Are you in the construction or real estate business? A contractor? Then you know you need a bookkeeper with some knowledge of your industry.
You may need someone familiar with:
- Contract Admin
- Project Coordination
- Knowledge of Microsoft
- Customer Service
- Sage, and other construction/real estate friendly software
Unlike a general bookkeeper, a bookkeeper with construction experience knows your business, and can help you with bookkeeping specifics related to your industry.
Contractors are most of the construction workforce. They can work on multiple projects at the same time. They can employ their own subcontractors, too.
Temp workers come and go as needed. If you do have a formal payroll, it may change on a weekly basis. Compared with other businesses, this is much more fluid and changeable.
Our bookkeepers will help you manage your day-to-day accounts, processing expenses, bills and invoices.
To handle your bookkeeping, you should consider cloud accounting software, which will let you access them from a smartphone or tablet even when you’re working on site. Invoices can be sent, bills of material recorded, expenses tracked – all from your mobile device, allowing you to see what your bookkeeper is doing in real time!
Since it’s live, you avoid undercharging due to missed expenses. You can make the most of your business tax allowances. Lastly, you’ll reduce the risk of nasty surprises that could crop up if you were audited.
There are two main methods of accounting. Below is a brief summary of the types. If you need more information, one of our bookkeepers can help you.
This usually applies to smaller construction projects. Income and expenses are accounted for when money changes hands. Income is taxed after expenses are deducted.
This is used on larger projects. Income and expenses are accounted for when they are incurred, not when they are actually paid. Accounts may be based on the proportion of the contract that’s been completed. That’s especially true for projects that span more than one tax year.