The Best Construction Company Accounting Software 2023
webmanager • May 17th, 2023
Construction company accounting software can be a driving force behind business success.
It can manage job costs, automate accounting tasks, and give you a real-time reporting view of how your business is performing so you can make more confident decisions about your business.
However, getting the right accounting software to organize your financials and keep accurate, timely records is extremely important. And a decision that some business owners get wrong.
In this blog, we’re going to dive into the importance of construction company accounting software and our recommendation as an experienced construction accountant.
Let’s dive in.
Your accounting software is a driving force in your business.
It’s essentially a software tool that manages and stores all of your records – revenue and expenses – and gives you a live dashboard view of every financial angle of your business.
There are various options for accounting software, such as QuickBooks Online, Xero, WaveApps, MYOB, and others.
At Basta & Company, we use and recommend QuickBooks Online.
QuickBooks Online makes it super simple to manage the ongoing job costs of construction projects.
When it comes to managing ongoing projects, you can easily enter time and expenses for each project, and run valuable profit and full job cost reports to always know where you stand.
Additionally, QuickBooks seamlessly handles accounting tasks for you. Your data quickly and securely syncs across devices so you never have to mess with paperwork.
Something that is especially important for construction companies is the easy management of contractors.
With QuickBooks Online, you can stay compliant and save time on all your 1099s. Sub-contractors can add their W-9 and tax ID information when you send them a request right in QuickBooks.
And finally, QuickBooks Online makes it really easy to prepare for tax time. You can easily organize income and expenses into tax categories, and share your books with your accountant or export important documents come tax time.
Even with the help of tools like QuickBooks Online, you can still get stuck when it comes to accounting for your business. This is where we suggest calling on an experienced industry accountant for guidance.
At Basta & Company, one of our top priorities is making sure you are using the right tools for your business. We will set up QuickBooks Online for you, and run customized reports based on the accurate data that goes into the system each month.
Then we use that information as a guide for determining what steps to take next.
We’ll implement strategies to increase your business profitability, and monitor your financials consistently so you always have an idea of where your business stands.
To learn more about how Basta & Company can help you improve your construction accounting, get in touch with us today!
Samy Basta brings you more than 20 years experience in tax, financial, and business consulting to his role as founder of Basta & Company. His focus is primarily strategic business planning, empowering clients to set priorities, focus energy and resources, and strengthen operations. In addition, Samy and his firm provide strategic counsel, and technical insight, on a wide range of needs, including tax saving strategies, tax return compliance, as well as choice of entity.
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San Francisco, CA 94111