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Home » Our Clients » Construction Industry

Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person

Monthly Bookkeeping, Payroll, Financial Statements or Tax returns for Real Estate Development Business and Construction Companies

Quality Driven
Approach

QuickBooks and Xero Certified Experts

50% Reduction in
Costs

Part Time/Full Time Resources For

⚪ CPA Firms
⚪ Enrolled Agents
⚪ Bookkeeping Firms
⚪ Tax Practitioners

Hire Remote Team​

Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person

Monthly Bookkeeping, Payroll, Financial Statements & Tax returns for Real Estate Development Business and Construction Companies

Quality Driven Approach

QuickBooks and Xero Certified Experts

50% Reduction in Costs

Part Time / Full Time Roles For

HAPPY CLIENTS
100 +
COMPLETED PROJECTS
1100 +
HOURS OF EXPERIENCE
250 k+
SOFTWARE USED
20 +

Bookkeeping software expertise

End to End Remote Bookkeeping & Accounting services for Business Owners & Accounting firms

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.

bookkeeping services
Bookkeeping Service

Regular Management Accounts for your Business, We serve bookkeeping services for different industries.

Setup Xero/Quickbooks

Set up your accounting software in a day through our checklist, for converting a client from your legacy software to Xero.

Bookkeeping for CPAs

We help CPAs to reduce 50 % of their cost by outsourcing recurring tasks to us, with trust and security.

Payroll

We do Payroll for all countries in all software and comply with all tax formalities of the IRS, HMRC, ATO, etc.

Payable Accounting

Manage your Payables on daily basis, cost-effectively with reduced invoice discrepancies and disputes.

Indirect Tax

We do BAS, VAT, GST101A, Sales Tax, etc. reduce attribution errors and costs, and ensure indirect taxes are handled correctly.

Accounting for the construction industry is different from that in other industries. A normal industry follows stereotypical accounting methods and they work for them, but when it comes to constructing industry, the scenario is vividly different.   In the construction business, people work at new locations, and work done is quite different in nature, for regular terms. There are different factors that affect cost in the construction business like travel time, packing of tools and equipment, and delivery of materials at the job sites, which are all variable in nature.   In a construction business, the method of accounting counts revenue on the base of the profit estimation and what percentage of the project is completed, this is known as the Percentage of completion method. So overall accounting for construction business is quite complex and unique, also because it has to accurately track all the expenses, costs, and income for all the different job sites.   Bookkeeping and accounting for construction refers to the process of managing financial transactions and records for construction businesses. In the construction industry, bookkeeping and accounting play a critical role in managing the financial health of the business. Construction companies may have complex financial needs due to the long project timelines, multiple subcontractors and suppliers, and large capital investments.   Some of the specific tasks that bookkeepers and accountants in construction may handle include:  
  • Managing project costs and budgets  
  • Tracking and billing customers for work completed  
  • Managing payroll and benefits for employees and subcontractors  
  • Tracking expenses and income for multiple projects  
  • Creating financial statements and reports for investors and lenders  
  • Preparing and submitting tax returns and compliance filings  
Overall, bookkeeping and accounting are essential for construction companies to maintain accurate financial records, make informed decisions, and manage their financial resources effectively.  

How does Construction Accounting differ from general accounting?

  • Categorization of sales: Unlike the regular business, the construction business stands for a wide range of selling products like engineering, coasting, labor, designs, service provided, etc.  
  • Expense calculation: In a typical business, the expenses are mostly pre-decided or can be predicted but in a construction business, this is never the case. Even the categorization of the goods sold is differently accounted for in Construction Business 
  • Knowing the break-even point: break-even point can be achieved by the balancing relation of income and expenses, but in the construction business, it’s very complex as there are already too many categories of items that make it hard to comprehend.  
  • Job costing: Construction accounting involves job costing, which is the process of tracking the costs of each project or job separately. This is necessary because each construction project is unique, with its own set of costs and revenue streams.  
  • Revenue recognition: In construction accounting, revenue recognition is based on the percentage of completion method rather than the accrual method used in general accounting. This means that revenue is recognized as the project progresses, based on the percentage of the work completed.  
  • Overhead costs: Construction accounting includes overhead costs, such as equipment and facility costs, which are not typically included in general accounting.  
  • Retention: In the construction industry, it is common for customers to retain a portion of the contract amount until the project is complete. This is known as retention, and it is tracked separately in construction accounting.  
  • Complex invoicing: Construction projects often involve complex invoicing, with multiple payments made at different stages of the project. This requires careful tracking of invoices and payments to ensure that each project is properly accounted for.  
  • Work-in-progress (WIP): Construction accounting includes the concept of Work-in-progress (WIP), which refers to the value of work that has been done but not yet billed to the customer. This requires tracking the costs of the project as it progresses and adjusting the WIP value accordingly.  

