With technology advancement and modernization construction companies use programs and resources that you won't find in other businesses such as travel agencies and gas station. From construction cost planning to vendor payment, this industry is unique. However,accounting for construction business is always challenge business owners. FIrstly, it is difficult to get a better qualified and experienced staff to handle the activities. Secondly, it is very difficult to get the work done in a timely and professional manner hence hiring a full-time bookkeeper is extra cost. Whether you are new to construction business or perhaps you have been established construction company for many years, you must need good accounting for construction company. This will help to achieve better milestone in the business.
When contracts are on the line, you can’t afford to waste time with inefficient bookkeeper and incompatible services. The construction accounting need to have a little different approach, as per the nature of business. There are several activities in the real estate business which cannot be considered with general accounting. While doing construction bookkeeping, it is important to make the financial transaction entries at proper places. That’s where Accounts Junction comes in. We have good experience of working on accounting with different real estate companies in the USA.
Accounts Junction understand the challenges your company faces for bookkeeping and accounting. We are highly experienced when it comes to accounting for construction business. Head quartered in India we have served many offshore clients from construction industry in countries like USA, UK, Canada, New Zealand, South Africa, Australia and Singapore. In a very short span of time we have established a great relationship and reputation among construction companies. The key reason behind our cusses is, our team is expertly trained for outsource accounting for construction company work and technically proficient to handle all accounting software's like Xero, Zoho Books, QuickBooks, MYOB, SAASU, Tally, NETSUITE, Sage and Oodo.
As we mentioned our team has extensively work in construction sector for various works like:
ON THE ASSETS SIDE:
ON THE LIABILITIES SIDE:
Most of Accounting firm treats accounting for construction company similar to other business however there is slightly catch in construction accounting. Projects evolves in long run and many phases. This makes it quite difficult for an accountant to evaluate the exact amounts for the work that is not completed yet. However, as an experienced construction accounting firm Accounts Junction developed a mechanism for that also by dividing the bookkeeping work into –
Accounts Junction has a very streamlined approach of working for real estate firms. They can help achieve better efficiency in the accounting for these firms. For more information about accounting for construction business services, write us or contact us today! One of our accounting expert will be in touch with you for no obligation quote and assistance.
There are several software options available for bookkeeping and accounting specifically tailored to the construction industry in the US. Here are some popular software tools used for construction bookkeeping and accounting:
These software options are specifically designed to meet the unique accounting needs of construction businesses in the US. They provide tools for tracking job costs, managing project budgets, generating financial reports, and ensuring compliance with industry-specific accounting practices. Selecting the most suitable software depends on the specific requirements and size of your construction business.
Bookkeeping and accounting for construction differ from general accounting due to the unique characteristics and requirements of the construction industry. Here are some key differences:
1. Job Costing:
2. Progress Invoicing:
3. Contract Management:
4. Retainage and Surety Bonds:
5. Cost Allocation:
6. Percentage of Completion Method:
7. Subcontractor Management:
8. Regulatory Compliance:
These are some of the key differences between construction accounting and general accounting. Construction accounting requires specialized knowledge and expertise to address the unique financial aspects of the construction industry, such as job costing, progress invoicing, contract management, and compliance with industry-specific regulations.
Accounts Junction's bookkeeping and accounting services are highly beneficial for construction businesses in the USA. By leveraging our expertise, construction businesses can experience the following advantages:
By utilizing Accounts Junction's specialized bookkeeping and accounting services, construction businesses can streamline their financial management processes, optimize profitability, and focus on their core operations with confidence. Accounts Junction's expertise in construction accounting ensures that businesses receive tailored and reliable support that addresses the unique needs and challenges of the construction industry.
Accounts Junction's bookkeeping and accounting services are specifically designed to address the unique needs and challenges of construction businesses in the USA. Our expertise in financial organization, specialized cost tracking, accurate invoicing, and comprehensive financial reporting aligns perfectly with the requirements of the construction industry. By leveraging Accounts Junction's services, construction businesses can benefit from their in-depth knowledge and experience in construction accounting. Accounts Junction ensures accurate recording and tracking of project costs, efficient invoicing and billing processes, and the generation of reliable financial reports tailored to the construction industry. With our support, construction businesses can optimize profitability, maintain financial stability, and focus on their core operations, knowing that their financial management is in capable hands. The specialized bookkeeping and accounting services provided by Accounts Junction offer construction businesses a competitive edge, enabling them to navigate the complexities of the industry and achieve long-term success.
# | Account Number | Account Name | Account Type |
---|---|---|---|
1 | 1000 | Bank & Cash Accounts: | Bank |
2 | 1001 | Operating Bank Account | Bank |
3 | 1002 | Petty Cash | Bank |
4 | 1003 | Payroll Account | Bank |
5 | 1004 | Retainage Account | Bank |
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Read MoreAccounts Junction's bookkeeping and accounting services