Accounting Built for Construction Businesses
Holdbacks, progress billings, work-in-progress and T5018s — construction accounting is its own discipline. We handle the numbers behind the build so cash flow and costing never catch you out.
Construction businesses rarely fail for lack of work — they fail on cash flow and costing. Between holdbacks that tie up part of every invoice, progress billings that lag the work, work-in-progress that has to be measured, and subcontractor reporting the CRA cross-checks, the accounting behind a construction company is genuinely more complex than most small businesses. EverStone works with BC builders, trades and sub-trades to keep the job costing accurate, the cash flow visible, and the tax and compliance handled — entirely online.
What we handle for construction businesses
- Job costing so you know the margin on every project, not just the year
- Work-in-progress and percentage-of-completion accounting
- Holdback tracking — both receivable and payable
- T5018 subcontractor reporting, filed correctly and on time
- Equipment purchases, financing and capital cost allowance (CCA)
- GST and BC PST on construction, plus progress-billing cash-flow forecasting
The numbers that decide whether a build is profitable
A busy construction company can still run out of cash. These are the areas where the accounting either protects your margin or quietly erodes it.
Cash flow vs. profit on projects
A profitable job can still starve you of cash if holdbacks and slow progress billings tie up your money. We forecast project cash flow so a healthy backlog never turns into an empty bank account mid-build.
Holdbacks — on both sides
BC builders typically hold back a portion of what they owe subcontractors, and have the same held back on them. Tracking holdback receivable and payable correctly keeps your books — and your GST — accurate, and makes sure you actually collect what’s owed at the end.
Work-in-progress & percentage of completion
Long jobs that span a year-end have to recognize revenue and cost as the work progresses, not just when you invoice. Getting WIP right is what makes your financial statements — and your tax — reflect reality instead of lumpy billing.
T5018 subcontractor reporting
If you pay subcontractors, you likely owe the CRA a T5018 information return, and the CRA cross-matches every slip. We build the tracking into your books so reporting is a non-event, not a year-end scramble.
Equipment: buy, finance or lease
Trucks, tools and heavy equipment are big-ticket decisions with real tax consequences through capital cost allowance and financing. We help you time and structure purchases so the deductions land when they help most.
One main contractor? Watch PSB risk
Sub-trades who incorporate and work almost exclusively for one general contractor can drift into personal-services-business territory, which strips away the small-business rate. We assess and manage that risk before it costs you.
Working with EverStone, start to finish
Free consult & job review
We look at how you bid, bill and pay subs, and where cash gets stuck — then quote a fixed fee before any work begins.
We set up job costing & tracking
We get your books, WIP, holdbacks and T5018 tracking in order so every project’s margin and your cash position are clear.
We keep it current all year
Monthly books, GST/PST, subcontractor reporting and tax — handled on schedule, so year-end is clean and nothing surprises you.
Construction work connects to our contractor accounting and corporate tax services. See our guides on T5018 subcontractor reporting and capital cost allowance.
Construction accounting questions
How is construction accounting different from regular bookkeeping?+
Do I have to file T5018s for my subcontractors?+
How do holdbacks affect my taxes and GST?+
Can you help with cash flow, not just tax?+
Do you work with construction businesses outside the Fraser Valley?+
Why clients stay with EverStone
Verified 5-star Google reviews from EverStone CPA clients.
“Highly recommend working with Sunny. We switched to him last year for both our personal and small-business taxes — responsive, knowledgeable and quick.”
“I have worked with Sunny for the past 2 years. He is very knowledgeable and has saved me tons in taxes by restructuring my group of companies — the best accountant I’ve worked with in the last 10 years, after switching from three different firms.”
“I would recommend Sunny Dhillon for doing your taxes. He did mine and was very helpful, thorough, quick and professional — and he got me a big tax return!”
Building something? Let’s get the numbers right.
We’ll set up job costing, sort your holdbacks and T5018s, and keep your project cash flow visible. Book a free consultation with a CPA.