Chris combines his experience in tech and construction to build products that actually help SMB contractors improve and streamline their business operations. To actually be effective, your cost coding system needs to be used consistently by everyone in your company. This ensures accurate and consistent data entry that will ultimately help you bid better on future projects. Essentially, WIPs work to combine all your job costing in one place, so you can get both a bird’s eye view of all open jobs, and a granular look into how each one is individually performing.

• Many contractors struggle to maintain a profitable business despite working six days a week.
• She has moved our accounts over to the cloud, produced the company accounts and my personal accounts.
• Ideally, each of your financial accounting processes should work together seamlessly as a part of a larger system.
• Consider this resource a jumping-off point — we’ll outline the basics and point you toward more in-depth guides on each topic covered so you can keep your construction company moving forward.

Professional and reliable CIS accountants ready to help

• Unlike large accounting firms that seem to treat you like an inconvenience, Kat has taken time to advice and explain far beyond level I was expecting.
• Precision accounting for residential or commercial land development companies, weekly comprehensive financial reports via email, and monthly Zoom® financial reports review meetings with your team.
• You can avoid a fair bit of cash flow problems by negotiating more favorable retainage rates/terms with project owners.
• This video shows you the organization, tools, and processes Apparatus uses to deliver precision construction accounting to our clients.
• The price will fluctuate based on your experience, project size, and other factors.
• What sets us apart is our team of chartered accountants and tax advisors who are deeply embedded in the Yorkshire community.

From long term contracts and historically slow pay cycles to balancing costs in dynamic and unpredictable site conditions, there are a ton of factors that make financial management much more difficult. If you want to succeed, you can’t approach construction accounting from a conventional perspective. Our mission is to provide builders, developers, GCs, and specialty contractors the precision accounting services they need to aggressively grow their businesses and their bottom lines.

Bad debts on the rise – Time to crack down

Most Builders and Remodelers don’t have a handle on the finances of their business. We believe that a General Contractor’s ambitions should never be limited by an accounting system that keeps them in the dark. If your company is established and you are switching to us from a previous accountant, all we will need is your previous accountant’s contact information.

Your Construction Accountant

Mistakes can affect your taxation position and lead to inaccurate financial reporting, resulting in investigations or even fines from HMRC. Our construction and property client base represents all aspects of the construction industry value chain. Good bookkeeping for contractors isn’t just about ticking boxes – it’s about gaining clarity. This approach is key to long-term success in the fast-paced construction world.

You’ll have the financial strategy support you need to supercharge the profitability of your business. You’ll have the support you need to unlock the power of your construction management software system. 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. At Apparatus Contracting Services, we know the path to construction bookkeeping becoming a contractor doesn’t take a pit stop at Finance 101.