This is a powerful option for high-growth construction entrepreneurs looking to refine processes and accelerate the performance of their construction business. Managing finances in the contracting business is more complex than many realize. From contractor bookkeeping services tracking project costs to managing payroll and staying on top of tax regulations, contractors face unique challenges that generic bookkeeping services can’t address.

Construction Accounting

Built on the belief that every new agreement with a customer or client should be celebrated. Ensure your records match your bank statements to catch errors unearned revenue and maintain accurate books. Schedule regular review meetings to discuss financial health and address concerns.

WBENC Certified Woman Owned Small Business

Reach out today to learn more about our services and how they’re designed to promote your success. Legal Templates LLC is not a lawyer, or a law firm and does not engage in the practice of law. Legal Templates cannot and does not provide legal advice or legal representation.

• This level is perfect for ambitious construction entrepreneurs ready to take control of job costing, cash flow, and company profitability.
• Built for larger firms generating $10M–$50M+ in annual revenue, Platinum X is a fully outsourced financial operations architecture.
• Cloud-based systems allow real-time collaboration between your team and your subcontractor bookkeeping professional.
• Although a license is not officially required, bookkeeping certification can be obtained and is recommended for anyone pursuing a career in this area.
• Our contractor bookkeeping construction experts ensure that all your tax filings are accurate, reducing the risk of penalties and legal issues.

What does bookkeeping services include?

Retention accounting involves withholding a percentage of payment until the completion of a project. This is common in construction contracts to ensure that the contractor completes the work satisfactorily. Accurate retention tracking ensures that your cash flow forecasts are precise and you are not missing out on payments or overpaying subcontractors.

Our approach to accounting and bookkeeping for construction companies & contractors is characterized by a proactive and collaborative strategy. Our construction CPAs work closely with project managers and stakeholders to ensure that financial data is seamlessly integrated into project planning and execution. https://www.bookstime.com/ Regular financial reviews and forecasting meetings enable us to identify potential challenges early and recommend solutions.

• A cloud-based solution that makes it easy for accounting firms to manage client work, collaborate with staff, and hit their deadlines.
• The agreement also serves as a reference point for both of you for any questions or concerns that may arise during the engagement.
• Construction bookkeeping can differ from traditional bookkeeping because construction companies have unique financial needs.
• If you must include any technical terms, provide clear definitions within the contract itself.
• Accurate retention tracking ensures that your cash flow forecasts are precise and you are not missing out on payments or overpaying subcontractors.