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  • Writer's pictureYvonne Root

Setting Your Accounting Staff Up – For Success

They go by several different titles. It could be they are the bookkeeper. Other titles we’ve heard are accountant, controller, accounting director, office manager, or clerk. No matter the title, they’re in charge of maintaining the financial records (the books) for your construction contracting business.

Either you already know, or you’re learning that dealing with the accounting processes in the construction industry is highly sophisticated and (at times) can be daunting. However, knowing “the basics” of accounting is only a start when dealing with the nuances associated with construction accounting.

General Accounting Professional

Anyone working in the accounting profession encounters bottom-line tasks and responsibilities such as:

  • Accounts payable

  • Accounts receivable

  • Balance sheet

  • Cash balance or cash flow report

  • Income statement or profit and loss

  • Payroll transactions

Construction Accounting Professional

In addition to the above list, construction accounting pros are tasked with understanding and dealing with:

  • Change orders

  • Customer deposits

  • Earned value report

  • Estimates vs. actuals

  • Job costing

  • Job profitability report

  • Progress billing

  • Retention

  • WIP report

  • and a few other peculiarities

These added responsibilities make construction accounting different, require unique processes, and (put simply) can’t be ignored.

Technology to the Rescue

Of course, as we all know, “there’s an app for that.” Well, sort of.

The thing is, both software and apps come in all shapes and sizes, tout their own importance, range from free to quite costly, and don’t always perform as hoped. As a result, even the best of them typically have room for improvement.

Guessing, hoping, reading reviews, and testing are all ways of narrowing the field. And unless you guess right the first time, the search is time-consuming.

Advocate to the Rescue

Teachers, trainers, mentors, coaches, and demonstrators all have a part to play in helping someone become a better construction accounting professional. They each do what they can to help the accounting person become better at what he or she does.

And one or more of them may even offer suggestions concerning the software and apps as mentioned above.

Yet, none of them is likely to become the long-term advocate you and your accounting staff need.

That is where the team here at The Profit Constructors comes in.

It is the D.I.Y System

The Do It Yourself (D.I.Y.) system is for the construction contractor’s accounting staff who need to access the knowledge and expertise of The Profit Constructors team. These contractors get a subscription-based plan giving their accounting staff access on an as-needed basis. Find out more – like what you get and how much it costs – by clicking through here.

What isn’t mentioned in the above link is the added value The Profit Constructors team (the advocate) brings to the table.

  • Knowing how to set up and maintain the systems and processes.

  • Being in contact with many of the developers of up-to-date accounting technology.

  • Already knowing or finding the best workarounds.

  • Being part of a continually learning professional accounting community.

  • Interpreting accounting or tech language into English.

  • Providing expert advice concerning the best tech stack for individual clients.

  • Listening (with human ears) to the problems encountered by clients, then providing solutions.

The Most Important Part

When your accounting staff is set up to succeed, so is their boss. That means you!

Construction Contractors look to The Profit Constructors to provide advocacy in dealing with:

  • Clients and customers

  • Employees and subcontractors

  • Vendors and service providers

  • Governmental entities

Working with The Profit Constructors gives Construction Contractors the means to organize their operations in ways that help them:

  • Remain informed

  • Avoid hassles

  • Reduce risks

  • Be future-ready

Ready for action? Or want to know more? Get in touch today to schedule a complimentary discovery call. 866-629-7735


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