Companies that generate more than 50% of their business income from construction activities are required by the CRA to file T5018 slips. The slips need to be filed within six months after the fiscal year end. How do you generate and file? It is really simple if you are using cloud accounting software. In similar manner to T4's, your accounting software can also create and submit T5018's. The problem? During the course of the business year, subcontractors come and go and if yo
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Construction accounting has many moving parts, just like the job site. Monitoring multiple items accurately at one time can be a challenge. When all of these components are recorded, the financial statements will reflect a multitude of indirect costs. This makes it even more critical that construction firms implement cost-accounting methods that enable accurate tracking of their expenses to accurately project profit and loss. Three key challenges are: Cost of Goods Sold vs.