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.  

Common bookkeeping mistakes made in the construction industry?

How can Meru Accounting help you with that?

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:

  1. Expertise in construction accounting: We have expertise in construction accounting and understand the unique challenges and complexities of the industry. We can provide tailored accounting solutions that meet the specific needs of construction businesses.  
  2. Accurate job costing: We can help construction businesses accurately track job costs and allocate expenses to specific projects. This helps businesses understand the profitability of each project and make informed decisions about future projects.  
  3. Timely financial reporting: We provide timely and accurate financial reporting, including profit and loss statements, balance sheets, and cash flow statements. This helps construction businesses stay on top of their financial performance and make informed decisions about the future of their business.  
  4. Efficient invoicing and payment processing: We can help construction businesses streamline their invoicing and payment processes, which can improve cash flow and reduce administrative burdens. This includes features such as automatic payment reminders and online payment options.  
  5. Integration with construction management software: We can integrate with construction management software, such as WorkflowMax, to provide a seamless experience for businesses. This ensures that data flows smoothly between systems and reduces the risk of errors.  
  6. Compliance with accounting standards and regulations: We ensure that construction businesses are compliant with accounting standards and regulations, such as GAAP and tax laws. This reduces the risk of penalties and fines and helps businesses avoid legal issues.  

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.  

Unique Challenges of Construction Accounting:

  • We can have separate projects in Workflow max.  
  • We can have various tasks in that.  
  • In each task, we can assign the Cost and Profit.  
  • We can assign tasks to each of the team members.  
  • It automatically creates invoices in a single click.  
  • We can convert the cost of WIP into the Sales Invoice automatically.  
  • We can have the Budgeted Cash flow automatically from Xero 
  • It can automatically convert purchase orders to a bill in Xero instead of Duplicate Data entry.  
  • We can assign margins in the% form of the cost.  
  • We will be able to have Tracking of Profits for individual projects in Workflow Max.  
  • You will have all the project’s performance on your Dashboard of Workflow max.  

Xero Addon for Construction Industry: Workflow Max Benefits

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:  

  • Inaccurate Cost Estimates  

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.  

  • Fluctuating overhead estimates  

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.  

  • Cost-recognition problems  

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.  

  • Scope creep  

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.  

How can you avoid making these mistakes?

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

Hiring Virtual Accountant With 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.

Help you with switching from your traditional software to Xero and Quickbooks.

We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.

When you choose to outsource your accounting work with us, it benefits you in the following ways:
  1. Cost-saving
  2. Access to skilled and experienced professionals
  3. Better management of books of accounts
  4. Decreased chances of errors
  5. Improve business efficiency
  6. De-burdens in-office employee’s dependency
  7. Better turnaround time

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.

Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
  • Cyberoam Firewall to prevent any kind of foreign threat.
  • Dual-step authentication
  • Implement anti-virus
  • Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
  • Xero
  • Quickbooks
  • Netsuite
  • Saasu
  • Wave
  • Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.

To book for trial, call us on our numbers or Please fill out the form here.

Our Work Information

We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.

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.

Individual Business Owners

Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.

No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.

We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
What Our Clients Say
We Service All Types Of Industries

Construction Industry

Real Estate Industry

Lawyers

Advertising & Marketing Industry

Physicians Doctors Physiotherapist Dentist

Pharma

Online/ ECommerce

Nonprofit Organizations

Franchise Business

Amazon Sellers

Rental Business

Mining Industry

Manufacturing Industry

Information Technology & SAAS Based Companies

Age Care/ Health Care/ Spa & Saloons

Logistics, Transportation & Trucking

Travel, Tourism & Entertainment Industry

Trading /Brokers

Power & Infrastructure

Wholsale & Retail Industry

Gems & Jewelry Retailer & Exporter

Education

Brick & Mortar Industry

Professional Training Business

Consultancy Business

Aerospace Industry

Financial Services

Energy

Restaurant & Hotel Business

Professional Services

Our Young and Dedicated Team
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