Are you a construction business owner struggling to keep your finances in order? Tired of spending hours sifting through financial records and dealing with bookkeeping tasks? If yes, you are not alone.
Many construction companies struggle to handle finances along with their actual business. Fortunately, professional bookkeepers for builders with expertise in the construction industry can assist. Construction bookkeeping necessitates specific skills and a deep understanding of the industry.
So let’s understand how specialised construction industry bookkeepers can help your business.
Difference between regular accounting and construction accounting
The main difference between regular accounting and construction-based accounting is that construction accounting requires a deep understanding of the finances and operational aspects of the construction industry.
- The difference in business structure
When dealing with the construction industry, you should know that the structure of every construction site will differ from one another. Thus, the accountant must understand each project’s details with great precision.
- Workers are most likely to be contractors
Handling payrolls when it comes to workers can be a daunting task as most workers or site managers are likely to be contracted workers. Most also work on multiple sites simultaneously, which can complicate things more. Also, sometimes the workers work temporarily. This is why payroll is often set weekly. Thus, the accountant must handle fluidity when it comes to staffing.
- Regular maintenance
Since the construction industry is fast-paced, the accountant must handle the cash flow, other expenses, and employees at least weekly.
- Rules and regulations
Construction accounting deals with compliance with specific rules and regulations. These guidelines include the Australian Taxation Office (ATO) guidelines and the Australian Securities and Investments Commission (ASIC) regulations which must be followed.
- Tools and techniques
There is more use of specialised software and tools in construction accounting than in regular accounting.
The benefits of hiring a specialised construction industry bookkeeper
A specialised construction industry bookkeeper can enable you to focus on your tasks, and they can handle the finances on your behalf so that you can stay assured, knowing that you have handled the job in the right hands. Several benefits come along with hiring small business bookkeeping service in Melbourne, and these are as follows:
Experience and expertise in construction accounting
An experienced and professional construction industry bookkeeper has extensive knowledge of the unique practises and regulations concerning the construction industry. They are well-versed in job costing, project management, and financial reporting requirements for construction businesses.
Enhances financial management
Maintaining accurate financial records will no longer be a difficult task for you through an experienced construction industry bookkeeper. Also, tracking expenses and monitoring cash flow can be done conveniently and efficiently through the construction bookkeeper. Thus, you can keep all your finance-related worries aside. In addition, you can make informed business decisions when it comes to budgeting and investments, which will help you stay financially stable and profitable.
By investing in a construction industry bookkeeper, you can give your precious time to focus more on other aspects of your business, such as sales, marketing, and customer service. This will help your business to grow profitably while a professional bookkeeper handles your finances.
Staying in line with compliance
Several rules and regulations heavily regulate the construction industry. Thus, every construction company must abide by the various state and federal laws. Only an experienced construction industry bookkeeper can ensure that the laws are followed so that your business does not have to face fines or penalties.
Access to professional tools and software
Managing finances on your own can be difficult, as we all know. However, many professional tools and software are available to the specialised construction industry bookkeepers, enabling them to manage their finances effectively. The different types of software may include project management tools, job costing software, cloud-based accounting platforms, and so on.
Thus, maintaining accurate financial records, making informed decisions, and staying in line with the rules and regulations will no longer be a complex task for you with the help of a specialised construction industry bookkeeper. Thus, you can focus on your business better and save considerable time.
How to Choose a Reliable Bookkeeper for Builder?
When choosing a bookkeeper for a construction company, it’s important to consider their experience, qualifications, software expertise, references, communication skills, and trustworthiness. A reliable bookkeeper will have experience working with construction companies, appropriate qualifications, and proficiency in using accounting software. They will also communicate effectively with you and maintain confidentiality. Checking references from other building companies can also ensure a good fit.
Don’t let bookkeeping headaches hold you back. Contact Trendsight today to learn more about our construction company bookkeeping services and how we can help your business thrive.