Contractors find it difficult to stay on top of their finances because of how complex accounting rules and tax regulations are in the construction industry. Virtual Construction Assistants supports construction companies with bookkeeping and accounting services to ensure that all your books, invoices, and records are in order.
Why Entrust Your Bookkeeping and Accounting to Us?
Decisions based on inaccurate financial reporting can cost contractors far more than what they would have paid for a reliable and professional construction bookkeeper. When you’re equipped with correct information, you’ll be able to make wiser decisions about the potential outcomes of each project and maximize your profits.
Virtual Construction Assistants knows the ins and outs of the construction business. We understand the circumstances and consequences of erroneous computations, so we always strive to avoid these errors. Here are the benefits of working with a construction bookkeeper and accountant assistant:
Pursue More Profitable
Projects With Insightful Financial Reporting
Our team takes the guesswork out of construction bookkeeping and accounting. We assist clients with the following aspects of their business:
Solutions Tailored to Your Construction Business
suited to their needs and goals. Reach out to us to get started on yours.
Contact us to request a consultation
Our virtual bookkeepers will ask about your business and financial challenges.
Build a plan
After assessing your company’s financial situation and barriers, we will provide recommendations and outline the next steps.
Maintain and refine
We’ll modify our services accordingly to accommodate changes and seek improvements where necessary. Since our partnership is long-term, you’ll be able to make well-informed decisions on which projects are most lucrative in the future.
Frequently Asked Questions
Construction bookkeeping is one of the most vital parts of the business for many construction companies.
Using specialized construction accounting software, the following bookkeeping services for construction can be delivered:
- Job costing and overhead expenses calculation
- Calculate labor costs
- Determine direct and indirect costs
- Manage payroll and accounts payable
- Generate financial reports
- Manage multiple bank accounts
- Compile business receipts
- Track expenses and revenue
- Cash flow analysis
- Provide management with construction bookkeeping tips
Virtual Construction Assistants is a modern and technologically advanced construction accounting company that is geared towards providing the following benefits to a construction company:
- Streamline the construction business accounting process
- Effective construction accounting services using the latest accounting software and bookkeeping software
- Provide a clear picture of construction job costs, financial records, and business expenses, even over multiple projects
- Assist with payroll management, paying taxes, and all other accurate bookkeeping services for any construction project
Most businesses in the construction industry prefer to use the Percentage-of-completion method (PCM).
At Virtual Construction Assistants, you can get advice on the best option for your financial recordkeeping and professional bookkeeping needs.
Percentage-of-completion method (PCM) has the following benefits:
- Accurate accounting software
- Easy to use
- Evens out incoming payments, income and expenses, and payment of taxes over some time
Construction expense reports are compiled by recording the purchase as an expense on the income or profit and loss statement.
These expense categories have a direct impact on the overall project cost evaluation, so it is important to do them correctly.
If you are not 100% sure that you can do this properly, you should hire experts to assist you.
Virtual Construction Assistants have a lot of experience working with a wide range of contractors in the construction industry.
No matter the size of your project, construction expenses will always be a major part of it, which is why you need the construction bookkeeping tips that Virtual Construction Assistants can provide for you.
The main activities of bookkeeping services, applicable to construction businesses and small business owners alike, are:
- Analyzing and assigning financial transactions to their relevant accounts
- Creating separate bookkeeping journals that credit and debit specific accounts
- Making appropriate entries to construction ledger accounts and balance sheets
- Adjusting all entries upon completion of each accounting period
Yes, when conducting bookkeeping for construction, QuickBooks is very effective, efficient, and easy-to-use financial systems software that is used by many contractors in the construction industry.
It is useful when calculating overall project costs as it prevents any job costs from being missed.
Its unique ability when it comes to tracking costs, client details, and timelines of projects is what makes QuickBooks so popular among contractors.
The fees that can be charged by bookkeepers depend on their level of experience and the nature of the job that is required.
If a bookkeeper is expected to handle all the bookkeeping duties, plus additional accounting jobs as well, they will be able to charge around $22 per hour.
However, very experienced bookkeepers can charge as much as $500 per hour, or more, for doing the books of large construction businesses.
QuickBooks and CMiC are the most popular construction accounting software options used by many contractors.
However, there is a long list of available options and each has it’s own advantages and disadvantages that you need to be aware of.
Your choice of financial management software will depend on the scope of your construction projects, the size of your company, whether you are covering single or multiple locations, your budget, and your accounting/bookkeeping goals.
Yes, it is impossible for a modern-day construction project to be run without proper accounting and bookkeeping services.
Not only will the construction work suffer from delays and poor planning, but serious issues can arise, such as insufficient tax preparation, which could derail the entire business.
This is why many construction companies have full-time bookkeepers on their payroll.
A small business that cannot afford this should consider outsourcing its bookkeeping, accounting, and financial management to third parties, such as Virtual Construction Assistants.
The fees charged by Virtual Construction Assistants are nothing compared to the risk of making serious mistakes when dealing with, for example, accounts receivable, material purchases, cash flow analysis, and overhead costs calculations.
Some of the essential services provided by bookkeeping services providers, such as Virtual Construction Assistants, are:
- General bookkeeping
- Data input
- Job costing and profitability analysis
- Bills payment
- Invoice management
- Bank and credit card reconciliations
- Financial statement drafting
- Billing and invoicing
Your choice of construction bookkeeper is very important if you wish to keep your construction company on the right track.
This is why you have to carefully select who you are going to leave in charge of your construction bookkeeping. Consider bookkeepers with:
- Experience working with many other businesses in similar roles
- In-depth knowledge of the latest construction accounting software
- The ability to handle construction projects of any size and scope
- A track record of integrity, professionalism, and efficiency
- Affordable fee structure
There is one company in the city of New York that meets all these requirements, and that is Virtual Construction Assistants. Call them now and schedule a meeting with one of our expert bookkeepers to discuss your construction accounting requirements.