Everyone knows that the construction industry is fast-paced, complicated and always changing. And tracking business expenses and other financial reporting for a construction company is equally as complicated but extremely important.
If you are in the construction industry and are struggling to maintain accurate accounting and bookkeeping records, you could benefit from hiring third-party accounting services, like The Quantify Group, to help you with all your financial records.
Are you curious how our accounting services can help you and your construction company? Here are some reasons why construction companies need accounting and bookkeeping services like ours!
Benefits of Construction Accounting Services
More accurate job costing
In the construction industry, each project or job is unique, and so are the project costs associated with them. However, using basic construction accounting software is only helpful if you have experience or knowledge about how to use it.
Outsourcing your construction bookkeeping and accounting to The Quantify Group ensures more reliable and accurate bookkeeping, so you can track every penny spent on a construction project, like material costs, labor costs, and overhead costs to ensure you are running a profitable and accurate operation.
Better cash flow management
With irregular payments and unexpected expenses, many construction companies struggle with cash flow management. Whether your finances are tied up in a specific project or your financial statements are inaccurate, working with a professional bookkeeping team can improve your overall cash flow and paint a more accurate picture of your business expenses. The Quantify Group can help you run a cash flow analysis and provide recommendations on what accounting method is right for you.
The completed contract method vs. revenue recognition method
Not sure which accounting method is right for you?
While revenue recognition methods can be beneficial as you track expenses, many small business owners use the completed contract method since it is easier when starting a construction project and is simple overall. However, this method makes tracking overhead expenses and project costs more difficult.
We can review your business bank accounts, bank statements, and financial records, transactions and accounts receivable to provide a recommendation on which accounting method is right for you and the stage of business you are in.
Help with tax preparation
A lot of business owners dread tax time thanks to the complicated tax laws and financial statements that need to be submitted.
But paying taxes does not have to be an unknown expense category for your business. When you have bookkeeping and accounting services like The Quantify Group on hand to help, you will have a partner when tax season rolls around.
Accurate financial data for better decision making
Whether you are operating a small business or have a more established construction company, knowledge is power when it comes to making decisions that impact your bottom line.
If you have a separate business bank account or are not tracking your business expenses correctly, you are likely not getting accurate financial reports and could be impacting your decision making.
That is where proper accounting and having a bookkeeping process can improve how and when you make important decisions for your business. The Quantify Group is here to help you sort out your accounts to get the right data and reports you need.
Save time and money
Ultimately, time is money when it comes to running a construction company. And spending time on payroll management or accounts receivable is not always the best use of you or your team’s time. By working with a construction bookkeeping company like The Quantify Group, you can get the financial management support you need to focus on strategic projects that move your construction projects along.
The Quantify Group’s Bookkeeping Construction Industry Expertise
The top construction companies know how valuable a great accounting firm is and how it can help their business. At The Quantify Group, we are here to help construction businesses grow and profit from their projects, ensuring they have the right data and insights from the financial data to make smart business decisions.
You can head to our services page and see how we support construction businesses with our accounting and bookkeeping services.
If you are thinking of hiring accounting services for your construction business, here are a few ways The Quantify Group can help.
Customized Financial Statement Preparation
Every construction business is unique, with different financial structures and challenges. The Quantify Group provides unique and customer financial services to enhance your company’s financial needs. Our team’s extensive knowledge will help you improve your financial recordkeeping based on your company’s goals.
Comprehensive Construction Bookkeeping Services
Accounting and bookkeeping duties for a construction company come in all different needs, and The Quantify Group is here to be your one-stop-shop for construction companies. Whether you need help combining multiple bank accounts or are trying to track business expenses, we offer a wide range of services to save you from hiring multiple accounting businesses.
This can save you overhead costs from hiring a full time accounting team, and allow us to be your controller or lite CFO – depending on your needs and budget.
With The Quantify Group, you can always rest assured you will know what our services cost. We operate on a monthly fixed-fee model to ensure there are not any surprise expenses. This helps construction companies accurately budget for their outsourced construction bookkeeping and accounting needs.
The Quantify Group | Top Notch Accounting and Bookkeeping Services for Construction Companies
Just like managing construction projects, managing your direct and indirect costs for a construction company requires diligence, communication and above all, time. Many small businesses do not have the time or knowledge to track financial transactions the way they should.
That is where we can help. Give us a call and contact us — let us give you peace of mind and confidence that your expenses and financial reports are accurate. Our main goal is to help your business grow and reach its full potential.