Get Your Financial House in Order
In the contracting world, your reputation is built on solid foundations … but what about your business's financial foundation?
Messy books don't just create headaches; they create real threats to your bottom line. When your financial records are disorganized or inaccurate, you're essentially flying blind through critical business decisions. You might think that bathroom renovation was profitable, but without proper job costing, you could be losing money on every project without even knowing it.
Nothing helps you monitor a Project Manager’s success like knowing how the results of a job line up with the expectations. Job costing is what makes this possible.
Poor bookkeeping creates a domino effect that can undermine everything you've worked to build:
- Cash flow crises that leave you scrambling to pay suppliers and subcontractors
- Missed tax deductions that cost you thousands each year
- Inability to secure financing when you need to invest in equipment or expand
- Pricing mistakes that either price you out of jobs or eat away at your margins
- Compliance issues that trigger costly audits or penalties
For residential contractors, where project timelines are tight and client relationships are everything, these financial blind spots can quickly spiral into business-threatening problems. You didn't start your contracting business to spend nights wrestling with spreadsheets; you started it to build something lasting.
That's where financial clarity changes everything.
What We Do For You
Monthly Reconciliation
What it is: We match your bank statements to your accounting records every month, catching discrepancies and ensuring every dollar is properly tracked and categorized.
Why you need it: With multiple projects running simultaneously – each with their own material purchases, subcontractor payments, and client deposits – it's easy for transactions to slip through the cracks. A missing $500 payment or an uncategorized equipment purchase can throw off your entire financial picture.
The big picture: Monthly reconciliation gives you confidence that your numbers are accurate, so when you're making decisions about taking on new projects or investing in equipment, you're working with reliable data, not guesswork.
Job Costing Support
What it is: We help you track the true cost of each project – materials, labor, permits, and overhead – so you know exactly how much profit (or loss) each job generates.
Why you need it: Without proper job costing, you might think you're making money while actually losing it. That kitchen remodel that seemed profitable could have eaten into your margins with unexpected material costs or labor overruns you didn't properly track.
The big picture: Job costing reveals which types of projects are your most profitable, helping you make smarter bidding decisions and focus on the work that actually builds your wealth. This helps diagnose learning opportunities and training deficits within your crews as well.
Reporting Setup
What it is: We create customized financial reports that translate your accounting data into clear, actionable insights about your business performance, cash flow, and profitability trends.
Why you need it: Standard accounting software reports aren't designed for contractors. You need to see metrics like project profitability, cash flow by job phase, and seasonal revenue patterns to make informed business decisions.
The big picture: Proper reporting transforms overwhelming financial data into a clear dashboard that shows you exactly where your business stands and where it's headed, enabling strategic planning instead of reactive management.
Ongoing Maintenance
What it is: We provide regular, systematic upkeep of your books – categorizing transactions, updating job costs, and ensuring everything stays current and compliant throughout the year.
Why you need it: Construction businesses are dynamic, with constantly changing project statuses, vendor relationships, and cash flows. Without ongoing maintenance, your books quickly become outdated and unreliable, leading to poor decision-making.
The big picture: Consistent maintenance means your financial information is always current and trustworthy, giving you real-time insights to navigate busy seasons, manage cash flow, and seize opportunities as they arise.
Frequently Asked Questions
How often should I be updating my books as a contractor?
At a minimum, weekly. With multiple projects running simultaneously and frequent material purchases, waiting longer creates a backlog that's difficult to sort through. Daily entry is ideal, but weekly updates ensure you can still remember transaction details and properly categorize job costs.
What's the difference between regular bookkeeping and contractor-specific bookkeeping?
Should I use construction-specific accounting software?
How do I handle deposits and progress payments in my books?
What financial reports should I be looking at regularly as a contractor?
How do I track materials that I buy in bulk but use across multiple jobs?
When should I consider getting professional bookkeeping help?
How do I handle subcontractor payments and 1099s in my accounting?
What's the biggest bookkeeping mistake contractors make?
How can better bookkeeping help me grow my contracting business?
Do I need to track time for financial purposes, or just for payroll?
How do I handle warranty work and callbacks in my accounting?