You have a lot on your hands running a construction business – keeping track of projects, administering receivables, managing workers across multiple sites and quoting for new jobs is continually demanding. The ongoing responsibilities of tracking subcontractor labour, materials, equipment and billable expenses while meeting project budgets and deadlines add to the challenging workload.
With so many demands on your mind and time, you’ll gain by handing over the essential task of accounts management to experts in construction bookkeeping.
Efficient and accurate bookkeeping is a mandatory function for all successful businesses. Bookkeeping for construction is unique in that the construction industry is primarily project driven, and it is a complex industry to work in.
Best practice bookkeeping not only helps to manage and measure project profitability and maintain accurate financial records, but can also help your business meet its goals faster.
On The Money Bookkeeping for Construction
We are professional bookkeepers and accountants based in Box Hill and have years of experience managing bookkeeping for construction clients across Australia. We specialise in providing services for small to medium businesses in the construction industry, using the best bookkeeping tools that improve efficiencies and allow you to focus on your business. We offer expert advice to guide your current operations, future strategies and business prosperity.
Advantages of outsourcing bookkeeping for your construction business
Free up your
Once you have our professionals taking care of your bookkeeping, you will free up the bandwidth used in record and account keeping, which you can then focus where you choose – whether that’s your work or your personal life. As your partners in managing your accounts, you can rest assured that everything is tracked and reported accurately.
Efficient accounts and technology
We specialise in using Xero accounting software, which is the most efficient cloud-based bookkeeping software package on the market today. We work with add-on applications like simPRO, WorkflowMax and Aroflo to manage your projects and job costing. Our experience in integrating multiple add-ons ensures that you have seamless digital data flow between the different systems.
You will always be on top of all your day-to-day financial operations – from reconciled bank accounts, profit and loss statements and balance sheets, to a clear picture of accounts receivable and accounts payable. You’ll be able to invoice jobs and project milestones promptly. Xero operates on any browser – so you can always stay up to date on any device.
Managing payroll and allowances for employees and contract labour can be challenging, especially when you have multiple projects going on simultaneously. Our team has significant experience working with employment contracts, and we can help you accrue and pay the correct entitlements and take care of the modern award provisions. We can also track RDO balances and have experience in managing CoINVEST and Incolink. You can check out our case study here for more information.
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 the contractors. We’ll also track relevant contractors and suppliers for the Taxable Payments Annual Report.
Improved business relationships
Managing supplier relationships is especially important in the construction industry. As a construction business owner, you need to keep track of multiple supplier payments. With our specialised bookkeeping for construction, we’ll help you manage the multiple supplier payments so you never miss a payment. This allows you to tap into supplier discounts and earn valued business goodwill.
With up-to-date financial data showing your business performance, it will be much easier to plan your cash flow and budgets for current and future projects. This not only makes planning for activity statement and tax payments easier but allows you to be in control of your business every day.
Business performance advice
If you require a more in-depth management accounting service, our in-house accountants can extract and analyse the data from Xero and your project management solution and take a closer look at how your business is performing on each project. The insights derived will give you the necessary knowledge to make better business decisions. Rest easy knowing that the team at On The Money Bookkeeping for construction is here to support your ongoing business success with practical and relevant advice.
At On The Money Bookkeeping, we are committed to being reliable partners in your business growth. Contact us for a free review of your existing bookkeeping systems and an estimate for our services.