You’re the owner of a construction business, participating in the growth of economy through numerous ways. Providing all that value around the globe, you deserve to be wealthy too! There should be a clear way for you to:

Keep a track of where your money comes from,
Have perfect knowledge of what your expenses are,
Stay on top of all your project bills,
Get accurate tax filling on time,
Know why your competitors make more money than you although both of you are doing the same work

But how? Only through well-organized accounting.

Just ask yourself these simple questions:

When was the last time you had a meeting with your accountant?
What if you’re just spending too much on your expenses?
As a construction business owner, are you at a point where you’re unaware if you’re making or losing money?
What if you’re making decisions based on inaccurate financial information?

If all your answers are negative then all you need is a great accounting firm to prepare and maintain accurate and complete accounting records of your business which effectively means your business decisions are made on the basis of reliable information.

We at Digit Affairs Global can help you manage your books timely and accurately so that you can focus on growing your business rather than growing your in-house finance team.

Why is Construction Accounting Different from Other Industries?

Construction industry is a distinctive business practice, different in every way from all the other industries. Construction book-keeping is highly complex because:

Contracts Time-period: Unlike other business operations, construction contracts take years to complete and the invoices raised have elongated credit period. This makes it difficult to keep a tract of payment, receipts, retention money, or retainage withholdings. Only specialized team of accountants can help you fill all the cracks.
Project Influenced: Your business is based on project contracts with labor, production or billing. Your lively hood and rational bidding depends on the profit margins. This drastic project-wise financial focus requires highly accurate bookkeeping to track individual job costs.
Dispersed Production: Being a construction company you have several projects hence several sites. Frequently moving of equipment and labor increases the mobilization costs. Less predictable production and fluctuation of costs require a more robust tracking system.

Digit Affairs Global understands that you need not just any bookkeeper but a team of highly skilled professionals to do the job. Our experience of construction industry can help you make right decisions without a fail!

Should you Outsource Construction Accounting?

Just imagine your business costs are under-recorded and/or being recorded in the wrong category, showing a profit when in reality it might be a loss. All this time you might be making wrong decisions based on incorrect financial information.

So if:

You’re not getting weekly or monthly financial reports on time,
You’re struggling to complete the audits on time,
Your audited financials have tons of reclassification notes,
You’re not provided with an accurate debtors or creditors list,
Your jobs are being posted to the wrong projects,
Your accountants have little knowledge of construction accounting,
And if you feel you cannot rely on your in-house financial information anymore

Then you need someone who:

Can track accurate payments – avoiding late contractor payments and overdue invoices,
Does effective job costing – avoiding loss on a completed job,
Masters in efficient inventory management – avoiding over/under stocks,
Understands tax filing – avoiding penalties and fines
Knows construction accounting principles!

Our vast experience in construction industry can help you mitigate all these challenges so you can emerge as leaders.

Our Specialized Services for Construction Companies:

We have years of experience with construction industrialists. Our sector wise bookkeeping and accounting services have not only enabled us to prepare accurate accounts, but also helped our clients to grow their businesses and lift their profits by making right decision based on accurate financial information. Our aim is:

Not to find customers for our services, but services for our customers

Our services specific to construction industry are briefly detailed below:

Transaction Journal Creation: Create series of journals for effective daily transaction recording of accounts receivable, accounts payables, materials, job costs, equipment, rent, utilities etc.
Deposits and Retainage Tracking: Daily records to track project-wise payments of periodically sent invoices as they are sent or received throughout the job. Managing multiple project records so nothing is lost.
Backup of Detailed Records: Keeping hard or soft copies of all your transactions and records. Providing you ultimate storage and backup through digital copies on cloud-based technology, enabling easy access from anywhere anytime.
Job Costing Records and Analysis: Accurate recording of job costs categorizing individual projects, cost activities, and cost types. Producing detailed analysis to help you improve budgeting and estimates of different projects.
Construction Billings: Using specialized software to manage, track, and record project-wise billing processes (point-of-sale billing or fixed price billing).