9 Essential Steps for Setting Up a Construction Accounting System

Construction Bookkeeping Services are specialized financial management solutions tailored to the unique demands of the construction industry. Unlike general bookkeeping, these services focus on project-based accounting, ensuring accurate tracking of expenses, revenue, and profitability for each construction project. Boston Startup CFO’s fractional CFO services, starting as low as $500 per month, are particularly beneficial for startups needing expert financial oversight without the cost of a full-time CFO. These services include cash management, 13-week cash flow forecasting, revenue and COGS projections, and thorough pricing and profitability analysis.

We Adapt to Your Tools, Your Way.

Busy contractors and construction businesses often find that keeping up with their accounting and bookkeeping tasks throughout the year is a constant struggle. You may start out on the right foot, but the challenges of running the daily operations of your business can quickly take over. Before your books get out of control, contact me and take advantage of my construction accounting services. We offer many specialized bookkeeping and accounting services designed around the needs of your industry like job costing, operational reviews, and fixed asset accounting. We can also take over sales tax processing, bank reconciliations, monthly closings, and other important bookkeeping functions. In addition to our construction accounting services, we can develop a tax planning construction bookkeeping strategy that will keep more of your profits in your pocket.

Sales Tax Reporting

The pressure from handling intricate financial aspects like bookkeeping and tax compliance can be overwhelming. Bench Accounting understands this struggle, and that’s why we provide comprehensive online bookkeeping services specifically designed for Boston’s diverse businesses. We streamline your bookkeeping process, continuously staying updated on changes in laws that can impact your business, such as the Massachusetts Gross Receipts Tax. We manage the monthly bookkeeping, preparing year-end financials and filing both, your sales and state taxes. By letting Bench handle the complex world of bookkeeping, you can focus on growing your business in Boston’s competitive market. A construction bookkeeper manages financial records, tracks job costs, processes payroll, handles invoicing, and ensures tax compliance.

• As seasoned professionals, we will provide accurate, timely and dependable services based on your needs and goals.
• Our mission is to improve your bookkeeping processes and maximize your bottom line.
• Tristan CPA, managed by Tristan Nguyen, who holds both a CPA and an MBA, has been offering accounting services for six years.
• This transparency is also beneficial when seeking financing or making financial decisions, as it provides a reliable record of the company’s financial situation.
• One of the most common mistakes in construction bookkeeping is improper job costing.

Accurate & Up-to-Date Financial Records

Keep accurate records of all incoming and outgoing payments, including client invoices and vendor bills. Use accounting software to track payment due dates and follow up on overdue payments to avoid cash flow issues. Construction Bookkeeping Services projects have numerous costs, including materials, labor, equipment, and subcontractor fees.

Infrastructure and Civil Engineering Projects

• This course covers the basics of using QuickBooks software, instructs on how to accurately close books monthly or quarterly, and teaches how to interpret and utilize financial reports.
• Pricing for BooksTime services begins at $355.00 per month for companies processing up to $25,375.00 in monthly expenditures.
• This should include categories for materials, labor, subcontractors, equipment, overhead, and revenue from each project.
• Regularly generate profit and loss statements, balance sheets, and cash flow reports.
• Regularly review tax filings and work with an experienced bookkeeper to ensure all tax requirements are met.
• If it’s not reimbursed quickly enough though, it can cause a domino effect of cash flow problems.

Because programs scan receipts and invoices and make them immediately available, a lot of entry work gets done automatically. That makes it easy to review business activity with a bank account and financial records to confirm that expenses and incoming funds have been recorded appropriately. Some programs, like one from The Neat Company, enable electronic payment directly through its invoicing function, which then makes it easy to collect on invoices by checking their aging. It can even provide insights into top expenses and budget variations that can help maximize cash flow or enable business growth. The bookkeeping services at NM Advisors are comprehensive, encompassing inventory management, bookkeeping clean-up, and maintaining the general ledger.