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how important is accounting in your business do you own a construction company and wondering if you hire the wrong bookkeeper the only way to start right is to make sure your bookkeeping is set up right first we must understand the difference between construction accounting and regular accounting all accounting uses the same accounting equation the three Os is the contractors accountant Mendel says what you own what you owe and what is left over now every business owner needs three basic report cash profit and equity regular accounting is roughly 80% of all accounting for business in the world and its concerned with the basic financial reports which are used for preparing annual tax returns and some rudimentary management decisions it is practically all that is taught in schools colleges and universities construction accounting is roughly 15% of all accounting and accounting with manufacturing makes up roughly 5% so it is given very little attention in schools regular accounting is u