The building and construction industry is undoubtedly a fast-moving one. Business owners who keep accurate financial records are more empowered to make educated decisions. If you are a builder, general contractor or run a construction trade business such as electrical, plumbing, insulation, painting, drywall, siding, landscaping, design or roofing, the help of a specialized bookkeeper could be invaluable to your business.
An experienced construction bookkeeper will have a strong background in job costing, a primary financial concern for construction companies.
Construction contractors especially must monitor how much clients owe them, how much they owe to suppliers and a multitude of other expenses. No items can be missed or forgotten.
Mistakes Can Be Costly And Impact Both Finances And Operations
To keep abreast of the changing conditions, business owners must stay on top of their bookkeeping for builders. Employee information must be up-to-date, invoices must be generated without delay, and accounting software must be updated once a week at a minimum.
While these rules make sense on a logical level, the practical reality is that business owners in the building and construction industry simply don’t have time to give their bookkeeping the attention it deserves. When people in the industry attempt to take care of their bookkeeping for builders themselves, then the problems often occur.
Cash Flow Issues Resulting From Inaccurate Job Quoting
Over or under-stocking of equipment and supplies caused by poor stock management Problems with the ATO caused by unintentional discrepancies in financial reports, and overdue or inaccurate invoices as a result of poorly tracked interim and job completion invoicing and payment follow-ups.
The issues caused by poor bookkeeping for builders are serious and potentially extremely costly to business owners. Luckily, they are entirely preventable by outsourcing your bookkeeping for builders to an overseas professional.
What Happens When You Outsource your Bookkeeping For Builders?
The first thing that will happen when you outsource your bookkeeping is that the bookkeeper will recommend the best online, cloud-based bookkeeping software for your business. Not all bookkeeping software packages are alike, and professional bookkeepers know the best systems to use for businesses in the building and construction industry.
Your outsourced bookkeeper will be able to securely access and update your financial records at any time from anywhere.
From Good Bookkeeping Comes Valuable Reporting