The mobile nature of working in the construction industry makes it particularly challenging to track and record project expenses. This is because the cost of materials and labor can fluctuate from month to month, record-keeping is often done on the worksite, and there are many vendors and contractors involved in the budget. For those reasons, average pre-tax profit margins for general contractors range from 2.4% to as low as 1.4%. With razor-thin margins like those, even small mistakes can be the difference between making or losing money. At Altura Group, we specialize in the type of bookkeeping designed to handle these unique challenges and ensure that your profit potential is fully realized. We'd love to speak with you more: (813) 425-1972 #accounting #cpa #alturagroup #accountingfirm #financialsuccess #reminder #irs #taxseason #constructioninsurance #constructionbusiness
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Managing your finances effectively is critical for your construction company to remain competitive and profitable. Satuit Services offers accounting tailored to the construction industry. If you need help getting your construction company finances in better shape, let's talk. #construction #constructioncompany #constructionaccounting #aiabilling #constructioncompanies
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Helping construction industry business owners save money and time by optimizing their financials | Remote Bookkeeping and Advisory | Payroll | QuickBooks Certified ProAdvisor
Speaking of construction accounting mistakes I've mentioned in my YouTube video (https://lnkd.in/ekWHxEYf), there are other mistakes as well that lead to poor cash flow in general. Cash flow is the lifeblood of any business, more importantly in construction. And as a contractor, paying employees bi-weekly can put a strain on your cash flow more than you can imagine. Whenever I look at my clients' books, one of the biggest adjustments we've had to make is payroll. And if you, like my clients, have always made sure that they pay their employees on time—payroll can definitely be a pain. Contractors who subcontract their work may have less of a burden in this regard. Payment schedules can be easily adjusted, and the pressure to pay workers on time is greatly lessened. There are, of course, both pros and cons to hiring full-time workers, versus subcontracting your work instead. Of the two, which one has been more beneficial to your construction business? I'd love to know your thoughts. #Strategy #Business #Consulting #Growthhacking #Businessowner #Money #Businessintelligence #constructionindustry #constructionnews #constructionbusiness
Construction accounting | 7 SPECIFIC mistakes you want to avoid in construction accounting
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📢 Are you tired of dealing with a pile of receipts and invoices? Organizing them can bring you peace of mind and many benefits! Here are the pros and cons of organizing receipts and invoices: Pros: ✅ Easy access to financial records for reference ✅ Simplified tax preparation and filing ✅ Better expense tracking for budgeting purposes ✅ Reduced stress and time spent searching for documents Cons: ❌ Initial time investment to set up an organization system ❌ Regular maintenance and organization required But don't worry, tax professionals like The Construction CPA can help! We specialize in managing construction industry finances and can provide expert guidance in organizing and maximizing your receipts and invoices. Say goodbye to the hassle and let the professionals handle it! 💼💪 For more information on how The Construction CPA can assist you with tax planning, bookkeeping, and financial analysis for your construction firm, please send me a DM. #TheConstructionCPA
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9 cash-flow management tips for construction companies. Need help with cash flow or other accounting tasks? Give us a call. We can help. #Construction #Contractor #ConstructionLife
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9 cash-flow management tips for construction companies. Need help with cash flow or other accounting tasks? Give us a call. We can help. #Construction #Contractor #ConstructionLife
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🏗️ Struggling to find the right accounting method to keep your construction project finances in check? Construction accounting is unique and complex, and it requires a tailored approach. Unlike many other industries, construction projects span multiple fiscal periods, which makes it crucial to implement specialized accounting strategies. 📚 Whether you're a small contractor or a large construction firm, understanding the right accounting methods can make all the difference in your bottom line. 💼💰 Deep dive into different types of construction accounting and help you understand which one is the perfect fit for your business ⬇️ #LumberInsights #Construction #Accounting #Cash #Accrual
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Dropping the hammer on cash flow problems for Contractors through hands-off accounting services.
📢 Are you tired of dealing with a pile of receipts and invoices? Organizing them can bring you peace of mind and many benefits! Here are the pros and cons of organizing receipts and invoices: Pros: ✅ Easy access to financial records for reference ✅ Simplified tax preparation and filing ✅ Better expense tracking for budgeting purposes ✅ Reduced stress and time spent searching for documents Cons: ❌ Initial time investment to set up an organization system ❌ Regular maintenance and organization required But don't worry, tax professionals like The Construction CPA can help! We specialize in managing construction industry finances and can provide expert guidance in organizing and maximizing your receipts and invoices. Say goodbye to the hassle and let the professionals handle it! 💼💪 For more information on how The Construction CPA can assist you with tax planning, bookkeeping, and financial analysis for your construction firm, please send me a DM. #TheConstructionCPA
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Construction business owners: Are your accounting processes as good as they could be? Here are two common problems that tend to cause contractors to struggle in this area. https://bit.ly/3JXkgPk
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Construction business owners: Are your accounting processes as good as they could be? Here are two common problems that tend to cause contractors to struggle in this area. https://hubs.ly/Q02x5c8N0
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Construction business owners: Are your accounting processes as good as they could be? Here are two common problems that tend to cause contractors to struggle in this area. https://hubs.la/Q02xN8z_0
Construction Business Owners: Avoid These Two Common Accounting Problems