Question 1

Does a construction accountant handle job costing and project profitability tracking?

Accepted Answer

Accurate job costing helps general contractors and builders understand each project’s financial health (which must be tracked separately). Job costing schedules reflect estimated and actual revenues and expenses for each contract. Updates to the job costing schedules, including actual costs and revised profit margins, are applied to each project. Construction businesses use accounting ratios, including current, quick, and debt-to-equity ratios, to assess project profitability and overall financial health. Construction businesses often look to accountants for job costing and project profitability tracking.

Question 2

Can 1-800Accountant help with progress billing and AIA billing?

Accepted Answer

Incremental invoicing over the course of a construction project, sometimes over years, is known as progress billing, and the American Institute of Architects (AIA) billing is a standard invoicing system commonly used in construction. When you trust 1-800Accountant with your complex construction accounting work, we match you with a qualified team experienced in meeting your business's distinct accounting needs, including support for your progress and AIA billing.

Question 3

Do you manage certified payroll and union reporting for government contracts?

Accepted Answer

Our affordable, full-service payroll solution, powered by experts, will run payroll for you each period and handle payroll tax submissions. Spend minutes on payroll each month, not hours, with this service, enabling your employees to be paid in just a few clicks. If you need help managing government-mandated certified payroll and union reporting, our payroll experts can provide the support you need to comply with contractual requirements. As with all 1-800Accountant services, our payroll pricing is tax-deductible.

Question 4

What accounting software does 1-800Accountant support?

Accepted Answer

1-800Accountant favors our proprietary bookkeeping platform, ClientBooks. We believe it’s the best accounting software for your construction business. Our platform is compatible with leading bookkeeping software, including QuickBooks Online, FreshBooks, and Wave. Our bookkeepers are fluent in these platforms, ensuring seamless integration and financial data management for your construction business.

Question 5

Can 1-800Accountant assist with tax planning and compliance?

Accepted Answer

Creating a tax planning strategy to help achieve your short- and long-term business goals while maintaining compliance is essential. Your tax strategy should aim to efficiently reduce your construction business's annual federal and state tax liability. Tax planning should save time and resources, but it’s typically not a single activity. It can involve a combination of supporting tactics that the experts at 1-800Accountant can assist with.

Question 6

How can you help improve my cash flow between draws, delays, and material costs?

Accepted Answer

Successfully managing your construction business's cash flow helps keep your business running smoothly. Improving cash flow, particularly between draws, delays, and material costs that impact construction businesses, is essential. 1-800Accountant can help improve your business's cash flow with strategic planning and regular monitoring of key metrics, including tracking material usage and days sales outstanding.

Question 7

Can 1-800Accountant provide tax planning strategies for seasonal or cyclical construction work?

Accepted Answer

Cyclical construction work is typically driven by external factors, including economic and seasonal conditions, with work performed during certain periods followed by periods of inactivity. These scenarios require careful tax planning to support your business throughout the year, which 1-800Accountant can spearhead.

Question 8

Do you offer support for WIP reporting?

Accepted Answer

WIP reporting involves tracking costs, status, and overall progress for each construction project that is not yet complete. This type of reporting is essential for long-term construction projects. 1-800Accountant can support your business by producing work in progress reports for your current and upcoming projects.

Question 9

How do you support multi-state or out-of-state construction projects?

Accepted Answer

1-800Accountant supports your construction business's multi-state and out-of-state projects primarily through a tax and financial lens. These projects may require your business to address sales, use, payroll, withholding tax, nexus, and overall financial planning and budgeting, which your 1-800Accountant team can support.

Question 10

Can 1-800Accountant help us transition from spreadsheets to construction accounting software?

Accepted Answer

Your designated bookkeeper can assist with integrating your spreadsheets into our proprietary bookkeeping platform, ClientBooks. Whether you've been using custom spreadsheets to track business performance or do-it-yourself software, ClientBooks is designed to be widely compatible across scenarios, so you can hit the ground running.

Question 11

How do you handle subcontractor payments, 1099s, and contractor compliance?

