first.

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On today’s show, we’re talking about something that sounds administrative on the surface, but in reality can make or break the financial control of a construction project. That is, how you choose your budget categories.

Most people think of a budget as a list of costs. Land, permits, concrete, framing, electrical, plumbing, finishes, done. But that’s not how a construction project behaves in real life. A construction budget is not simply a cost estimate. It is a control system. It is the framework that ties together invoicing, payment applications, loan draw requests, your banking records, your accounting system, and ultimately your reporting to investors and lenders.

If you choose your budget categories intelligently, reconciling all of that can be relatively straightforward. If you choose poorly, the administrative effort multiplies. Not a little, a lot.

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Reducing Construction Accounting Complexity