Having an accounting system is a vital piece of any successful business. An accounting system provides an automated and easy way to track how much money you are making vs. how much money you are spending.
Contractors bookkeeping is not the same as any other business bookkeeping. Contractors have some very specific accounting requirements. In addition to payroll, Accounts Receivable, and Accounts Payable functions, they need to be able to have systems to handle Job Cost management, detailed job budgets, time and material billings, general ledger, subcontract status, custom job reports, certified payroll, over and under billings, purchase orders, inventory, equipment tracking, work in progress, Retainage Receivable, Retainage Payable, etc.
No two contractors will have the EXACT same need for functionality OR use the exact same cost coding system for billing.
What you get from our Bookkeeping Services:
- Easy, hassle free book keeping services
- We use QuickBooks Desktop / Cloud based for your bookkeeping
- No need to purchase QuickBooks we can lease out to you
- Documents / Statements can be send over the Cloud
- Send all the paper to us and we will sort it, you do not need to worry on that
- Bookkeeping to catch up, no worries you are in safe hands
- Strategically designed bookkeeping process
- QuickBooks clean up
- QuickBooks Pro-Advisor work on your bookkeeping
- Quarterly Sales tax returns
- Payroll processing
- T4’s / ROE processed
- T4A / T5018 prepared
- Flat rate pricing available
- Job Costing for each Job / Projects
- Integrating new business processes
- Budgeting of Jobs / Projects
- Job tracking
- 12 Key aspects of your Contracting Business
Our founder, Harsh has provided his expertise to more than 2000 businesses in stream lining their accounts, clean up books and created processes for excellence in book keeping.
Below is the process that we follow here at Contractors bookkeeping to maintain your books:
6 Stages of Bookkeeping
- Documents and Statements Arranger
- Data Entry Operator
- Contractors Book keeper
- Contractors Payroll Specialist
- Contractors Accountant
- Contractors Job Costing Specialist
Documents / Statements Arranger:
What documents we need to do book keeping for your contracting business?
Put it this way, everything you have related to your business and we will sort it over here for what goes in QuickBooks contracting and what does not.
We have a process at back end by which we complete the documents arranging.
Documents / Statements come in bags, boxes, emails, storage boxes, flash drives, hard drives, over the secure cloud portal and others.
Construction Data Entry:
People in this department are trained on how to enter Construction Data Entry transactions. They are well versed with QuickBooks and enter transactions related to write checks, receipts (cash and debit card transactions), and credit card transactions, entering vendor bills and paying bills.
Construction Book keeper:
These are the people who are thorough in contracting Book keeping. They are the people who are responsible for Customer / Vendor management, Banking transactions, Credit Card transactions, Bank Transfers, Journal entries, receipts, vendor bills and invoices.
Reconciling Bank and credit card statements are also a part of their duty.
Construction Payroll Specialist:
They are the people with nerves of steel. Construction payroll is challenging and our people are the always ready for that.
Preparing and manage staff payroll, setting up employee records, monthly source deductions, WSIB calculations, issue annual T4s and process record of employment forms.
We work behind the scenes; we do not prepare checks or make any payment on behalf of Contractor Name.
These are people who are responsible to ensure all of the above activities for construction accounting is running smoothly.
Their duties include entering complex general entries, preparing sales tax returns, healthy Chart of Accounts, Contractors Inventory Setup, Job Costing setup and reports per Job.
Nothing goes pass them, they are focussed to help your business to get the most out of QuickBooks.
Construction Job Costing Specialist:
This is the team which is responsible to manage status of your Jobs / projects.
They have hawk’s eyes. They are accurate in their work. The team is fully trained on how to enter complex transactions and how to generate valuable reports.
Starting from Estimates, purchase orders, sales orders, budgets, invoicing, bills and other expenses for the job, they handle everything.
The Complete Contractors Bookkeeping System
Contractors General Expenses per Job
Contractors Accounts Payables and Receivables
Contractors Banking and Payments
Job Costing and Profitability
Contractors tracking Estimates
Contractors Time management per Job
Contractors Customer Module and Invoicing
Contractors Vendor Management
Contractors Time and Materials Invoicing
Contractors Order management
Contractors Chart of Accounts
Effectively manage the budget of each project and ensure your business is always on the right track.