- Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
Experience Hassle-Free Accounting for Construction
Hire Remote Bookkeeper, Accountant, Tax Preparer, or Admin Staff
Monthly Bookkeeping, Payroll, Job Costing, and Tax Support for Contractors
Monthly Bookkeeping, Payroll, Job Costing, and Tax Support for Contractors
Construction Accounting Services
Bookkeeping and accounting play an essential role in the construction industry. Accurate financial records are crucial for businesses to effectively manage cash flow, estimate project costs, and make informed decisions about their projects. With complex projects, multiple subcontractors, and fluctuating costs, keeping track of finances can become overwhelming without proper support. This is where Meru Accounting comes in. Our professional accounting services are tailored specifically to the unique needs of construction businesses. By outsourcing your financial management to experts who specialize in serving the construction industry, you can focus on what you do best – building exceptional structures – while leaving the financial aspects in capable hands.
Our team of experienced accountants possesses industry-specific knowledge and expertise in Construction Accounting. We understand the complexities of project-based accounting, job costing, and compliance with Construction Industry Scheme (CIS) regulations. With this specialized knowledge, we ensure accurate and compliant financial management tailored to the construction industry.
We also understand the importance of utilizing the right accounting software for construction businesses. We can guide you in choosing the most suitable software solution for your specific needs, whether it’s industry-specific software like Sage 50 Construction Accounting or QuickBooks Contractor Editions, or cloud-based platforms like Procore Financials. These software solutions offer features tailored to the construction industry, such as job costing capabilities, project management integration, and real-time reporting options, enabling better decision-making based on accurate and up-to-date financial data.
Need For Construction Business in The UK For Accounting and Bookkeeping Services
- As a leading provider of accounting and bookkeeping services for construction businesses in the UK, Meru Accounting understands the unique financial challenges you face.
- We offer specialized accounting and bookkeeping services tailored specifically to the needs of the construction industry, providing support in managing complex projects, multiple subcontractors, and fluctuating costs.
- Our services are enhanced with cutting-edge software tools designed specifically for the construction industry, including cloud-based solutions and software packages like Sage 50 Construction Accounting and QuickBooks Contractor Editions.
- These software solutions offer a range of features, such as job costing capabilities, project management integration, time tracking functionalities, and real-time reporting options, empowering you to make better decisions and optimize financial performance.
Our goal is to provide valuable insights into improving profitability, enabling you to achieve financial success in the highly competitive construction industry.
Accounting For Mining Companies From Meru Accounting
Xero Accounting for Construction – A normal industry follows stereotype accounting methods and they work for them. But, for the construction industry, the scenario is vividly different.
In the construction business, people work at new locations and work is different from regular terms. There are different factors that affect costing in construction business like travel time, packing of tools and equipment, delivery of materials at the job sites, which are all variable.
In a construction business, the method of accounting counts revenue on the base of the profit estimation and what percentage of the project is completed. This method is Percentage of completion method. So overall accounting for a construction business is quite complex and unique. This is so because it has to accurately track all the expenses, costs and income for all the job sites.
How Does Construction Accounting Differ From General Accounting?
Categorization of sales:
Unlike the regular business, construction business stands for a wide range of selling products like engineering, coasting, labour, designs, a service provided, etc.
Expense calculation:
In a typical business, the expenses are mostly pre-decided or can be predicted, but in the construction business, this is never the case. the categorization of the goods sold is differently accounted for in the construction business.
Knowing the break-even point:
Break Even point can be achieved by the balancing relation of income and expenses, but in the construction business, it’s very complex as there are already too many categories of the items that make it hard to comprehend.
How Can Meru Accounting Help You In That?
We at Meru Accounting have specialization in accounting for the construction industry, house flipping business and turnkey project accounting. We understand the different requirements that a construction business needs.
Xero Addon For Construction Industry: Workflow Max Benefits
- We can have separate projects in Workflow max.
- We can have various tasks in that.
- In each task, we can assign the Cost and Profit.
- We can assign tasks to each of the team members.
- It automatically creates invoices in a single click.
- We can convert the cost of WIP into the Sales Invoice automatically
- We can have the Budgeted Cashflow automatically from Xero.
- It can automatically convert purchase orders to a bill in Xero instead of Duplicate Data entry.
- We can assign margins in the% form to the cost.
- We will be able to have Tracking of Profits for individual projects in Workflow Max.
- You will have all the project’s performance on your Dashboard of Workflow max.
At Meru Accounting, we track, manage, report and categorize our client’s costs and expenses. This ultimately helps our clients to know which project to opt for, which bid can be turnout profitable. They also get to know how to manage the billing procedures and how to use resources to get the maximum return on investments.
We track our client’s expenses and cost per property by using class tracking or tracking category in the software like Xero, QuickBooks, etc. We also build a dashboard of different categories so that our clients can also track various expenses and costs from different constructing sites. That saves the valuable time of our clients and is very easy for them. We do the book work so that our clients can focus on their constructing fieldwork with no worries.
How Outsourcing Services Give Solutions Tailored to A Particular Construction Business?
Tailored Solutions:
Outsourcing in the construction industry offers customized solutions tailored to the unique needs of each business, whether small contractors or large companies.
Access to Experienced Professionals:
Outsourcing provides access to experienced professionals with a deep understanding of construction accounting, ensuring accuracy and compliance with industry-specific regulations.
Streamlined Processes and Improved Efficiency:
Outsourcing day-to-day bookkeeping tasks like payroll management and tax filing streamlines processes, allowing businesses to focus on managing projects and clients.
Utilization of Advanced Software Systems:
Outsourcing services utilize advanced software systems designed for construction accounting, automating tasks and generating insightful financial reports for informed decision-making.
Conclusion
- Meru Accounting is a valuable partner for construction businesses in the UK, offering comprehensive bookkeeping and accounting services tailored specifically to the needs of the construction industry. By entrusting your financial management to Meru Accounting, construction companies can benefit from our expertise in construction accounting, project cost tracking, cash flow management, and compliance with industry-specific regulations like the Construction Industry Scheme (CIS).
- With Meru Accounting’s assistance, construction businesses can make informed decisions based on accurate financial reporting, optimize project profitability through job costing analysis, and ensure compliance with tax obligations. By outsourcing your bookkeeping and accounting needs to Meru Accounting, construction companies can focus on their core operations, secure financial stability, and position themselves for long-term growth.
- Investing in reliable bookkeeping and accounting services, such as those provided by Meru Accounting, is a strategic decision that can have a significant impact on the success and profitability of construction businesses in the UK. By leveraging the expertise and industry-specific knowledge of Meru Accounting, construction companies can build a solid financial foundation and confidently navigate the complexities of the construction industry.
Don’t let bookkeeping slow down your projects.
Contracting work demands focus on delivery, not paperwork. Let Meru Accounting manage your bookkeeping for contractors with accurate records, clear reports, and reliable support. Reduce errors, improve cash flow, and grow your contracting business with confidence today.
Hiring Virtual Accountant With Meru Accounting
- Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
- We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
- Help you with switching from your traditional software to Xero and Quickbooks.
- We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- Cost-saving
- Access to skilled and experienced professionals
- Better management of books of accounts
- Decreased chances of errors
- Improve business efficiency
- De-burdens in-office employee’s dependency
- Better turnaround time
- We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
- You have to share your accounting software login details.
- Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
- Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
- Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
- Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
- We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
- For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
- We can provide to you once we move ahead in our interview.
- We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
- Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
- BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
- Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
- No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.