Let’s start with a discovery call to discuss the vital needs of your business. From there we will complete a Diagnostic Review of your current set of books, perform the necessary steps to clean up any previous issues and work together to onboard the services that best suit your construction business. For one, payroll for construction is more complex, and involves much more than agreeing on a flat rate for every project. Projects like government-funded projects require you to pay a prevailing wage, a minimum hourly rate that’s typically higher and determined by each state’s Department of Labor. Paying any lower than what’s legally mandated can result in penalties—and even jail time.
- According to online sources, bookkeepers in Maine can anticipate a lucrative full-time wage.
- Assisting and allowing you to focus on operations, growth and profitability of their businesses.
- Unlock the keys to your success with financial projections and prepare for the future with cash flow management assistance from Rooks Bookkeeping.
- Reconciling your bank accounts protects you from costly errors, mistakes and even fraud.
We take tremendous pride in our local businesses, with our status cemented as both a manufacturing powerhouse and foodie favorite. Southern Maine is also a hardworking center of production, healthcare, education, services, tourism, technology and retail. Earle is a student of the world who draws inspiration from learning about new people, cultures and communities — but he’s most animated when partnering with others to solve difficult business challenges.
What makes bookkeeping for construction companies different?
Our Tax, Audit, and Consulting divisions allow you to breathe easy knowing that your work is being handled by qualified professionals. Avalon Advisory Group offers bookkeeping for small businesses, including helping you keep track of financial records, payroll processing, bookkeeping software setup, and more. They also provide tax preparation and financial consulting – contact the team at Avalon Advisory Group to learn https://accounting-services.net/ more. Earle’s broad corporate experience working for private equity owned operating companies in the manufacturing industry brings a valuable perspective to his manufacturing and distribution clients. Earle was involved in management presentations, both from the buy- and sell-sides, providing insight into the buyer’s value in businesses. TMATT Tax & Financial Services is a local accounting firm based in Bangor, Maine.
Our clients include general contractors, construction managers, developers, specialty contractors, and related service providers. Most small contractors can’t justify a full time, experienced office employee. Construct Bookkeeping is here to help as a local firm assisting construction contractors with remote bookkeeping, payroll and tax deadlines. By taking these tasks off your plate, you have more time to spend in the field focusing on projects.
With the installment method, you only record revenue once you’ve received payment from the client. This means that you recognize income in the accounting period when it’s collected, and not at the time of sale. Manual job costing can be bookkeeping for construction maine very time-intensive, especially when it comes to complex projects. Indirect costs are those which are essential to running your business across projects. Examples include repairs to equipment, insurance, transportation, and software.
Your Construction Industry Expert
The advantage of intuitive software is that you don’t need to spend time learning how to use it and can take advantage of all its features straight away. Intuitive solutions have their most common functions presented in a single menu rather than spread over half a dozen different sections. Losing your bookkeeping records due to a natural disaster, a computer virus, or hardware failure can be devastating.
Where Can I Find The Best Maine Bookkeepers?
When using this method, you recognize revenue as a percentage of the work your company completed during a period. Revenue recognition is the process of officially recording how and when your business generates revenue. The simplest way to account for retainage is to include two sets of information on your invoices. As we mentioned earlier, contract retainage can account for 5 to 10 percent of your contract value. It allows you to estimate labor, material, and overhead cost, as well as determine how much you should charge for the project.
We furnish you with accurate and timely financial reports that offer a transparent view of your company’s financial health. Regardless of the option you choose for your bookkeeping needs, it is useful to understand the process involved in construction bookkeeping. In 1991 we developed a Comprehensive Construction Strategic Bookkeeping System to add useful content to QuickBooks setup in order to make it work for construction companies. Since then we have made thousands of improvements and we continually improve, update, innovate and enhance it.
Back Office Solutions ME offers a range of bookkeeping services tailored to your needs, your business, and your budget. Owner Scot Arthur has almost four decades of professional business experience, and the other professionals at Avalon Advisory Group have over 30 years of accounting, finance, and consulting expertise. We excel at customer service, studying your business model and customizing our bookkeeping best practices and best-in-breed technology to address your specific needs. Our people are experienced professionals who take a team approach to bringing you the best in bookkeeping, operations and controller services.
What Software Can I Use For Bookkeeping in Maine?
Often business owners start by paying company costs from their own accounts. Unfortunately, this becomes so commonplace that even once the business is established and successful, expenses are still paid out of a personal bank account. Our Contractors Outsourced Bookkeeping Services System Is An Assembly Line – Where contractors bookkeeping services tasks are divided into groups and assigned by skill level. Xero has an intuitive and user-friendly interface, making it accessible to small business owners with no accounting experience. It also offers integration with other business systems, such as payroll and payment solutions, and excellent customer support. Construction bookkeeping can differ from traditional bookkeeping because construction companies have unique financial needs.
The tax advisors at TMATT are IRS enrolled agents, meaning they can represent taxpayers before the IRS. Bookkeeping Plus is your local business solutions partner, offering a broad range of services to meet the needs of our clients. We have an environment that encourages personal and professional growth and a passion for the firm’s core values. Our goal is to free the business owners from the tedious task of bookkeeping.
Wade specializes in this industry because he recognized that construction business owners need help in many areas that generalized CPAs don’t know and can’t handle. Construction accounting, finance, and management have many challenges and issues that most other industries don’t see, but we know well. That means the company may improve its logistic services a lot as it will transfer equipment and machinery to more than one location and by more than one carrier.
In that case, it may lose bids—or worse, win a bid only to find that the requirements are much more expensive than what you pay for. Our knowledgeable staff offers an effective and affordable way for businesses to receive up-to-date and accurate bookkeeping records. Arlington Tax provides accounting and focuses mostly on small businesses and personal …. Financial forecasts are essential if you are looking to borrow money or attract investors. It’s crucial for construction bookkeeping to forecast financials because you’re often dealing with large value contracts and relatively low margins compared to other industries. Any slight deviances can drastically affect the profitability of a project.
A strategic thinker, he has applied his analytical skills to benefit countless organizations, most recently in his work bringing outsourced bookkeeping and controller services to Portland, Maine businesses. Back Office Solutions ME, located in Hinckley, ME, provides back office support and bookkeeping services to customers throughout the state of Maine. I pride myself in providing small businesses with clean books that give a clear image of where the business stands financially and also help interpret the financial statements in an understandable manner. If your business needs some accounting support, below we’ve featured 10 top bookkeepers in Maine. This position is responsible processing payroll, administration of employee benefits, including 401k and pension administration.