All Professional Construction Bookkeeping and Accounting Services have formulas for calculating fee structures. It is not rocket science, but it does take a deep understanding of accounting:

1. How many employees do you have? From that, we know how much time and effort it will require to process payroll and do the tax reports.
2. What type of construction do you do? New, remodel, service, residential, commercial? From the number of employees and the kind of work you do, we know how much time and effort it will require to do all the bookkeeping, bank and vendor reconciliations, and the rest. Because we have a system.

Wondering if it's really worth the aggravation?

Here are three reminders of how effective bookkeeping is and why it is the cornerstone of small business success.

Keeping track of reimbursable expenses 

A reliable system for tracking reimbursable expenses ensures you reap all the benefits you're entitled to when filing your taxes. Expenditures sorted into categories, such as "food," "travel," and "office supplies," can be cataloged quite merely using our LMOS system - Labor, Materials, Other costs, Subcontractors, granted that your construction bookkeeping is set up correctly.

Using a dedicated credit card for business expenses, and updating your records every month, will put money back in your pocket come tax time.

Measuring profitability and planning for the future

To grow your business, you must track and compare its finances from one year to the next.

In addition to reconciling the books and bank statements every month, effective bookkeeping generates records you can use to gain a comprehensive overview of your business. This data can help you:

• measure year over year profits;
• identify opportunities to cut costs;
• plan for major expenses (such as new office space, equipment, or staff); and
• develop data-based strategies for expansion.

Preparing for tax season

Few things are more stressful for business owners than scrambling to get poorly maintained financial records ready for tax season. In addition to the panic of last-minute filing, inaccurate or incomplete documentation can lead to severe penalties, fines, and even an audit. 

Save money and get peace of mind with sound bookkeeping. You'll be assured of compliance with regulations and will receive a reliable estimate of amounts owing long before your tax bill is due.

Final thoughts

Most contractors are passionate about developing new business ideas – not crunching numbers. Not to mention your daily workload is stacked high up with not enough time to deal with it. Outsourcing a professional bookkeeper, even on a part-time or as-needed basis, can help optimize your accounting and increase overall profitability. Do what you do best because your time is valued more than anything.

It's well worth it. Invest in effective bookkeeping, and you'll build a solid foundation for a resilient, forward-moving construction business.