Hire a part-time bookkeeper that has experience in the construction industry. While this is a great option for companies who want to keep accurate and up-to-date records for their business, finding the right fit may be difficult. Construction production is product-based, decentralized, and long-term.

While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. Accounting software can improve productivity by automating time-consuming tasks, such as invoicing and tracking construction bookkeeping payments. Plus, the software can help keep your books in compliance, which can save you time and money in the long run. The Advanced plan adds business analytics with Excel, the ability to manage employee expenses and the ability to batch invoices and expenses.

Why Entrust Your Bookkeeping and Accounting to Us?

When you’re done with the preconstruction phase, you move into project management, operations and financials segments of the software that work concurrently. They know where the problems are likely to occur and how best to fix them. We can help you avoid costly mistakes and keep your business on track with up-to-date and accurate financial records. We understand that every construction company and every client is different, which is why we provide customized https://time.news/how-can-retail-accounting-streamline-your-inventory-management/ services unique to your business.

Job costing can give companies an idea of what to charge for a project. It is why it is best to use software suited to job costing for construction projects. Contractors operate their business primarily around projects with billing, production, or labor. Company’s profit margins determine the contractors’ livelihood; so it’s essential to stay organized with bookkeeping.

Outsourced Accounting Services for Construction Companies

Construction jobs are invoiced periodically and it is vital to track the invoices when they are sent and received throughout the job. Especially since in the construction industry, there are multiple projects going on at once, it is important to track invoices so nothing gets lost. AIA contract stands for the American Institute of Architects contract. An AIA is a document that contains the completed contract billing throughout the entirety of the project. Many construction companies suggest a close review of an AIA billing contract to ensure that all parties involved are receiving equal advantages.