Cost Effective
Flexible Staffing
Speciallized Expertise
Realize cost reductions of 40%-60%
Scale up and down based on your needs
Focus on running the business instead of managing books
Use us as full-time, part-time or on as needed basis
Access to best practices derived from 300+ businesses
Accounts Payable Invoicing
Disbursement Processing
The indicative standard charges for Accounts Payable Specialist and Construction Accountant roles are listed below. Custom packages of 25, 50 and 80 hours per month are available.
Accounts Payable Specialist can perform activities such as 2 Way/3 Way matching of invoices with POs and GRs/Packing Slips, entry of invoices and utilities, coding of expenses, entering checks for further approval, tracking payables, vendor reconciliations and other miscellaneous accounts payable activities.
Construction Accountant can provide the following accounting services- General ledger accounting, payroll, monthly closing of books, detailed monthly reporting. They have strong balance sheet knowledge including assets, liabilities, income statement, cash flow statement and common financial ratios.
Construction accounting is a specialized financial management system tailored to the unique needs of the construction industry. It focuses on tracking costs, revenues, and cash flow specific to each project, ensuring accurate financial reporting and compliance with industry standards.
Construction companies often utilize project-based accounting methods, such as job costing, to allocate expenses and revenues to individual projects. This approach provides detailed insights into the financial performance of each project, aiding in effective decision-making.
Construction companies typically employ a combination of cash basis and accrual accounting methods. The choice depends on the project’s nature and duration, with long-term projects often using the percentage-of-completion method to recognize revenue and expenses over time.
Construction accounting involves recording all financial transactions related to a project, including labor, materials, equipment, and overhead costs. These records are maintained separately for each project to ensure accurate tracking and reporting.
GAAP (Generally Accepted Accounting Principles) construction accounting refers to the application of standardized accounting principles in the construction industry. It ensures consistency and transparency in financial reporting, facilitating comparability and compliance with regulatory requirements.
Effective construction accounting involves implementing robust systems for job costing, progress billing, and revenue recognition. Utilizing specialized accounting software can streamline these processes, providing real-time financial insights and improving project profitability.
Construction accounting faces challenges such as fluctuating material costs, labor variances, and project delays. These factors can impact cash flow and profitability, requiring diligent monitoring and adaptive financial strategies.
Outsourcing construction accounting allows companies to leverage specialized expertise, ensuring accurate financial management and compliance. It enables internal teams to focus on core operations while maintaining financial integrity and efficiency.
