Beyond the daily processes of a construction company, there are complex construction accounting methods to keep the financial side of the business running smoothly.
That is where construction bookkeepers come into play. At Virtual Construction Assistants, our team of construction bookkeeping administrative assistants can step in to ensure the bookkeeping and accounting for your construction company is accurate, up-to-date and reliable for all of your important financial decisions.
When you can understand the important role of construction bookkeepers, you can get a better picture of the bookkeeping and financial management of your business. Let’s look at the role of a construction bookkeeper and what kind of accounting software and tools they use to work more efficiently.
The Role of Construction Bookkeepers
Bookkeepers in the construction industry are not just number crunchers who keep track of your business expenses. They are well-trained financial experts who are skilled in analyzing and interpreting complicated financial data. From overhead expenses, direct and indirect costs, accounts receivable, and more, they are tracking various aspects of accounts, including where every penny is accounted for.
This also includes generating financial statements and reports to ensure project costs are accounted for, and all team members are aware of the associated overhead costs for a project.
Keeping accurate records of your finances is crucial for making informed decisions that can impact the success or failure of any project. Good bookkeeping practices not only help you stay compliant with regulations but also protect you from the negative consequences of poor financial management.
Emerging Tools and Technologies for Construction Bookkeepers
From advanced construction accounting software to a cloud-based construction bookkeeping solution, the world of construction accounting and bookkeeping is constantly evolving. These tools help any construction bookkeeper work more efficiently and automate processes to minimize errors.
Let’s explore the top tech solutions revolutionizing construction bookkeeping to help drive business success.
Cloud-Based Accounting Software
Cloud-based accounting software such as QuickBooks Online and Xero provides real-time financial insights and robust project tracking, ensuring that a construction bookkeeper’s data is accurate and up to date. Since these tools are specifically designed for the construction industry, they are focused on helping you run a more successful construction business that promotes stronger financial health and more accurate bookkeeping records.
Project Management and Job Costing Tools
Just like in the field, accuracy and precision are also key in construction accounting and bookkeeping. Tools such as Procore and CoConstruct sync construction project management with financial data, giving bookkeepers the ability to match project budgets with the actual construction project progress. This ensures every change order or material purchases are accounted for and that budget revisions reflect the evolving scope of work.
Automated Business Expense Tracking and Reporting
Tired of chasing down receipts on the job site? This is where automation can come to the rescue with tools like Expensify and Dext Prepare. These help minimize the chaos of expense management for your business bank account and allow you to stay on top of financial reports from multiple bank accounts. When you can track business expenses with the click of a button, construction businesses can operate more efficiently with the right financial records when they need it.
With this bookkeeping software, construction bookkeepers can say goodbye to manual data entry and leverage a more seamless integration of expense reports.
Challenges and Considerations for Construction Companies
Change can be complicated, and introducing new tools and software can be difficult. Whether it is the implementation or training, there can sometimes be a learning curve as you start to leverage new tools. But, with a good plan and the right support of a virtual construction assistant, you can overcome these challenges.
Future Trends in Construction Bookkeeping Tools
As we move forward, the construction industry is going to experience a major transformation in financial management thanks to the latest technology like AI and automation. These tools can improve real-time insights, risk assessment, and allocation of resources, making it even more crucial to have the support needed to leverage these tools.
Construction companies who leverage these tools will likely have a leg up against competitors. This is where a virtual assistant for construction bookkeeping can help.
How to hire a virtual construction bookkeeping assistant
Ready to hire a virtual assistant for your construction business? Virtual Construction Assistants can help! Our team at Virtual Construction Assistants has helped many construction companies find the best virtual assistant for them through our in-depth hiring process.
Interviewing and Selecting a Virtual Assistant for Construction Company
We can review resumes and portfolios to find the most qualified candidates for your position. We will screen them and present you with the top two options. Then, you can interview them directly and ask important questions.
Onboarding and Training Your Virtual Assistant for Construction Company
We go beyond just hiring — we will help you on-board and train your virtual assistant for success. This includes access to your accounting software, financial records, and company policies for the best collaboration.
Take your construction business to the next level with a virtual construction assistant
The construction industry is changing quickly, and it is important to keep up with the latest advancements in order to stay ahead of the competition. So, are you ready to upgrade your financial toolkit and solidify the financial foundation of your construction projects?
For expert guidance and support in integrating the latest construction bookkeeping tools into your business, reach out to our team at Virtual Construction Assistants. Our team of professional virtual assistants for construction businesses is equipped with the knowledge and expertise to transform the financial management process for your construction business.
