Construction is one of humanity’s oldest activities and has evolved into a massive industry. Today, the construction sector is highly complex, presenting unique challenges for bookkeepers due to intricate tax regulations and specialized accounting rules. Many are unfamiliar with the specific journal entries and payment applications that construction companies and home remodelers must meticulously track.
Our bookkeeping services are tailored to meet the unique operational and financial needs of construction companies and contractors. At Hashim Financials, we have the expertise and resources to become a valuable partner for your business.
Construction businesses differ significantly from other types of businesses in several ways:
In standard businesses, accounting is often simpler because operations typically occur in a fixed location where customers visit or goods are shipped from. Calculating sales, cost of goods, and expenses is relatively straightforward.
However, construction accounting is far more complex. It requires tracking costs for custom projects across multiple locations. This includes expenses like transporting materials, travel, warehousing, subcontracting labor, and more. Additionally, the cost of goods in construction involves both direct and indirect costs, each with numerous subcategories.
This complexity makes it essential for construction businesses to work with bookkeepers and accountants who have specialized experience in the industry.
At Hashim Financials, every client is assigned a dedicated controller as part of our unique approach to bookkeeping. Your controller ensures that monthly financial reporting focuses on the areas most important to your business. They also work closely with your account to resolve complex issues, provide strategic advice, and support decision-making based on accurate financial insights.
Our team-based approach and customized financial reporting empower you to extract maximum value from your data. This includes identifying which projects are worth pursuing and laying the foundation for informed business management decisions. Accurate and meaningful reporting is critical, and we’ll guide you on how to leverage it effectively.
We offer all the essential accounting services your business needs, with specialized solutions tailored for general contractors and construction companies, including:
In case, you need help with check out your profitability, strategic tax planning or build up your financial reporting and internal controls, Hashim Financials can help.
