chart of accounts for general contractor

A Chart of Accounts (COA) for a general contractor is a systematic list of financial accounts used to track all of the company's financial transactions. It is tailored to the specific needs of contractors and includes categories like project revenue, cost of goods sold (COGS), job costing, labor costs, subcontractor payments, and equipment expenses. The COA is essential for organizing financial data related to each project, ensuring accurate budgeting, cash flow management, and profitability analysis. With an organized COA, general contractors can track expenses, monitor job performance, and stay compliant with tax regulations while making informed financial decisions.