The building and construction industry is undoubtedly a fast-moving one. Business owners who keep accurate financial records are more empowered to make educated decisions. If you are a builder, or general contractor or run a construction trade business such as electrical, plumbing, insulation, painting, drywall, siding, landscaping, design, or roofing, the help of a specialized bookkeeper could be invaluable to your business.
An experienced construction bookkeeper will have a strong background in job costing, a primary financial concern for construction companies.
Construction contractors especially must monitor how much clients owe them, how much they owe to suppliers, and a multitude of other expenses. No items can be missed or forgotten.
Mistakes Can Be Costly and Impact Both Finances & Operations
To keep abreast of the changing conditions, business owners must stay on top of their bookkeeping for builders. Employee information must be up-to-date, invoices must be generated without delay, and accounting software must be updated once a week at a minimum.
While these rules make sense on a logical level, the practical reality is that business owners in the building and construction industry simply don’t have time to give their bookkeeping the attention it deserves. When people in the industry attempt to take care of their bookkeeping for builders themselves, then the problems often occur.
Cash Flow Issues Resulting from Inaccurate Job Quoting
Over or under-stocking of equipment and supplies caused by poor stock management Problems with the ATO caused by unintentional discrepancies in financial reports, and overdue or inaccurate invoices as a result of poorly tracked interim and job completion invoicing and payment follow-ups.
The issues caused by poor bookkeeping for builders are serious and potentially extremely costly to business owners. Luckily, they are entirely preventable by outsourcing your bookkeeping for builders to an overseas professional.
What Happens When You Outsource Your Bookkeeping For Builders?
The first thing that will happen when you outsource your bookkeeping is that the bookkeeper will recommend the best online, cloud-based bookkeeping software for your business. Not all bookkeeping software packages are alike, and professional bookkeepers know the best systems to use for businesses in the building and construction industry.
Your outsourced bookkeeper will be able to securely access and update your financial records at any time from anywhere.
From Good Bookkeeping Comes Valuable Reporting
Good bookkeeping is so much more than just preparing the financial information in readiness for your accountant to prepare your end-of-financial year tax return. Up-to-date bookkeeping allows valuable reports to be generated at any time, giving you an up-to-the-minute look at the current financial position – including cash flow – of your business at any time.
The accuracy and timeliness of financial reports can make or break a business, particularly one in the construction industry. Without accurate insights into your business’s cash flow, it is extremely difficult to make appropriate financial decisions – and wrong decisions in this industry can be costly.
Reach Out for Help
Everyone deserves a supportive team of people who care. If you feel overwhelmed with year-end bookkeeping, reach out to an online bookkeeping service. Cloud Bookkeeping Inc.’s team provides monthly bookkeeping and accurate financial reports. We’ll give you financial visibility throughout the year and deliver insights to make strategic business decisions.
Get in Touch with Us for Our Services
We don’t just say it, we deliver – our work speaks for us! Contact us for 30 minutes of free consultation and opt for our Online Bookkeeping Service.
Cloud Bookkeeping, Inc.
(Our Office Addresses)
1. 3281 E. Guasti Road, Suite 700
Ontario California 9176
2. 5000 Birch St., West Tower,
Suite 3000 Newport Beach, CA 92660
Tel: +1 (909) 952-3804
Website: www.cloudbookkeepinginc.com
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