If you run a construction business, we understand that you will have a lot on your hands – right from keeping track of ongoing projects and payments receivable or due, managing manpower across multiple sites, quoting for new jobs, tracking subcontractors, labour, material, equipment, expenses and more, to ensuring completion of projects within the designated budgets and deadlines. With so many demands on your mind and time, the essential task of bookkeeping can often be put on the backburner.
Efficient and accurate bookkeeping is a mandatory function for all types of businesses. Bookkeeping for construction differs from bookkeeping for other businesses in many ways, as construction work is primarily project driven. The right methods of bookkeeping not only help to maintain accuracy in financial records but can also help the business manage and meet its goals in a better way. In fact, it is said that without the right bookkeeping, it is almost next to impossible to measure the success of any business.
And here is where On The Money Bookkeeping comes in.
We are professional bookkeepers and accountants based in Box Hill and have years of experience in managing bookkeeping for construction clients from across Australia. We specialise in providing services for small to medium sized businesses in the construction sphere, using modern bookkeeping methods that improve efficiencies and allow you to focus on your business, and earning that extra edge over competitors. Given our expertise in this domain, we can offer expert advice that can guide future strategies.
There are many advantages when you outsource bookkeeping for your construction business
Freeing up time
Once you have our professionals taking care of your bookkeeping, you will be able to free up a lot of bandwidth used up in record keeping, which you can then focus wherever you wish to – on your work or your personal life. Moreover, you will experience quicker and more accurate work with lower overheads, and can rest assured that everything is being tracked, which will bring in significant time and cost savings as well.
We specialise in using software like Xero, which is considered one of the most efficient cloud booking software packages on the market today, along with the latest add-on applications like simPRO, WorkflowMax and Aroflo. Our experience in integrating multiple add-ons ensures that you have seamless data flow between different systems. And all this, without having to have a large stack of paper statements or records.
Staying up to date
Our services ensure that you will always be on top of all your day to day financial operations – from reconciled bank statements, P&L and balance sheets, to a clear picture of accounts receivable and accounts payable. This will also allow you to send timely invoices on project milestone completion. You will be able to have access to all of this up to date data from almost any device.
Managing payroll and allowances for subcontractors, contract labour and other partners can be a challenging affair, especially when you have multiple projects going on simultaneously. Our team has significant experience in working with employment contracts, and we can help you accrue and pay the correct entitlements. If required, we can also track RDO balances on employee pay slips and have demonstrated experience in managing CoINVEST and Incolink. You can check out our case study here, for more information.
Depending on how many projects you have taken on, you could be working with more than one contractor at a time. At On The Money Bookkeeping, we do a thorough check of ABNs and GST registrations, and flag these if we see any potential issues before you pay them, so that you don’t have issues you need to fix later that could have been avoided.
Improved business relationships
One of the keys to the smooth running of a business is supplier relationships. As a construction business owner, you will likely need to keep track of multiple supplier payments. With our specialised bookkeeping for construction, you will never miss a supplier payment. This can not only allow you to tap into supplier discounts but can also earn precious supplier goodwill.
With up to date records and data on how your business is faring, what is working and what isn’t as well as the latest compliance changes, it will be much easier for you to plan your cash flow and budgets, and stick to them for current and future projects. This will not only make tax filing and payment easier but will allow you to be in more control of your business.
Business performance advice
At On The Money Bookkeeping, we are committed to be reliable partners in your business growth. Contact us for a no-obligation review of your existing If you require a more in-depth management accounting service, our in-house accountants can extract and analyse the data from Xero and other add-on software and take a closer look at how your business is performing on each project. The insights derived from this process will be shared with you and give you the necessary knowledge to make better business decisions.
At On The Money Bookkeeping, we are committed to be reliable partners in your business growth. Contact us for a no-obligation review of your existing Xero file and an estimate of our services.