6 Things Construction Companies Should be Doing in Accounting

In the construction industry, cash flow is king! It is a daily responsibility for any contracting company. Profit margins are always razor-thin in this industry, which means you need to do everything you can to increase your production and maximize profits. That means projecting job costs, identifying problem areas before they arise, running labor analysis, and constantly measuring productivity. Here are a few tips that will help.

  1. Prepare for the Future Now

Good ideas feel great. Plans can look impeccable. However, reality will still, inevitably happen. If you want to grow your company, dream big but plan now. Budget and bid accordingly. No one wants the lowest bidder as that normally means the lowest quality. And, if they do then it’s probably going to be a project your company won’t walk away proud of. Budget and bid fairly and have an accounting system in place that can and will keep your company on track financially. Bookkeeping cannot be an afterthought when preparing for the future today. A professional accounting program made for our industry will go a long way in helping your company prepare for the future right now.

  1. Track EVERYTHING

It’s easy to let receipts fall by the wayside, then suddenly you’re wondering why the budget blew up. This isn’t just buying a few extra things here and there, it’s also employees working overtime, subcontractors needing paid… the list goes on. Tracking is important, not just for keeping receipts at tax time, but also everything that will come due in real time. Handwritten notes won’t help with this, and an Excel spreadsheet isn’t much better. Your company needs construction accounting software that’s up to the task. One that’s made to track the things we deal with every day in our industry, made by people from our industry.

  1. Know the Rules and Follow Them

Between building regulations, employee laws, taxes, and everything in between there’s a lot of rules. Let’s face it, no one can be an expert in everything. Accountants needs someone to look at their work from time to time. Today there are software solutions that can help keep things in check. The software you use needs to be flexible enough to work with payroll to ensure laws are followed. And, there are payroll services that can help do a lot of the heavy lifting for you. No one has to go it alone.

  1. Back it Up!

Extreme weather, accidental damages, or even hard drive failures can lead to loss of data. Insurance companies can payout for damages, but they cannot replace lost paperwork. Have a backup hard drive. You really can’t be too careful. If the main records are lost, having a copy to reference can save a lot of potential problems.

  1. Use a Cloud-Based Accounting Software

Speaking of backups…. Ditching paper will save your company money. How much money can depend on the size of the company. Regardless, with no paper to print and store you save money on paper, ink, and space. And, with the cloud accountants can work in the office while everyone else will be free to go anywhere and everywhere they need to be. Provided there is internet access that is. But today it’s getting harder and harder to find a spot without WiFi, LTE, or some other form of connection to the World Wide Web. With ComputerEase Cloud, businesses have the ability to securely enter and store critical data over the Internet.

In addition, with FieldEase everyone in the office and in the field can stay on the same page. With access from anywhere, anytime, FieldEase streamlines all of your administrative tasks. The seamless integration of FieldEase with your existing ComputerEase system allows you to access information and reports in real-time. More data in the cloud means less time, and your company will save more money.

  1. Don’t Be Afraid to Ask for Help

While this is true of everything in any business, ComputerEase is focused on construction accounting software solutions. Any software solution is only as good as it’s training, and we’re here to make sure you have the opportunity to succeed. Talk to the experts and get set up to win. Have a question? Ask! At ComputerEase we won’t leave you alone in learning to use our software. We have a team of consultants and additional resources, including training webinars, videos, a support team, and more to ensure you have the tools you need for success. If you’re a ComputerEase customer, be sure to check out the Customer Corner. Just log in and see all the resources at your disposal.

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