Bookkeeping for Construction Companies & Contractors

Professional Bookkeeping and Financial Solutions

bookkeeper for contractors

Managing the financials in the construction industry can feel like juggling hammers, nails, and blueprints all at once.

As someone who has helped small business owners across various states clean up their financials and keep things on track, I know the unique challenges you face. Let’s dive into the critical bookkeeping services designed specifically for you.

Understanding Construction Bookkeeping

Bookkeeping in construction isn’t your run-of-the-mill number-crunching. It’s more like fitting puzzle pieces together to get a clear picture of where your money’s going and coming from. You’ve got to track project-specific costs, manage contracts, and stay compliant with industry regulations. It’s the backbone of keeping your financial house in order.

Key Bookkeeping Services

job costing

Job Costing

Think of job costing like putting a price tag on every brick, nail, and hour spent on a project. It’s all about knowing exactly how much each project costs, from labor to materials and overhead. This detailed tracking helps you budget better and avoid those “where did all the money go?” moments. Without it, expenses can sneak up on you like a ninja in the night. Bookkeepers give you a clear picture of costs, financial records, and business expenses across multiple projects.

process billing bookkeeping

Progress Billing

Progress billing is your best friend when it comes to keeping cash flow steady. Instead of waiting until the end of a project to get paid, you invoice clients at different stages. This method is like a financial lifeline, showing clients what they’re paying for at each step. As someone who’s passionate about helping businesses keep their finances in check, I can tell you that progress billing is a game-changer.

subcontractor managment

Subcontractor Management

Managing subcontractors can be a bit like herding cats. Bookkeepers handle all the agreements, payments, and tax compliance, so you don’t have to worry about disputes or missed payments. It’s about keeping everything running smoothly and making sure everyone gets paid on time.

payroll processing

Payroll Processing

Construction payroll can get complicated fast. With varying labor rates and union agreements, it’s a lot to keep track of. Efficient payroll processing ensures everyone gets paid accurately and on time, including all the tax withholdings and benefits. This keeps your crew happy and your business compliant with labor laws.

tax compliance

Compliance and Tax Preparation

Staying on the right side of tax laws and industry standards is non-negotiable. Bookkeepers make sure all your financial activities comply with the law, prepare your tax returns, and manage audits. This prevents legal issues and keeps your business running smoothly.

financial reporting

Financial Reporting

Regular financial reporting is like having a GPS for your business. Detailed reports such as income statements, balance sheets, and cash flow statements give you a clear view of your financial health. These reports are crucial for making informed decisions, securing loans, and planning for the future. Over my years of consulting, I’ve seen how financial reports can turn uncertainty into strategic advantage.

Benefits of Specialized Bookkeeping Services

Improved Cash Flow Management

With progress billing and effective subcontractor management, you maintain a steady cash flow. This stability is essential for operations and growth.Regulatory ComplianceProfessional bookkeepers ensure compliance with tax laws and industry standards, reducing the risk of penalties.

Enhanced Financial Contol

Specialized services provide better financial control by offering accurate job costing and financial reporting. This helps manage expenses and ensure each project is profitable.

construction company bookkeeper in Idaho Falls

Strategic Planning

Detailed financial reports aid in strategic planning and decision-making. Understanding your financial position helps you plan future projects more effectively.

Reduced Risk of Errors

Accurate record-keeping minimizes the risk of errors, crucial for audits and business planning.

What Our Client's Are Saying

MyT Financials
Based on 10 reviews
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Tanner WaidTanner Waid
19:27 02 May 24
Tyler is great to work with and it’s obvious he knows his stuff! Highly recommended!!
Paralea FurnissParalea Furniss
22:23 28 Feb 24
I enjoyed the QB class. Thank you so much for helping go through the details in every department . Thanks so very much
Caleb BrowerCaleb Brower
04:18 23 Feb 24
Tyler is the best by far I have ever worked with. He is honest, hardworking, and has helped me tremendously with my business.
Smith PoolsSmith Pools
17:59 21 Feb 24
My T financials has helped our company bring our books current, that had been neglected for several years. Tyler is easy to work with, knows his stuff and available. He is reasonable, honest, and is willing to look into things i he doesn't know. Currently My T Financials maintains my books on a monthly basis. I couldn't be happier working with this company.
Sean ConlonSean Conlon
16:56 21 Feb 24
Tyler is a wealth of knowledge and it is such a pleasure to work together. We have been extremely happy with MyT Financials! If you're evaluating outsourced accounting providers, stop with MyT and make your life easier!
Frosty WilsonFrosty Wilson
15:38 21 Feb 24
My T Financials has been great to work with! And Tyler is a real asset to the Idaho Innovation Center in teaching QuickBooks Online and Basic Bookkeeping. Highly recommend My T Financials.
Cole SvobodaCole Svoboda
16:39 09 Nov 23
The best, most hard working and honest bookkeeper ever! Tyler is the man. He has been doing my books since I started my business and has gone above and beyond to make sure everything is taken care of. My business and I are located in Arizona but we will continue to work with MyT Financials because it is worth it!
Gwen BerthelotGwen Berthelot
16:59 04 Oct 23
Tyler was always ready and willing to help. He taught me so much about Quickbooks during the time he helped with our books. He’s very knowledgeable and patient. I highly recommend Tyler for any bookkeeping job you may have. You can’t go wrong choosing Tyler.

Give Us A Call

Contact us today to see how our specialized bookkeeping services can keep your projects profitable and your business running smoothly. Let’s nail down your financial success together!

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