Bookkeeping

Our services are suitable for construction companies of all sizes, including one-man-bands and family firms. Reconciling bank statements is an important task ensuring your records match your business account’s actual transactions. Any discrepancies should be identified and corrected promptly to maintain accurate financial records. Regular reconciliation also prevents potential issues with vendors, clients, or even […]

Taxes can be a significant burden for contractors if not managed properly. Allocating a portion of your income specifically for taxes helps avoid unexpected liabilities during tax season. Proper tax planning is a vital component of construction accounting, and construction bookkeeping services can help general contractors comply with tax regulations and avoid penalties. Our specialised

Usually, these conditions limit the budget that you can utilize for a certain period. Because the costs can quickly go up due to circumstances (e.g. COVID-19 pandemic, recession), you run the risk of using up all the budget and being left with no capital. When this happens, you have no choice but to cover the

Good bookkeeping helps in managing these aspects effectively, ensuring financial stability. This separation simplifies bookkeeping, provides a clear picture of your business’s financial health, and protects your personal assets from business liabilities. Good bookkeeping starts with having organized and up-to-date financial records. Essential Bookkeeping Tips for Roofing Contractors: A Must-Read A construction accounting professional will

Keeping enough cash on hand is a serious challenge in our industry, especially on longer jobs. To maintain a positive financial position, you’ll want to use progressive billings (aka progress billings). Instead of a lump sum at the end, progress payments are made in regular installments (usually monthly) as a project progresses. If you’re an

In year 4, preferred stockholders must receive $220,000 ($145,000 in arrears and $75,000 for year 4) before common shareholders receive anything. Since only $175,000 is declared, preferred stockholders receive it all and are still “owed” $45,000 at the end of year 4. In year 3, preferred stockholders must receive $205,000 ($130,000 in arrears and $75,000

In year three, preferred stockholders must receive $205,000 ($130,000 in arrears and $75,000 for year three) before common shareholders receive anything. Since only $60,000 is declared, preferred stockholders receive it all and are still “owed” $145,000 at the end of year three. Preferred stockholders are paid a designated dollar amount per share before common stockholders

During the period, 600,000 feet of flat nylon cord costing $330,000 were purchased and used. When a company makes a product and compares the actual materials cost to the standard materials cost, the result is the total direct materials cost variance. When a company makes a product and compares the actual materials cost to the standard

It must represent interest as an owner or creditor, carry an assigned monetary value, and be able to provide a profit opportunity for the purchaser. Marketable debt securities are held as short-term investments and are expected to be sold within one year. If a debt security is expected to be held for longer than one

When selecting a bookkeeping style, business owners have several options. Learn how QuickBooks Live Expert Assisted can help you streamline your bookkeeping and free up time spent on finances. There are key differences between bookkeepers and accountants that you want to know before hiring a financial professional. Discussing the bookkeeper’s approach to handling sensitive financial information and