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.