QuickBooks for Construction: Bookkeeping with Pro Integrations

By customizing the chart of accounts, construction businesses can obtain a clearer understanding of their financial position, enabling them to make informed strategic choices. At RedHammer, we specialize in providing tailored accounting solutions for construction companies using QuickBooks Online. Our expertise ensures that your accounting system is set up correctly, optimized for your specific needs, and fully leveraged to enhance your financial management processes. Forming solid construction accounting processes is absolutely critical if you want to grow your contracting business. The problem is, construction accounting is entirely different from accounting in other industries. From long term contracts and historically slow pay cycles to balancing costs in dynamic and unpredictable site conditions, there are a ton of factors that make financial management much more difficult.

• I collaborate closely with my clients and their tax preparers to ensure everyone is on the same page and focused on the success of your business.
• Our dedicated team provides customized bookkeeping solutions, specifically crafted to meet the unique challenges of construction businesses, ensuring seamless financial management with QuickBooks Online.
• Improving cash flow, reducing financial risks, and enhance relationships with vendors and customers.
• Start with project execution to see how every financial detail is reflected in both Buildern and QuickBooks Online.
• Our expertise ensures that your accounting system is set up correctly, optimized for your specific needs, and fully leveraged to enhance your financial management processes.

Potential payroll obstacles

Simplify financial management and gain real-time visibility with expert support. Get paid faster by generating invoices, online payments directly from your customers. This efficient system also simplifies the process of sending payment reminders and managing overdue accounts, promoting timely and consistent payments from clients. This video shows you the organization, tools, and processes Apparatus uses to deliver precision construction accounting to our clients.

How to Do Job Costing in QuickBooks Online?

However, you will not be able to take advantage of other powerful integrations, like QuickBooks Online Payroll or Payments. Knowify was built from the ground up to complement QuickBooks – maybe that’s why there’s no integration that’s stronger or more reliable in construction today. Whether you’re already using QuickBooks or are just getting started, Knowify has the integrations and expertise to ensure your books are up-to-date and your team is in the loop. These features could be better suited for handyman businesses than contractors. While it’s advanced, some of the software’s features aren’t as developed as in the Desktop versions of QuickBooks.

See what our clients have to say about us

Our QuickBooks Online bookkeeping services are designed to simplify your financial processes, allowing you to devote your energy to growing your construction projects. Unit price (or fixed-price) billing in construction accounting is a billing method that assigns a set fee to a unit of measure (for example, per square foot or per hour) for every unit of work you complete. This method allows contractors to accurately bill their clients for the work they have completed rather than charging them a lump sum fee.

• In addition, maintaining proper data management involves regularly reviewing and cleaning up the data files, ensuring that they are organized and structured for efficient access and use.
• In tax season, CCA’s expertise in QuickBooks for construction and QuickBooks for contractors relieves your burden.
• Welcome to our comprehensive guide on using QuickBooks Online (QBO) for construction accounting.
• With my support, business owners can rely on accurate financial data and streamlined bookkeeping systems, helping them grow their businesses while focusing on their construction projects.

​Control expense tracking and minimize costly duplicated payments to save money. However, note that the FASB updated this principle to clarify how contractors should report information from their customer contracts. Topic 606 is an accounting standard update (ASU) that requires public companies to disclose information related to their revenue recognition practices. Since I’ve switched to using Apparatus, I’ve been able to focus on growing my business while not dealing with the books.

• Our mission is to provide builders, developers, GCs, and specialty contractors the precision accounting services they need to aggressively grow their businesses and their bottom lines.
• If you purchase $3,000 worth of lumber for a project, enter this expense in QuickBooks Online and assign it to the project.
• You also gain deeper insights into your business with custom dashboards and charts.
• The dedicated app center offers a wide range of add-ons for project management, billing and payment processing,  inventory management, and more.
• It may be hard to integrate the desktop version with third-party software to upscale your management capabilities.
• Contractors and real estate developers use GAAP construction accounting to  increase their financial accountability and provide valuable peace of mind to customers.

QuickBooks Online Payroll

By capturing direct and indirect costs, such as labor, materials, overhead, and equipment usage, companies can gain valuable insights into the true cost of their projects. Implementing best practices in setting up and utilizing QBO ensures accuracy, compliance, and efficiency in your financial operations. Addressing common challenges with the right solutions further enhances your ability to manage costs, maintain cash flow, and make informed business decisions.

Related QuickBooks Online Articles

This reduces the risk of incorrect https://www.merchantcircle.com/blogs/raheemhanan-deltona-fl/2024/12/How-Construction-Bookkeeping-Services-Can-Streamline-Your-Projects/2874359 filings saving contractors time, money, and potential penalties. Particularly, it has limited to no cloud-based features, and the price may be overwhelming for small or mid-size companies. Moreover, you will need to upgrade your software regularly if you want to access new features, which can be costly and time-consuming. Making to the list of best accounting software for small businesses in 2025, QuickBooks Online is designed to cover your company’s accounting needs. QuickBooks Online software can integrate with other corporate tools and apps like CRM systems and payment processors via the QuickBooks… QBD Enterprise takes these features one step further with advanced inventory, pricing, and invoicing.