We primarily support construction companies with revenues between $5 million and $30 million. We offer a starter program for new contractors, helping them set up solid financial and operational foundations for future growth. For larger clients ($30 million+), we provide staff augmentation services around accounts payable, payroll, lien waivers, billings, and more. RedHammer provides comprehensive remediation services for construction companies facing financial issues, whether due to poor accounting processes, system inefficiencies, or inaccurate financial reporting. We identify problem areas and implement corrective actions to restore financial stability and compliance. In the world of construction, managing finances is often as complex as laying the foundation of a skyscraper.

TAX SEASON

We exclusively work with QuickBooks Online and Xero, customizing them to meet your specific needs. Here are some of the most bookkeeping frequent questions we get from potential construction and contracting clients. In terms of cloud accounting systems, we only use Xero and Quickbooks Online.

$1B+ in Client Revenue

• Additionally, firms are tasked with staying abreast of ever-changing tax laws.
• Worry free books and the ability to make smart, informed decisions based on real data instead of a hunch – yes, it can actually happen, and we can help.
• Outbooks is a leading provider of accounts payable and accounts receivable services to the construction sector in the USA.
• This ensures that construction companies remain compliant with minimal effort.
• Expensify is a software solution designed to help businesses track, organize, and categorize receipts and expenses.
• The high price and length of construction projects make payment scheduling and collection unique.

Our bookkeeping services for construction companies teams ensure adherence to industry standards and regulatory requirements while providing insights into financial performance and risk management. We also conduct audits of Work-in-Progress (WIP) and project cost accounting, helping construction companies identify discrepancies and enhance financial transparency for stakeholders. Transform your finances with our expert accounting and bookkeeping services for construction companies. From job costing to progress billing, our experts ensure accurate financial reporting, cash flow optimization, and regulatory compliance. The essence of bookkeeping services for construction lies in its ability to handle the multifaceted financial aspects of construction projects. From tracking the cost of materials, labor, and overheads to managing invoices and payments, these services ensure that all financial bookkeeping for construction companies operations are accounted for meticulously.

Payroll Tax Compliance

• Yes, when conducting bookkeeping for construction, QuickBooks is very effective, efficient, and easy-to-use financial systems software that is used by many contractors in the construction industry.
• We help effectively manage the bookkeeping needs of construction companies to reduce errors and penalties.
• These services ensure that financial transactions comply with industry standards and tax regulations, which can be quite complex given the scope of construction projects.
• Improving cash flow, reducing financial risks, and enhance relationships with vendors and customers.

It allows us to manage various payment details—such as the recipient, the amount, and the timing—while you maintain full control over your finances. All our lead bookkeepers have a college diploma in bookkeeping and at least ten years of bookkeeping experience. If junior bookkeepers work on your file, they are always supervised by a senior bookkeeper, a team leader and an oversight accountant. We are getting our financials on time, and we get weekly job cost information.

• More sensitive documents like that are uploaded and shared in our secure portal.
• We seamlessly adapt to your preferred software, giving you the strategic advantage, the nimbleness you need and the reliability you can count on.
• Accurate bookkeeping stands as the backbone of successful construction projects.
• Founded in 2014, Bridgit provides seamless planning workflows, unmatched workforce visibility and precise labor forecasting to drive efficiency and planning effectiveness.
• Every job site needs to be tracked in terms of equipment and varying labor wage rates.

Why Outsourcing a Bookkeeper is Vital to Growing Your Construction Business

Let’s explore how these fundamental concepts lay the groundwork for informed decision-making, streamlined operations and ultimately, success in the dynamic world of construction. Not only will the construction work suffer from delays and poor planning, but serious issues can arise, such as insufficient tax preparation, which could derail the entire business. The fees that can be charged by bookkeepers depend on their level of experience and Catch Up Bookkeeping the nature of the job that is required. Our streamlined payroll processing system guarantees precise and prompt payments for your personnel. We stick to a predefined payroll schedule, boosting worker happiness and morale by assuring timely payment of salaries. A trial balance serves as a vital tool in accounting by providing an overview of financial health.

• The profitability of the construction business hinges on efficient financial management.
• Accurate job cost accounting also allows you to analyze cash flow to ensure your project has enough funds to keep production moving forward.
• With our expertise, you can maximize your tax savings and plan for the future, even amid ever-changing regulations.
• We’ve built a suite of construction specific financial tools that streamline transaction processing, automate revenue recognition and WIP adjustments, and surface cash flow insights.
• That’s why our bookkeeping service construction industry come with a flat monthly fee, so you can rest assured that you are receiving excellent financial management services without any hidden costs.
• We specialize in accounting and consulting services tailored for the construction industry.