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Bookkeeping Services For Construction Companies

Managing the finances of a busy construction company can be as challenging as laying the foundation of a high-rise building or pulling new zoning permits. To help business owners in this complex niche, Lowden Financial offers a comprehensive suite of bookkeeping services tailored specifically for construction companies.

We have a deep understanding of the industry's unique accounting rules and financial needs, and our services are designed to streamline your financial processes. Together, we can work towards accuracy, compliance, and a new level of transparency and profitability.

We Appreciate the Unique Challenges of Bookkeeping in the Construction Industry

Bookkeeping can be complex for owners of construction companies, and Lowden Financial is here to help. Job costing is one common challenge. Construction projects often involve numerous expenses that vary significantly from job to job, including labor, materials, equipment, and subcontractor costs. Accurately assigning these costs to specific projects helps a business determine project profitability and ensure you remain competitive when creating proposals. Lowden Financial can take out the guesswork, making sure you don't lose money on a particular job.

The fluctuating nature of the construction business can also throw business owners a curveball. Seasonal variations, unpredictable workloads, and material cost alterations can make cash flow management and financial forecasting particularly challenging.

Construction companies also frequently deal with long-term projects that can span several months or even years. This aspect poses challenges in revenue recognition, as recognizing income and expenses must align with the progress of the project. This is not always straightforward! Our in-house bookkeeping experts can help you correctly track and report revenue and expenses.

Furthermore, construction businesses often operate with a large workforce, including a mix of full-time employees, part-time workers, and subcontractors. Managing payroll for such a diverse workforce, including compliance with various labor laws and regulations, adds another layer of complexity to their bookkeeping processes.

To ensure compliance and maximize your tax savings at the end of the year, send us an email at your earliest convenience. We can speak with you about your business, identify opportunities, and help guide you to greater profitability.

Our Bookkeeping Services For Construction Companies

Among other services, these are available to our construction clients. If you have any particular pain points, please let us know - every business is different, and we cater our expertise to your specific needs.

Set-Up in QuickBooks Online, including Customization of Chart of Accounts

A well-organized chart of accounts within QuickBooks Online helps construction companies accurately track and report financial transactions. We'll customize your accounts to reflect the unique aspects of your business, categorizing expenses, revenues, assets, and liabilities in a way that makes sense for your specific operations.

Monthly Close of Books

Having Lowden Financial perform the monthly close of your books guarantees that all financial activities for the month are accurately accounted for and included. This process is vital for periodic financial reporting and if you wish to be acquired in the future, it's even more important to be able to withstand an audit.

Adjustments and Reclassifications For Construction Companies

Financial transactions in the construction industry can be complex, often requiring adjustments and reclassifications. Lowden Financial is adept at making these necessary changes to ensure that your financial statements accurately reflect your business activities and any project delays, change orders, or modifications are properly included.

Monthly Bank and Credit Card Reconciliations

Lowden Financial can reconcile bank and credit card statements each month, thereby ensuring accuracy, identifying any discrepancies, and correcting problems that we find before they can hurt your business. This helps you manage your cash flow, as well as detecting fraudulent activities and waste that would otherwise go undetected.

Monthly Financial Statements and Customized Reports

We help our clients understand their financial positions every month. This helps to routinely provide a fresh perspective on your business's health and allows you to focus on growing your business in its most profitable areas. Lowden Financial provides detailed monthly financial statements and customized reports, offering valuable insights into your business's financial performance. These reports are tailored to the construction industry, highlighting key metrics and financial indicators relevant to your business.

Integration and Training of 3rd Party Apps

Integrating technology into your financial processes can provide significant advantages. Lowden Financial assists in integrating and training your team on 3rd party applications that complement QuickBooks Online. This service enhances your bookkeeping efficiency and provides additional tools to manage your construction business effectively.

Unlimited Support and Q&A

Questions and concerns can arise at any time, and Lowden Financial offers unlimited support and Q&A. Our team is always ready to assist you with any bookkeeping queries -- we want you to enjoy financial clarity and unparalleled peace of mind.

Scheduled Meetings to Review Financials

Regular financial reviews help us contribute to the ongoing success of your construction business. Lowden Financial schedules periodic meetings to review your financials, providing an opportunity to discuss your business's financial performance, address any concerns, and plan for the future.

Enhanced Services Available to Construction Companies

In addition to our comprehensive bookkeeping services, we provide additional specialized financial management solutions for our construction industry partners. The following services are available to clients at the next tier of service.

One-Time and Recurring Customer Invoicing

Efficient invoicing helps you maintain cash flow, and our team handles both one-time and recurring customer invoicing. This service not only aids in streamlining the revenue cycle, but also helps in maintaining positive client relationships.

Analysis of Accounts Receivable and Payable

Are late customer payments hurting your business's ability to operate? Are you paying additional fees on goods and services when you could save money by paying on time or up-front? We can analyze your accounts receivable and payable, and we have years of experience identifying inefficiencies and opportunities to save money.

Expense Tracking For the Construction Industry

Our team meticulously tracks business expenses, and we are committed to accurate categorization and recording. This service is fundamental in budgeting and financial planning, and we want to help you understand where your funds are being allocated.

Job Costing and Classes

We offer job costing and class tracking services, providing detailed insights into the financial performance of each project. This information is crucial for making informed business decisions in future projects, and you will often look back at our analysis of past projects to inform estimates in the future.

Payroll Processing and Filing of Forms 941, 940, 1099, and 1096

Payroll processing can be complex, particularly in industries with a mix of contractors and salaried employees. Our services include the processing of payroll and the filing of necessary tax forms, such as Forms 941 and 940. We can help with both tax compliance and the timely payment of your staff.

Get in Touch To Learn More About Our Bookkeeping Services For Construction Companies

At Lowden Financial, we work hard to help construction construction company operators focus on growing and running their businesses, not balancing accounts and running the books. If you would like to gain greater transparency into your finances, increase profitability, and enjoy more peace of mind, send us a note at your earliest convenience.

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