We provide the accounting expertise you need to effectively manage your business.
Accounting is an important part of business, and construction businesses are no exception. Accounting should be as integral to construction companies as project management, estimating, or business development. Construction companies need to monitor job costs, track profit and losses for each project, record hourly and salary payroll for employees, manage vendor and subcontractor payments, and bill clients for each project that is in progress. This specific type of accounting is called project or construction accounting and should be overseen by experienced construction accounting professionals who will carry out the daily accounting functions of data entry and record keeping to stay ahead of the financial cycle of a project. Construction companies also need financial statements with updated and accurate balance sheets, income statements, and statement of cash flows that show how much money they are making, spending, and billing and to give management teams the ability to make educated decisions on how to grow their businesses.
Bookkeeper
Controller
Fractional CFO
Outsourced Accounting Services for Construction Companies
Construction accounting can be difficult due to its complexity. It may include substantial costs, numerous vendors, crews, and clients that require equal attention to guarantee that all expenses, costs, and incomes are accurately tracked. Inefficient accounting processes may cause owners to lose track of the project’s progress, fail to identify cost overruns, and lose the confidence of creditors.
GET A FREE CONSULTATION WITH ONE OF OUR CONSTRUCTION ACCOUNTING PROS
Why Outsource?
Outsourcing construction accounting services has become increasingly popular over the years, and it’s easy to see why. There are numerous benefits to outsourcing your accounting processes to a third-party provider instead of keeping them in-house. For one, outsourcing your construction accounting can save you a significant amount of time, money, and resources. A professional and experienced outsourced accounting service can help streamline your financial processes, reduce errors, and ensure compliance.
Additionally, outsourced construction accounting services provide valuable insights into your business’s financial health and help you make more informed decisions. With our expertise in construction accounting and access to the latest technology and software, outsourcing your accounting is a smart investment that can help your construction business grow and thrive.
A Variety of Outsourced Financial Services to Meet Your Needs
In addition to our Fractional CFO services which provide clients with strategic and financial management experience, Ascent Consulting offers outsourced financial services that are tailored to the construction industry and focus exclusively on the client’s need for accurate and timely construction related accounting and financial statement data to use in their ongoing business operations. We at Ascent Consulting are construction experts and we want to bring that expertise to your accounting and back-office functions.
Ascent Consulting offers two levels of outsourced accounting help for your business: bookkeeper and controller.
Bookkeeper
A bookkeeper performs basic financial record-keeping and data entry. A bookkeeper will typically perform the following basic tasks on a daily, weekly, and monthly basis:
- Keep accurate records of financial transactions and create basic financial statements (Income Statement and Balance Sheet) using your accounting software.
- Perform basic accounts payable (A/P) management to ensure that bills get paid and recorded into the accounting system of record.
- Perform basic accounts receivable (A/R) management to process and send invoices to customers to get paid, usually once a month.
- Perform basic payroll (P/R) management to track and log labor hours for hourly and/or salaried employees, usually weekly or bi-monthly.
Controller
A controller adds deeper experience to your company’s financial management capability. A controller will typically perform the following tasks on a daily, weekly, and monthly basis:
- Perform all the functions of a bookkeeper or supervise/manage the staff that does.
- Create customized financial reports, Work in Progress reports, or job cost reports to meet the specific needs of your business.
- Manage company cash flow with direct input from the business owner or financial leadership team.
- Record depreciation, accruals, and prepaid expenses.
- Oversee and update annual operating budgets.
We understand that while you may be an expert in how to run your business, you may not necessarily want or need to be an expert in construction industry accounting. In this case, we are here to help.
Whether you are looking for some additional bookkeeper or controller level accounting experience, looking to replace or augment your current accounting team, or simply ready to send your accounting outside of your organization, Ascent Consulting can work with you to find the best solution for your accounting needs.
Contact us today to learn more about our offerings.
We can provide a comprehensive accounting package that is tailored to the needs of companies in the construction industry, such as detailed accounts payable and receivable tracking, payroll management, fixed asset management, meaningful financial reports, and financial statement preparation. With our expertise in construction accounting, you can rest assured that your finances are in good hands.
We look forward to hearing from you and helping you reach your goals.
Schedule a free consultation with one of our
construction accounting experts today!
Get in touch with us today to start the conversation on how we can provide outsourced bookkeeping services and other accounting needs for your business.
Software Agnostic
Our lack of bias towards any particular software makes us a strategic, agile, and reliable choice. We offer various levels of service in financial services, consulting, and fractional offerings.
These are some of the systems we are familiar with but our knowledgeable team can quickly learn and work with any system you might be using.
Financial Services
- Accounts Payable
- Accounts Recievable
- Payroll Reconciliation
- Financial Statement Reporting
- Outsourced Construction Bookkeeping Services
- CPA Engagement
CFO Strategies
- Financial Oversight
- Strategic Planning
- Budgeting/Forecasting
- KPI Development
- Stakeholder Management
- Acquisition/M&A
Consulting Services
- Financial Systems Review and Implementations
- Procore Financial Tools Integrations
- Accounting Team Operational Reviews
Benefits
- Specialized accounting services for construction that are tailored to meet your unique needs.
- You will work with competent accounting professionals in a secure networking environment and workspace.
- A team of professionals with a strict process to ensure that reports are reviewed and verified promptly and accurately.
- Ensured access to business-critical data all the time with a proactive approach.
- With access to meaningful financial reports and business insights, you can improve your ability to predict and forecast.
