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Accounting for Construction Business

  1. Industries we Serve
  2. Accounting for Construction Business

Accounting for Construction Business

Accounting for Construction Industry

With technology advancement and modernization construction companies use programs and resources that you won't find in other businesses. From construction cost planning to vendor payment, this industry is unique. However,accounting for construction business is always challenge business owners. It is very difficult to get the work done in a timely and professional manner hence hiring a full-time bookkeeper is extra cost.Whether you are new to construction business or perhaps you have been established construction company for many years, you must need good bookkeeping services for profitable business. When contracts are on the line, you can’t afford to waste time with inefficient bookkeeper and incompatible services. That’s where Meru Accounting comes in.

Meru Accounting understand the challenges your company faces for bookkeeping and accounting. We are highly experienced when it comes to accounting for construction business. Head quartered in India we have served many offshore clients from construction industry in countries like USA, UK, Canada, New Zealand, South Africa, Australia and Singapore. In a very short span of time we have established a great relationship and reputation among construction companies. The key reason behind our cusses is, our team is expertly trained for outsource accounting for construction company work and technically proficient to handle all accounting software's like Xero, Zoho Books, QuickBooks, MYOB, SAASU, Tally, NETSUITE, Sage and Oodo.

Accounting for Construction Company

As we mentioned our team has extensively work in construction sector for various works like

On the assets side:

  • Current Asset
  • Short Term Investments
  • Receivables
  • Allowance For Doubtful Debts
  • Inventory
  • Other Current Assets
  • Investments And Other Assets
  • Property Plant And Equipment
  • Accumulated Depreciation

On the liabilities side:

  • Over-billings
  • Equity
  • Non-Current Liabilities
  • Tax Payables
  • Account Payables
  • Current Liabilities
  • Deferred Income
  • Accrued Interest Payable
  • Notes Payable

Most of Accounting firm treats accounting for construction company similar to other business however there is slightly catch in construction accounting. Projects evolves in long run and many phases. This makes it quite difficult for an accountant to evaluate the exact amounts for the work that is not completed yet. However, as an experienced construction accounting firm Meru Accounting developed a mechanism for that also by dividing the bookkeeping work into –

  • Accounting for Work-In-Progress
  • Accounting for Percentage Completion Basis

For more information about accounting for construction business services, write us or contact us today! One of our accounting expert will be in touch with you for no obligation quote and assistance.