© 2019 ELEMENTS BOOKKEEPING

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CONSTRUCTION

Like any small or medium business, Construction businesses aim to increase profits, decrease costs, and maintain positive cash flow.

However, they also face many challenges most other businesses don’t face, including high equipment costs, and strong market competition when tendering for jobs.

If you own a construction business, you’ll no doubt be familiar with these unique business challenges. However, what you may not realize is that you can better prepare your business to address these challenges through accurate construction bookkeeping and reporting.
 

Choosing the correct Quickbooks setup is the most critical part of all because it is the foundation upon which your entire financial system is built. Put the wrong foundation under your construction company and it will not matter who is doing the bookkeeping because it will always be a mess and you will never get the reports you really need in order to operate and grow your business profitably.

 

At Elements Bookkeeping we are familiar with the bookkeeping challenges construction businesses can face, such as:

  • Poor tracking of payments (leading to overdue invoices and late contractor payments)

  • Lack of tracking change orders (leading to job profit reductions)

  • Ineffective inventory control (leading to over- and under-stocking)

  • Ineffective job costing (leading to a loss on completed jobs and/or cash flow issues)

  • Lack of understanding of Taxable Payment Reporting (leading to costly and time-consuming problems with the ATO)

Working independently affords you the right to choose the projects that fulfill your professional needs. It also means you’re responsible for paying self-employment taxes, funding your own retirement plan, paying for office supplies and managing other responsibilities employers would normally. Nevertheless, you wouldn’t give up freelancing for anything — except when it comes to bookkeeping.

If you’re a contractor who needs help, contact Elements Bookkeeping. We provide independent contractors with essential bookkeeping services, including payable and receivable management, reporting, financial planning and business consulting. 

Our expertise in the construction industry includes work with the following:

  • ​General Commercial and Building Contractors

  • ​Heavy Highway Contractors

  • ​Excavating and Demolition Contractors

  • ​Paving, Concrete and Masonry Contractors

  • ​Homebuilders and Commercial and Residential Real Estate Developers

  • ​Specialty Trade Contractors

  • ​Architects and Engineers

  • Mechanical Contractors

  • Commercial Roofing Contractors

  • Steel Fabricators