Bookkeeping & Accountant for General Contractors & Builders

Professional bookkeepers ensure compliance with tax regulations, minimizing the risk of penalties or audits. Additionally, they identify opportunities for deductions and credits, reducing the overall tax burden and improving profitability. A key aspect of construction bookkeeping is ensuring timely billing for completed work through progress invoicing. By keeping track of project milestones and invoicing promptly, contractors can avoid cash flow disruptions. Consistent cash flow is vital to cover payroll, materials, and other ongoing expenses, enabling smooth operations and reducing the need for costly short-term financing.

Landscaping Accounting

SLC Bookkeeping helps independent contractors stay independent and focused on the other important parts of their operation. Learn how Invensis enhanced the order management efficiency of an Australian home shopping company by providing efficient data processing outsourcing services. Chris combines his experience in tech and construction to build products that actually help SMB contractors improve and streamline their business operations.

Which accounting method should contractors use?

At the core of our service is bookkeeping for contractors, builders and construction companies. Beyond the numbers, we become a reliable partner, offering peace of mind and allowing contractors to focus on what they do best—building and creating. With a dedicated bookkeeper handling the financial intricacies, contractors can navigate tax season with confidence, uncover potential cost-saving opportunities, and maintain a healthy bottom line.

Job Costing

Job costing and project tracking to provide a clear picture of project costs, labor, and materials. Buildertrend is ideal for businesses focused on residential construction, offering a perfect mix of financial management and customer relationship tools. Real-time financial data, helping you stay on top of project budgets, costs, and payments. Look for client testimonials or case studies that demonstrate their ability to manage construction finances effectively, maintain accuracy, and meet deadlines. Outsourcing or employing professional Construction Bookkeeping enables firms to focus on delivering high-quality projects while ensuring financial stability and compliance.

• These bookkeeping services ensure compliance with regulations, manage deductions, and reduce the risk of audits or penalties.
• Accounting software platforms include bill pay and expense tracking tools to streamline ― and, in some cases, automate ― these needs.
• We provide independent contractors with essential bookkeeping services, including payable and receivable management, reporting, financial planning and business consulting.
• For proper construction business management, these features are typically well worth the extra money you’ll spend to obtain them.

For example, if you typically bring in $500,000 per https://www.bignewsnetwork.com/news/274923587/how-to-use-construction-bookkeeping-practices-to-achieve-business-growth month in contracting work, keep $1.5 million to $3 million available in cash. This way, if your firm experiences dry spells or emergencies, you can continue to power the business you’ve spent so much time and labor creating. Your construction firm should set a budget and assign a team member to expense management and approvals.

Are you tired of struggling over your company’s bookkeeping?

We also like that Zoho Books offers more pricing packages that include billable hour tracking and conversion to invoices than nearly any other accounting platform. While we like it for this option in particular, if you’re looking for a more traditional bookkeeping service, Bookkeeper360 excels here, too. If you’re looking to spend a bit more for additional services, you can opt for the Controller or Fractional CFO construction bookkeeping packages for more hands-on service. Delays in invoicing or inaccurate progress billing can disrupt cash flow and create financial stress.

Expert bookkeeping services help you establish scalable accounting systems and tools, such as advanced construction-specific software. These systems can track multiple projects simultaneously, account for various types of expenses, and handle the complexity of job costing and labor tracking. As you take on more projects or expand your team, these systems allow you to manage growth without sacrificing accuracy or efficiency in financial reporting. Failing to track all expenses related to individual projects, including materials, labor, subcontractors, and overhead costs, can result in inaccurate financial reports.