Accounting for Contractors and Construction Companies

Build a Strong Financial Foundation with Accounting for Contractors and Construction Companies 

Professional accounting for contractors and construction companies is unique due to the complexity of transactions involved in each project. If you are looking for an accounting firm specializing in construction-based accounting, make Consultance Accounting your preferred partner.

If you currently handle your construction-based accounting in-house, it is important to understand and follow very specific accounting rules. For example, as a general contractor, you must capture all the transactions associated with each construction project, including:

  • Labor Costs
  • Revenue recognition in relation to the completion of the project
  • Vehicle costs
  • Vendor payment
  • Invoicing and more

The importance of proper record keeping for your construction business cannot be overstated as detailed below.

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Is your construction contracting business at risk from common accounting errors?

Failure to have an efficient and accurate back office to support your contracting business not only costs you time, it can result in serious errors which can have long-lasting, negative consequences for your construction business. These may include:

  • Unreliable cost projections for projects, resulting in inaccurate pricing and lower profit margins.
  • Uncategorized expenses which may fall off the radar of inexperienced internal resources or third-parties that are unfamiliar with these requirements resulting in improper scheduling of costs into itemized invoices.
  • Unduly long payment terms because of long production cycles leading to long payment terms.
  • Unorganized and late payroll that is misaligned with your accounting software structure. This will impede your ability to accurately recognize and track profit centers, decentralized production, compliance requirements, and prevailing wage requirements based on a particular employee’s location.

When you work with Consultance Accounting, you’ll be free to focus on completing your projects while we take care of your finances and keeping your cash flow moving in the right direction.

Take advantage of customized, affordable accounting and bookkeeping solutions for subcontractors to achieve cash flow confidence and receive expert advice to help your business grow.

Get started now with a free consultation to discuss your specific business needs and the type of services that can help you advance to the next level of success, with financial peace of mind.