Bookkeeping services for construction companies typically include construction accounting to cater to the industry’s unique financial dynamics. Services often cover job costing, enabling businesses to track p
Construction bookkeeping services cater to the unique financial needs of businesses in the construction industry. Given the distinctive characteristics of construction projects – such as long timelines, progressive billings, subcontractor management, and more – specialized bookkeeping is necessary. Here’s what construction bookkeeping services generally offer:
- Accounts Payable: Managing bills and ensuring timely payments to suppliers and subcontractors. This includes recording, categorizing, and scheduling payments.
- Accounts Receivable: Tracking amounts owed by clients, issuing invoices, and ensuring the collection of payments. This might also involve progress billing or milestone-based billing.
- Payroll Processing: This includes regular payroll for employees, job-specific wage rates, union reporting, and other specialized payroll needs of the construction industry.
- Software Integration and Management: Many construction bookkeeping services might use specialized software like QuickBooks for Contractors, Sage, or other industry-specific software, and will integrate data across platforms.
- Bank and Credit Card Reconciliations: Ensuring that the company’s records match the bank statements and addressing any discrepancies.
Remember, the exact services offered can vary based on the specific bookkeeping firm or professional you’re working with. When hiring a construction bookkeeping service, it’s essential to clarify which of these services are included in your package or agreement.