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Single-Entry Accounting
What is Single-Entry Accounting?
Single-entry accounting is a simplified bookkeeping method where each financial transaction is recorded only once, typically as either income or an expense. Unlike double-entry accounting, which requires balancing debits and credits across multiple accounts (asset, liability, equity, etc.), single-entry accounting functions more like a detailed checkbook register.
It’s a simple system that works well for smaller contractors with straightforward billing. But as your projects, clients, and payment terms get more complex, it can become limiting, often requiring extra spreadsheets and manual workarounds.
That’s where Siteline comes in. Built specifically for commercial subcontractors, it automates progress billing, manages custom GC requirements, and provides accurate, real-time cash tracking and reporting, helping you keep projects moving and payments on schedule. Learn more about Siteline.
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Other construction terms
What is Cost Plus Billing?
Cost Plus Billing in the construction industry refers to a method where the customer agrees to cover the actual costs, expenses and other direct costs of the construction project plus an additional sum for contractor’s overhead and profit. These typically include costs of materials, labor, and subcontractor charges. The agreement clearly establishes and defines what is constituted as cost, the overhead percentage, and the profit percentage, reducing the risk of any surprise costs. Essentially, the 'Cost' represents the direct costs of the construction, while the 'Plus' is the contractor's fee and is usually agreed upon as a fixed percentage of the total costs or as a target price with a shared savings clause.
What are Back Charges?
Back Charges are bills sent to subcontractors or vendors for unforeseen work that a general contractor or project manager had to complete on their behalf within the construction industry. This generally occurs when the subcontractor or vendor fails to complete their work scope to the specified standards, misses deadlines, or omits parts of their contracted responsibilities, and someone else must step in to rectify the issue. Therefore, the party who had to complete or redo the work sends 'back charges' to the original contractor, expecting reimbursement for labor, services, materials, or other costs involved in the completion of the task. They serve as a form of financial protection for the companies against contractual breaches in the construction projects.
What is Software as a Service (SaaS)?
Software as a Service (SaaS) in the context of the construction industry is a key model of cloud computing. It allows construction firms to access software over the internet on a subscription basis. Examples of SaaS tools in construction include project management applications, design software, and collaboration tools. The biggest advantage for the construction industry is that SaaS eliminates the need for hardware acquisition, software licensing, and complex installations. It enables real-time data sharing, enhancing collaboration among teams located in different locations of the world. Users can access services from any internet-enabled device, offering mobility and flexibility. Investment into maintenance and upgrade is also reduced as the SaaS provider takes care of these. Thus, SaaS plays a vital role in streamlining construction operations by making software more accessible and affordable.
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