As a busy construction executive, you are probably on the go, juggling multiple tasks like managing tough negotiations, tackling demanding construction sites, and racing against tight schedules. On top of that, you have the additional pressure of keeping your projects cost-efficient.
If you are struggling to streamline your projects and keep things on budget, a construction bookkeeping service like Virtual Construction Assistants can help you save time and money. When you have a trustworthy construction accounting team supporting your finances, you can get the insights and reporting you need to make smart financial decisions.
Keep reading to learn how construction businesses are benefiting from an accounting service like Virtual Construction Assistants.
Understand the Power of Professional Bookkeeping
To keep your costs in line, you need to have a clear financial overview. That is where professional accounting and bookkeeping services for your construction company come in. A construction bookkeeping assistant can manage vendor bills, process payrolls, track job costs, and furnish accurate financial reports – all important for maintaining cost efficiency.
When your financial data is well-organized and available to you, you are in a good position to make cost-effective decisions and see where you are losing money. You will have peace of mind knowing that your financial statements are in order and have more time back in your day to grow your business and serve your customers.
Stay on Top of Costs in Real-Time
The construction industry is unique, and no two projects are the same. A fixed price may work for one job, but in another instance, cost-plus pricing could be more suitable. Real-time data on labor costs, materials, and equipment is crucial to deciding on the best pricing strategy. The end goal, of course, is to find a pricing strategy that gives you the profit you need while still being valuable to your clients.
In-house bookkeepers can sometimes struggle to keep up with the pace of changing project dynamics — especially if you have a small team or are managing finances yourself. That is why a specialized construction bookkeeping service like Virtual Construction Assistants can be a valuable resource to leverage. With industry-specific insight and up-to-the-minute reporting, our virtual assistants can make sure your construction business is on top of project costs, which in turn helps to increase project margin and profitability.
Tasks for a Construction Bookkeeper
Not sure exactly what a construction bookkeeper can do for your business? Even when working virtually, there are countless ways a construction bookkeeper can take the tedious tasks and financial management off your plate to free up your time while providing valuable expertise to your team and your business.
Managing Accounts Receivable and Payable
A construction bookkeeper will make sure to meticulously track the money flowing in and out of your business. This involves invoicing clients, ensuring timely payments, and handling vendor and subcontractor payments. By keeping track of your cash flow, you can better track the health and sustainability of your construction business.
Job Costing
Each construction project is different and comes with its own set of expenses and obstacles. Having a construction bookkeeper can give you detailed job costing reports that give you a clear understanding of each project’s profitability. With this information, you will be able to make adjustments to your business and job costs to improve your bottom line.
Payroll Management
In the construction industry, managing payroll can become complicated, especially when dealing with several teams and different subcontractors. That is why having a construction bookkeeper to handle all payroll functions can be helpful. They will ensure that everyone receives accurate payments on time, while also handling all tax laws and regulations.
Financial Reporting and Analysis
A professional Bookkeeper compiles comprehensive financial reports, such as profit and loss statements, balance sheets, bank and credit card transactions, and cash flow statements. These reports offer you a clear snapshot of your business’s financial health, assisting in strategic planning and forecasting.
Tax Preparation and Planning
Staying on top of your tax responsibilities is important. You do not want to have penalties or additional fees that could come with errors in your taxes. Luckily, a virtual construction bookkeeper can help make sure everything is accurate for tax purposes and even offer advice on tax planning strategies to save your business money down the road.
Budgeting and Forecasting
Creating and managing a budget can dictate the success of a construction project. With their expertise, your Bookkeeper assists in drafting realistic budgets, conducts variance analysis, and provides forecasts to support future financial planning.
Planning for Future Success
Proper bookkeeping is not just about managing the present. Proper bookkeeping is about getting the correct and accurate information you need to make the right decisions for the future of your construction business. With a comprehensive understanding of past project costs and results, you can anticipate future project expenses and create better budgets and forecasts.
And with the help of a virtual construction assistant, small business owners can reclaim their time and focus on more strategic initiatives like project management and customer success. You will get the peace of mind that your business is on the right track with the help of construction bookkeeping services.
If you are looking for a reliable and trusted partner for your construction bookkeeping, let our team at Virtual Construction Assistants help. Our team of financial experts has training in the nuances of construction bookkeeping. When you work with our team, we will find and recruit the best talent for construction administrative support positions like bookkeeping, accounting and more.
Reach out today to learn how Virtual Construction Assistants can help your business grow with professional construction bookkeeping.