First, we listen to you define your current struggles and work with you to clarify your expectations & goals. Next, we do a deep dive analysis of where you are now with https://www.bignewsnetwork.com/news/274923587/how-to-use-construction-bookkeeping-practices-to-achieve-business-growth your finances. Only when this is complete and there is clarity for you (and for us) do we move onto… We use Plaid, which lets you securely connect your financial accounts to Bench in seconds. This feature saves you the time and effort of manually uploading documents. Get free guides, articles, tools and calculators to help you navigate the financial side of your business with ease.
Understanding Retainage
Having this kind of system for every construction contract you take on is essential. Once in place, it will not only help you ensure your original estimate was correct but confirm you’ve accurately captured the scope of the project based on what you’ve bid. Maintaining a healthy business also means learning how to correctly recognize and report your revenue. There are four revenue recognition methods, but for the sake of this guide, we’re going to focus on the percentage of completion method construction bookkeeping (POC), which is what most contractors end up using. With this information in your accounting system, tracking things like retainage and change orders, issuing purchase orders or subcontracts, and keeping client billings on schedule becomes much easier.
How Bench works with your Tucson business
We are here to help you streamline your accounting needs efficiently and effectively. The first step to building more accurate accounting processes is recognizing that construction accounting is different. It’s definitely a mindset shift, but the good news is, no matter what kind of contractor you are, your construction firm’s needs are going to look pretty much the same. It’s how (and how much) you lean into practices like WIP reporting and job costing that will ultimately begin to move the needle for you.
See where you’re spending. Make smart decisions
Bench’s pragmatic approach mirrors the frontier spirit and entrepreneurial energy that thrives in the Old Pueblo. We understand the state’s Transaction Privilege Tax, Use tax and the varying city tax codes, and ensure your business is always in line. Whether you’re a tech startup harnessing the cutting-edge research at Optics Valley, or a historic guest ranch serving Tucson’s thriving tourism sector, Bench puts cutting-edge bookkeeping services at your disposal. You’ll have peace of mind knowing the accounting professionals at Bench are by your side, making sure your books are balanced and your taxes are done right. Rising Star Accounting Services, LLC offers free initial consultations, personalized attention, and a range of professional accounting services backed by over a decade of experience. The company also provides accounting software setup and training, and customers can call or contact the company on the website to schedule an appointment.
BeachFleischman provides accounting, assurance, tax, and comprehensive advisory services that construction companies of all sizes need to be successful. I recently engaged BookSmart Accounting Solutions to assist my growing business. From the start, Hailey has been so pleasant to work with and highly knowledgeable in her field.
Here’s why Tucson business owners like you trust Bench with their bookkeeping
Available services include income tax preparation, customized small business bookkeeping, and forensic accounting to detect fraud and other issues. The staff also helps do-it-yourself business owners set up and manage QuickBooks and provide up-to-date tax planning advice to individuals and businesses. Founded in 2009, Precision is a bookkeeping, payroll, and virtual assistant service provider that caters to small businesses in the Tucson area.
- We’ll work with you to connect accounts and pull the financial data we need to reconcile your books.
- Consider this resource a jumping-off point — we’ll outline the basics and point you toward more in-depth guides on each topic covered so you can keep your construction company moving forward.
- Essentially, WIPs work to combine all your job costing in one place, so you can get both a bird’s eye view of all open jobs, and a granular look into how each one is individually performing.
- Compilations are usually requested for internal purposes and are based upon information provided by a company’s management.
- Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
Best Bookkeeping Services in Tucson, AZ
We have strong relationships with local municipalities, permitting agencies, and regional utility companies. With online bookkeeping services and real human support, Bench is the expert financial solution your business deserves. We’re as reliable as the steadfast Tucson sun, so you can focus on growing your business. Financial and personal records are often vast and confusing to sort through.
Bookkeeping & Tax
See our job costing guide for more info on organizing project expenses. Borderland Construction Company, Inc. is an award-winning, Southern Arizona, heavy civil contractor with a proven reputation for delivering quality workmanship on schedule and on budget. Unlock the potential and team up with Cornerstone Construction Services for all your project needs. Whether you want to upgrade a space, or build an addition, setting your project on a solid path with planning and knowing where you need help, will serve you well and prevent unnecessary stress and expenses.