Site Accountant Concord for Engineering and Contracting

what is the role of the accounting department for a construction company

They will manage your cash flow and payroll whilst ensuring your books are accurate and HMRC compliant. Outsourcing accounting services for your construction company is an incredibly smart move! Not only will it make your life so much easier, but it will also help improve your bottom line. In the current economic environment, you’re constantly trying to balance costs, retain margins and keep your cashflow looking healthy.

what is the role of the accounting department for a construction company

We love bringing clients the latest technology and apps to streamline processes, improve cash flow & become more efficient through automation. Our online accounting software Xero, Freeagent and QuickBooks makes it so much easier for you to keep on top of your accounting records, payroll and bookkeeping. Providing comprehensive accounting and tax services to hundreds of eCommerce businesses across multiple industries.

Exit Planning

Open a free business bank account and start tracking expenses, scheduling payments and sending invoices straight from the app, so you can streamline your construction accounting. With an understanding of how construction accounting works, you’ll be able to stay on top of your finances and uncover opportunities to grow. It’s easier to make decisions and create long-term goals for your business when you have a clear picture of cash flow and profitability.

I also completed the AAT qualification which has helped me gain MAAT status recently. Lindum is a great company to work for – they look after their employees and make you feel valued, they listen to your opinions and encourage you to make a difference. I also enjoy the problem construction bookkeeping solving aspect of my job, nothing is ever straightforward so you have to use your brain and take logical steps to get to the bottom of the problem. My job is very varied and the wide ranging tasks that I have to undertake on a day to day basis keeps it interesting.

What are you most proud of in your career?

Information technology is increasing with managers working on site and in the office so building up skills in this area is vital. Known in the industry as a Construction Cost Consultant or Commercial Manager, their role is to keep a close eye on project finances and contractual relationships. Are you ready to get control of your cashflow, end the sleepless nights, and have the profitable business you set out to build?

  • It provides users such as shareholders or regulators with information and are produced in a format that complies with the standard requirements.
  • You can run those profit and loss reports at the end of the month and see how the numbers are looking.
  • That’s where we excel – helping construction businesses achieve their goals.
  • Understanding the context and the level of risk will determine the type of contract used.
  • Many programs that teach project accounting focus on the GAAP and the difference between tracking and billing cycles in a project versus standard accounting.

Because, within the construction industry, the total sum of your services won’t be paid until you complete each project. Therefore, you need to estimate how much each project will cost, how much money is coming in and whether or not you can afford to accept additional contracts. You see, unlike many businesses, it’s not as simple as managing your payroll and monitoring your accounts payable/receivable.