Accepted Answer

1-800Accountant's outsourced payroll service supports subcontractor payments, contractor compliance, and the preparation and distribution of applicable 1099 forms. Depending on the specific requirements, 1099s are sent to the IRS and, if applicable, to your state. We then file these forms electronically, concluding the process.

Question 12

Does 1-800Accountant provide support during audits or project reviews?

Accepted Answer

1-800Accountant supports your construction business during audits or project reviews by preparing all necessary accounting and financial documentation for the project or program being scrutinized. It's not uncommon for construction audits and reviews to be conducted to ensure year-long projects stay on track and meet objectives and milestones.

Accounting Services for the Construction Industry

Construction accounting for contractors and builders

Full-Service Construction Bookkeeping

Claim Every Construction Deduction

Tax Preparation and Filing

Full-Service Construction Bookkeeping

Claim Every Construction Deduction

Tax Preparation and Filing

Why you should choose 1-800Accountant

Your construction accountant helps maximize performance

Construction deductions help you keep more

Year-round strategic support

Packages & pricing

Core Accounting

Core Accounting

Packages & pricing

Builders and contractors save the most with construction accounting services. Get started with an accounting expert today.

Customer spotlight

Frequently Asked Questions

Does a construction accountant handle job costing and project profitability tracking?

Does a construction accountant handle job costing and project profitability tracking?

Can 1-800Accountant help with progress billing and AIA billing?

Can 1-800Accountant help with progress billing and AIA billing?

Do you manage certified payroll and union reporting for government contracts?

Do you manage certified payroll and union reporting for government contracts?

What accounting software does 1-800Accountant support?

What accounting software does 1-800Accountant support?

Can 1-800Accountant assist with tax planning and compliance?

Can 1-800Accountant assist with tax planning and compliance?

How can you help improve my cash flow between draws, delays, and material costs?

How can you help improve my cash flow between draws, delays, and material costs?

Can 1-800Accountant provide tax planning strategies for seasonal or cyclical construction work?

Can 1-800Accountant provide tax planning strategies for seasonal or cyclical construction work?

Do you offer support for WIP reporting?

Do you offer support for WIP reporting?

How do you support multi-state or out-of-state construction projects?

How do you support multi-state or out-of-state construction projects?

Can 1-800Accountant help us transition from spreadsheets to construction accounting software?

Can 1-800Accountant help us transition from spreadsheets to construction accounting software?

How do you handle subcontractor payments, 1099s, and contractor compliance?

How do you handle subcontractor payments, 1099s, and contractor compliance?

Does 1-800Accountant provide support during audits or project reviews?

Does 1-800Accountant provide support during audits or project reviews?

Construction accounting for contractors and builders

Full-Service Construction Bookkeeping

Claim Every Construction Deduction

Tax Preparation and Filing

Full-Service Construction Bookkeeping

Claim Every Construction Deduction

Tax Preparation and Filing

Why you should choose 1-800Accountant

Your construction accountant helps maximize performance

Construction deductions help you keep more

Year-round strategic support

Packages & pricing

Core Accounting

Core Accounting

Packages & pricing

Builders and contractors save the most with construction accounting services. Get started with an accounting expert today.

Customer spotlight

Frequently Asked Questions

Does a construction accountant handle job costing and project profitability tracking?

Does a construction accountant handle job costing and project profitability tracking?

Can 1-800Accountant help with progress billing and AIA billing?

Can 1-800Accountant help with progress billing and AIA billing?

Do you manage certified payroll and union reporting for government contracts?

Do you manage certified payroll and union reporting for government contracts?

What accounting software does 1-800Accountant support?

What accounting software does 1-800Accountant support?

Can 1-800Accountant assist with tax planning and compliance?

Can 1-800Accountant assist with tax planning and compliance?

How can you help improve my cash flow between draws, delays, and material costs?

How can you help improve my cash flow between draws, delays, and material costs?

Can 1-800Accountant provide tax planning strategies for seasonal or cyclical construction work?

Can 1-800Accountant provide tax planning strategies for seasonal or cyclical construction work?

Do you offer support for WIP reporting?

Do you offer support for WIP reporting?

How do you support multi-state or out-of-state construction projects?

How do you support multi-state or out-of-state construction projects?

Can 1-800Accountant help us transition from spreadsheets to construction accounting software?