Bookkeeping services for a construction business involve recording and organizing the company’s financial transactions. Managing this financial data is done for every individual project, rather than for the whole company.
CONSTRUCTION BOOKKEEPING
Construction bookkeeping focuses on tracking income and expenses by individual job. Construction-focused tracking allows you to understand the true cost and profitability of each project. It also includes expenses that are specific to a construction business, like materials and subcontractor expenses.
Payroll is a major component of bookkeeping services for construction companies. It also involves managing accounts payable and receivable, including the vendor and subcontractor bills. For this kind of job you need a professional construction bookkeeper, because it’s important that the labor hours and overtime are tracked accurately. Compliance with union rules is one of the essential parts of construction bookkeeping, together with cash flow management.
ACCOUNTING VERSUS BOOKKEEPING FOR THE CONSTRUCTION INDUSTRY
Bookkeeping is the process of recording and organizing the financial transactions of a business. Its purpose is to accurately track the money coming in and out of the business. This includes sales, expenses, payroll and even payments to vendors. An expert will ensure that all transactions are categorized correctly, and logged into accounting systems. Every business needs to keep track of every transaction, because it is the foundation for good accounting and a good construction business. Accurate financial records allow you to stay organized for tax filing and understand the cash flow. It’s also the thing you can do to ensure that you won’t have any penalties. If you have just entered the construction industry and you want to make good decisions from now on, you need a professional.
Accounting is the process of analyzing the data that was recorded by bookkeeping. Accounting prepared financial statements, such as the Profit & Loss statement, cash flow reports and balance sheets. By analyzing the data, an accountant can manage risk, identify trends and support strategic decision-making. This is also where tax planning and compliance happen, along with financial analysis and budgeting. As already mentioned, bookkeeping and accounting work together, and need each other for the best results. Which is why you need both of these if you want to plan for growth and improve profitability.
If you have any questions regarding our services for the construction industry, you can contact us anytime. You can visit our offices, give us a quick call or we can have an online meeting. Proledge is open to adapting to the needs and wants of our clients.
Many business owners, both in and out of the construction industry, believe that they can do their own bookkeeping. Which is why we will take a look at some of the things that an expert can do for you, which proves why you want to work with a bookkeeper for construction.
Proledge will manage the accounts payable and receivable, which means that all the bills that you owe to vendors, and vendors owe to you, will be tracked. Many businesses lose money because they are not tracking accounts receivable, so don’t let that be yours.
Handling construction payroll refers to accurately tracking labor hours by project, calculating everything, from wages to overtime. It also involves processing payroll taxes and ensuring compliance with union rules. It’s basically ensuring that the workers are paid correctly and on time.
The whole focus of bookkeeping is to maintain accurate financial records because they ensure that you have all the information you need to create a successful business.
Almost every client in our portfolio is 100% satisfied with our performance.
Every bookkeeper on our business’s team is a fully qualified and competent professional.
BOOKKEEPING TOOLS
At Proledge we use various tools that can ensure that the work we deliver is high-quality and accurate. One of our construction bookkeeping tips is to use the following tools.
WORK WITH PROLEDGE
Our team is made up of people who are skilled at what they are doing, and who are also constantly focusing on deploying ethical behavior and responsibility.
All Proledge bookkeepers have years of experience in the industry. They hold the knowledge and expertise needed to deliver high-quality results.
We offer personalized services, so that you can always pay for the services that you actually need. We are here to offer the flexibility that every small business needs.
TESTIMONIALS
Working with ProLedge means professionalism and dedication. Check out what our clients had to say about our bookkeeping services!
We’ve been working with ProLedge for three years now and as a small business owner, their service has made a huge impact on both the accuracy of our bookkeeping and allowing us to focus on the things that we do well. Working with ProLedge was one of the best decisions we’ve made, and highly recommend them!
Using Proledge Bookkeeping Services to handle our bookkeeping has been excellent. My CPA focuses on year end tax planning and strategy and Proledge makes sure our books are clean and transactions are all accounted for. I’ve been a happy client for years now and they have always been easy to work with, transparent, and prompt in responding to any questions. Highly recommend!
I really like this company. They came to my rescue 3 years in a row, with my backed-up bookkeeping needs, in a timely and professional manner. It’s been a pleasure and a breeze working with Rebecca. I’m happy to have retained their services. I highly recommend them.
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Our blog provides information on the latest bookkeeping news and tips. We always keep this section updated, so check our website regularly!
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The financial fortitude of modern businesses is often tied to the movement of money, in and out of companies, over a specific amount of time. Cash flow, in the contemporary
The financial fortitude of modern businesses is often tied to the movement of money, in and out of companies, over a specific amount of time. Cash flow, in the contemporary
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Melissa K is an absolute GEM to work with. She’s been working with my company since the early stages and has provided a competency that I don’t for granted. Knowing that the company books are tidy, correct, and easy to understand is the ultimate security for a startup in my opinion. Melissa is definitely a part of the team and we’re happy to work with her as we grow!