We provide the construction accounting expertise you need to effectively manage your business.
Accurate Bookkeeping and Accounting are essential for construction companies, just as much as project management, estimating, and field labor. Construction companies need to monitor job costs, track profit and losses for each project, manage payroll for employees, stay on top of 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. They perform the daily accounting functions of data entry and record keeping to manage the financial cycles of the projects and the company.
Construction companies also need current and accurate corporate financial reports, such as balance sheets, income statements, and statements of cash flow that show the financial health and position of the company. This provides ownership and management teams the ability to make educated decisions for the direction of the company.
Bookkeeper
Controller
Fractional CFO
Outsourced Accounting Services for Construction Companies
Construction accounting is difficult due to the complexity of the industry. It often includes a high volume of financial transactions (ex: invoices, pay applications, credit card charges, change orders, payroll), multiple projects, numerous vendors and subcontractors, employees, crews, and clients. All of these require attention to guarantee that all expenses, costs, and incomes are accurately tracked. Inefficient accounting processes often cause owners to lose track of the project’s progress, fail to identify cost overruns, decrease profits, and may even impact the confidence of creditors/lenders.
Ascent’s Accounting Services division provides our clients with a dedicated team of Construction Accounting Professionals with decades of experience. We offer full-service bookkeeping, accounting, and controller-level service packages that eliminate the need for in-house accounting staff. Best of all, we work with your existing accounting and payroll systems – no need to make any changes to your software or systems.
GET A FREE CONSULTATION WITH ONE OF OUR CONSTRUCTION ACCOUNTING PROS
Why Outsource?
Outsourcing construction accounting services has become increasingly popular in recent years, and it’s easy to see why. There are numerous benefits to outsourcing your accounting work to a third-party provider instead of an in-house staff or employee. Outsourcing your construction accounting can save you a significant amount of time, money, and resources.
Ascent’s professional and experienced staff are dedicated to your accounting work – they aren’t multi-tasking and ‘wearing multiple hats’ like your other employees. Our outsourced accounting staff provides better service, more accurate data and reports, helps streamline your financial processes, reduces errors, and ensures compliance.
Additionally, our construction accounting service can 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.
Two Levels of Financial Services to Meet Your Needs
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 project job cost and profitability reports, and company financial statements, to use in their ongoing business operations. The team at Ascent Consulting is comprised of construction accounting experts who are ready to bring their expertise to your business.
Ascent Consulting offers two levels of outsourced accounting help for your business: Bookkeeper and Controller.
Bookkeeper
A bookkeeper performs standard financial record-keeping and data entry. A bookkeeper will typically perform the following standard tasks on a daily, weekly, and monthly basis:
- Keep accurate records of financial transactions and create standard financial statements (Income Statement and Balance Sheet) using your accounting software.
- Perform standard accounts payable (A/P) management to ensure that bills get paid and recorded into the accounting system of record.
- Perform standard accounts receivable (A/R) management to process and send invoices to customers to get paid, usually once a month.
- Perform standard 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 construction company, you may not want or need to be an expert in construction accounting. In this case, we are here to help.
If you’re looking to add some bookkeeping and accounting experience to your team, augment your current accounting team, or are ready to outsource your accounting entirely, 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 provide accounting service packages that are tailored to the needs of companies in the construction industry, such as detailed accounts payable and receivable tracking, payroll management, fixed asset management, project financial reporting, and company financial statement preparation. With our expertise in construction accounting, you can be confident your finances are being managed by professionals.
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 financial services for your business.
Software Agnostic
Our lack of bias towards any particular software makes us a strategic, agile, and reliable choice. These are some of the systems we are familiar with, and our knowledgeable team can quickly learn and work with any systems 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.
