Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Meru Accounting is a CPA firm providing complete outsource bookkeeping and accounting solutions to CPAs and small & medium-sized businesses across the United States, United Kingdom, Australia, New Zealand, Hongkong, Canada, and European countries.
Regular Management Accounts for your Business, We serve bookkeeping services for different industries.
Set up your accounting software in a day through our checklist, for converting a client from your legacy software to Xero.
We help CPAs to reduce 50 % of their cost by outsourcing recurring tasks to us, with trust and security.
We do Payroll for all countries in all software and comply with all tax formalities of the IRS, HMRC, ATO, etc.
Manage your Payables on daily basis, cost-effectively with reduced invoice discrepancies and disputes.
We do BAS, VAT, GST101A, Sales Tax, etc. reduce attribution errors and costs, and ensure indirect taxes are handled correctly.
Overall, construction accounting requires a specialized set of skills and knowledge due to the unique nature of the construction industry. Accountants and bookkeepers in the construction industry must be familiar with the specific accounting methods and regulations related to construction accounting in order to manage the financial health of the business effectively.
We at Meru Accounting have specialization in Accounting for Construction Industry, house flipping business, and turnkey project accounting. We understand the different requirements that a construction business needs and can help them manage their finances more efficiently.
Here are some of the ways Meru Accounting can help construction accounting businesses:
Overall, Meru Accounting can help construction businesses improve their financial management and streamline their accounting and bookkeeping processes. By providing expertise in construction accounting, accurate job costing, timely financial reporting, efficient invoicing and payment processing, integration with construction management software, and compliance with accounting standards and regulations, Meru Accounting can help construction businesses achieve their financial goals and thrive in a competitive industry.
Accountants face various challenges in performing accounting procedures. Such challenges arise due to the uniqueness of the industry.
Experienced professionals and software such as Xero etc. can assist you in tackling issues the following issues:
In the construction business, multiple projects are simultaneously working at one go and are usually for a longer duration which may underestimate the project cost. The project may end up with additional use of material or equipment that increases the project cost, but a big blow is the labor cost. Imagine just a delay of a week or month in your budget or estimated time frame can cost huge in covering the additional labor cost.
There is an overhead cost that covers a significant portion of the construction project cost. Overhead costs include office costs, space rental, equipment, and labor also. The needs of the construction vary from time to time and from job to job, it may need different things at different time frames, so it becomes difficult to have a vivid picture of the overall overhead cost. An accurate and efficient estimate at place cannot be done without determining the profit of your business.
A construction company recognizes revenue on the completion of the project, but the expenses are recurring throughout the project. It creates confusion about the profitability of the project and also takes a toll on cash flow if not cautious. For example, if you generate a bill on completion of the project, the stacked expenses throughout the project can decrease your cash reserve and end up with the illusion of profit.
Projects usually in the construction business have last-minute changes. Changes like material availability, site condition, additional equipment, etc. can have serious cost implications in the project and change the original plan. Clients may come up with add-on changes known as scope creep that create problems.
To tackle such issues, the project manager must coordinate with the accounting team to determine if the additional cost is feasible and does not affect profitability. You can make your client happy but at the same time can control costs also.
We track, manage, report and categorize our client’s costs and expenses which ultimately help our clients to know which project to opt for, which bid can be turnout profitable, how to manage the billing procedures, and how to utilize resources to get the maximum return on investments.
To avoid making common bookkeeping mistakes in the construction industry, it’s important to establish a solid system and maintain accurate records. One way to achieve this is by utilizing modern software programs such as WorkMax Flow, which can streamline accounting processes and provide real-time data. It’s also crucial to adhere to GAAP (Generally Accepted Accounting Principles) guidelines when preparing financial statements. This includes properly accounting for work-in-progress (WIP), which can be complex in the construction industry due to long-term projects with multiple stages. Regularly reviewing your books is essential, allowing you to identify any discrepancies early on before they become more difficult or costly to correct.
By implementing these steps, businesses in the construction industry can ensure reliable financial reporting while minimizing potential errors or issues.
ACCOUNTING FOR CONSTRUCTION INDUSTRY from Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
To book for trial, call us on our numbers or Please fill out the form here.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
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