Construction accounting and construction bookkeeping refer to the financial management processes specifically tailored to the construction industry. They involve tracking and managing financial transactions, expenses, revenues, and other monetary aspects related to construction projects. This includes managing project budgets, tracking costs for materials, labor, equipment, subcontractors, and overhead expenses, as well as invoicing clients, processing payments, and ensuring compliance with relevant regulations and accounting standards. Effective construction accounting and bookkeeping are crucial for maintaining financial stability, profitability, and transparency throughout the lifecycle of construction projects.