OHI is a sixteen-year-old real estate services company working with 75+ commercial and residential real estate developers including construction firms, funds and property management companies across USA. OHI team members have a good understanding of construction accounting and project accounting concepts such as job-codes, cost-codes, and milestone based billing, draw contracts, change orders, holdbacks etc. OHI construction/project accountants are well versed with progressive invoicing /progress billing concepts based on various methods such as Percentage of Work Completion method and milestone based billing method. Our services are used by 300+ businesses in California, New York, Texas, Florida, Colorado, Kansas and Washington among others.
The indicative standard charges for Accounts Payable Specialist and Senior 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 industry has a high transaction rate and the transaction amounts are pretty high as well. So it is safe to assume that frauds in construction accounting can lead to big losses. While these losses are not unheard of, it […]
The world has suddenly turned fancy and the universe of construction business is shining with activity. With several new players making an entry into the market, the competition no wonder has become pretty high. As such, the oldies in the […]
Accounting procedures and practices differ according to the type of business and practices adopted by organizations across sectors. In the construction industry, firms and contractors face unique challenges when it comes to accounting, as accounting for the construction sector is […]
Small business accounting is an organized process which helps in keeping track of the financial activities of a company. Bookkeeping, on the other hand, is a systematic process of keeping a record of every single company transaction. Both the processes […]
For almost 30 years, the firm has been serving the Greater Chicago and area with quality home remodeling. The firm has completed over 5,000 home remodeling projects.
A construction company in Aspen, Colorado providing general contracting, plumbing and property management services.
A mid-sized property management, brokerage and construction firm based in South Florida
A premier, privately-held developer-builder, based out of Bellevue, WA. They specialize in commercial properties. The firm has developed and built in excess of 81 properties and have more than 10,000 units under management.
A well-known construction and development company in Canada specializing in construction and development of high rise concretes. It is a mid-sized firm and one of British Columbia’s most experienced and respected developers.
From B.C. to Alberta, Washington to California, The firm builds amenity-rich residential and mixed-use communities. Having delivered over 20,000 homes with another 9,000 planned, being designed or under construction.
In various aspects construction accounting is different as compared to accounting for other businesses. In general, there are 2 main ways to maintain construction accounts.
Percentage of Project Completion – In this way accountant has to update books on the basis of stages of project i.e. Income/ Expense will be accounted for once a pre-decided stage of project will be completed. The revenue recognition based on achievement of a pre-decided milestone is also called as progressive billing/invoicing
Another way is Project Based – in this way an accountant consider every project as separate entity. Accountant has to start the whole procedure at the beginning of each new project.
We have good understanding of construction accounting concepts/terms like job-codes, cost-codes, change orders, draw sheets, retainage/holdback, commitment invoices, construction contracts and general construction expense types. We can process accounts payable in both the ways: Two Way Match (PO with Invoice) and Three Way Match (PO, Invoice and Packing Slip/Goods Receipts) processes. Our accountants have good expertise in processing construction company invoices with complexities such as divisional accounting, multi location allocations, multi-project allocations, draw order invoices, commitment invoice, retainage/holdback reconciliation among others. We also have expertise in document filing, accounts receivable processing, general ledger maintenance, month-end closing including expense accruals, bank and loan reconciliations, and financial statement preparations. Our expertise in construction accounting across US and Canada enables us to handle customized services that you may require related to accounting.
We have a high level of expertise in Timberline and QuickBooks in Construction Accounting. In QuickBooks, we have a high degree of familiarity and understanding of concepts such as Classes, Jobs and associated reports. In Timberline, our accountants are familiar with the different reports, search tools, header and distribution windows, divisional accounting among others. As we handle the accounting work for many small construction companies, our expertise in this area has few parallels in the industry.
We focus on providing Construction Accounting Services with utmost accuracy and timeliness. We are able to process bookkeeping, financial closing, payroll and provide audit support activities. However, we do not perform audits and annual compilations or provide opinions on your financial statements. We can assist and coordinate these functions with your current CPA to ensure that they have the necessary information to prepare these for you.
Absolutely Not. You will actually have more control since you’ll have dedicated accountant to whom you can communicate through email, Skype, phone calls and more. Accountant will revert and work immediately to deliver accurate and up-to-date financial output. You’ll require minimum supervision and attention for bookkeeping quality control instead you can invest more time in business increase opportunities.
Your software needs are dependent upon the accounting needs of your business. It depends on volume & type of projects, annual revenue, number of suppliers & subcontractors and several other factors you want to manage through it. Our team is capable of handling variety of construction accounting software ranging from a complete construction accounting package like Timberline to a small business QuickBooks construction accounting packages.