The mobile nature of working in the construction industry makes it particularly challenging to track and record project expenses. This is because the cost of materials and labor can fluctuate from month to month, record-keeping is often done on the worksite, and there are many vendors and contractors involved in the budget. For those reasons, average pre-tax profit margins for general contractors range from 2.4% to as low as 1.4%. With razor-thin margins like those, even small mistakes can be the difference between making or losing money. At Altura Group, we specialize in the type of bookkeeping designed to handle these unique challenges and ensure that your profit potential is fully realized. We'd love to speak with you more: (813) 425-1972 #accounting #cpa #alturagroup #accountingfirm #financialsuccess #reminder #irs #taxseason #constructioninsurance #constructionbusiness
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Accounting for construction companies (issue #002) Again, in the construction sector, the handling of Receivables and Payables can be a daunting task, if one does not have the necessary exposure. Bills go through a lot of pruning before they’re finally settled. Mobilization Advance, Retention, Variation and W/Tax –are all supposed to be adjusted before the bill is paid to the contractor or sub-contractor. A company can lose a lot of cash if this function is not handled well. How should it be done seamlessly? This cheat sheet can help us with the answers. What are your thoughts on this? #Service_to_fresh_accountants
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Construction Business Owners - How do you ensure each individual job is profitable? Answer: An accounting system that tailors to the construction industry. By following these steps, construction business owners can better ensure that each job remains profitable, maintaining overall business success. Need help with your company's accounting? Reach out to us. We specialize in construction companies just like yours. https://ow.ly/C2et50SbLSs #ConstructionBusiness #AccountingTips #ContractorLife
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Construction Business Owners - How do you ensure each individual job is profitable? Answer: An accounting system that tailors to the construction industry. By following these steps, construction business owners can better ensure that each job remains profitable, maintaining overall business success. Need help with your company's accounting? Reach out to us. We specialize in construction companies just like yours. https://ow.ly/4Wbw50SbLSr #ConstructionBusiness #AccountingTips #ContractorLife
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Construction business owners: Are your accounting processes as good as they could be? Here are two common problems that tend to cause contractors to struggle in this area. https://bit.ly/3JXkgPk
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Hey, General Contractors: Better Planning = Bigger Profits. Knowing whether your jobs are profitable involves project-level analysis of costs like materials, labor, and the many other expenses that go into new builds and remodels. We’re here to handle your project-based accounting to show you exactly how much you’re actually profiting. Together we’ll set targets for future projects and track progress to stay within budget and hit your goals. Let’s work together to boost your profit margins and cashflow. https://lnkd.in/g2pc_YJZ #ConstructionAccounting #ProfitMargins #PositiveCashFlow
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Delving into the world of accounting and bookkeeping becomes a cornerstone of strength when we partner with the construction industry. Our construction clients exemplify unmatched hard work, precision, and enduring impact in every project they undertake. It's an honor to stand alongside these architects of progress, ensuring their financial structures are as solid and forward-thinking as the buildings they erect. Proud to be a part of their blueprint for success. 🏗️📊 #constructionindustry #constructionbusiness #accountingandfinance #accountingfirm #bookkeepers #bookkeepingandaccounting #bookkeepingforsmallbusinesses #bookkeepinghelp #bookkeepingservice #businessaccounting #businessbookkeeping #businessfinance #ctbusiness #financialstrategy #outsourcedaccounting #outsourcedbusiness #QBO #quickbooksonline #quickbooksproadvisor #smallbusinesscommunity #smallbusinessownerlife #smallbusinessownership #smallbusinessownertips #stamfordconnecticut #virtualaccountant #virtualbookkeeper #virtualbookkeeping
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Learn the basics of construction accounting and learn why contractors transition from standard accounting methods and tools to construction-specific methods and tools with Construction Business Owner Magazine & Digital Media and Deltek ComputerEase on May 16. Save your seat today: https://lnkd.in/gk4D3nJ5
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Construction business owners: Are your accounting processes as good as they could be? Here are two common problems that tend to cause contractors to struggle in this area. https://hubs.la/Q02xN8z_0
Construction Business Owners: Avoid These Two Common Accounting Problems
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Construction business owners: Are your accounting processes as good as they could be? Here are two common problems that tend to cause contractors to struggle in this area. https://hubs.ly/Q02x5c8N0
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Regular accounting and accounting for contractors differ significantly in scope and focus. While regular accounting encompasses general financial management tasks such as bookkeeping, financial statement preparation, and tax compliance for various types of businesses, accounting for contractors involves specialized functions tailored to the construction industry. Accounting for contractors includes project costing, where costs are allocated to specific construction projects, and job costing, which tracks expenses and revenues for each project to ensure profitability. Contractors also deal with unique tax considerations like managing subcontractor payments, tracking equipment depreciation, and complying with industry-specific regulations. Additionally, contractor accounting often involves managing cash flow fluctuations due to project-based income and expenses. This requires careful monitoring of accounts receivable and payable, as well as optimizing working capital to sustain operations between project payments. Get a complimentary consultation from our experts! Give us a call at 📞813-922-1281 or send us a message with your questions📩 ✔️Outsourced Accounting ✔️Bookkeeping ✔️CFO/Financial Controller ✔️Sales Tax Compliance ✔️Tax Preparation ✔️Payroll ✔️QuickBooks #outsourcedaccountingtampabay #outsourcedbookkeepingtampa #outsourcedaccountants #Tampa #Stpete #payrollservicestampa #payrollservicesstpete #quickbookstampa #cfoservices #financialcontrollertampa #financialcontrollerstpete #Stpetersburg #retanacoaccounting #outsourcedaccountingtampa #tampabayaccountingfirm #bookkeepingtampa
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