Progress claim accounting
Tracking claims submitted, certified and collected, the differences between them, and their effect on cash flow.
Specialist accounting sectors
Accounting for Contracting Companies in the UAE
Claims, retentions, completion percentages and costs across parallel projects. Accounting with its own rules.
Contracting accounting is not general trading accounting under different names. The difference is fundamental: revenue is recognised by the project's completion stage rather than when an invoice is raised, costs spread across projects running at once, and part of what you are owed is held as retention that is not released for months or years.
The result is that contracting companies often show a book profit while facing a cash squeeze, or the reverse. And anyone who does not read their numbers on a per-project basis cannot say which contract earned and which drained them.
Contracting is not an addition to our sector list; it is part of its foundation. We handle the full cycle, from posting entries to per-project profitability reporting.
What we handle for you
Retentions
Tracking held amounts and their release dates so they are not forgotten in the books.
Percentage of completion
Recognising revenue and cost by each project's completion stage to reflect the true result.
Project costing
Allocating direct and indirect costs to projects on defensible bases.
Project profitability
A separate report per project showing its actual margin, not its expected one.
Tax treatment
Correct VAT treatment of progress claims and advance payments.
Common mistakes in this sector
- Revenue recognition that does not match actual completion
- Retentions forgotten and never claimed
- Unallocated costs hiding a loss on a particular project
- Cash flow managed by instinct rather than forecast
- Incorrect tax treatment of advances
Our services for this sector
Frequently asked questions
Do you work on our current system?
Yes, and we can recommend one that handles projects properly if yours does not.
Does the service cover payroll and WPS?
Yes, it can be included in scope.
Is contracting subject to AML supervision?
No. Contracting is not a designated non-financial business or profession, and our service to you is accounting rather than supervisory. If you carry another activity that is in scope, we assess that separately.