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Construction Companies - Complete Controller

Businesses operate in a complex and ever-changing industry. Commercial properties are mushrooming in every corner of every city. Unfortunately, not many people are aware of what goes on behind the scenes of a construction company.

Those working for a construction company are aware of the challenges they face every day during their routine jobs. It’s a significant challenge for any construction company to complete a structurally sound commercial building on the designated time and budget. Here are the top five problems that a construction company faces regularly. Check out America's Best Bookkeepers

Government Regulations

Construction companies are one of the most regulated ventures. The government keeps these companies under intense scrutiny. Building codes are restrictive, and licensing and permit requirements are challenging to achieve. Companies must adhere to many different regulations, as unsafe buildings are a significant security risk for every city. However, it’s hard to meet the strict rules and safety standards set by the local and federal governments.

Social and Political Pressures

Social and political pressures pose a challenge to construction companies so much so that projects are in progress for years. Pressure from the local community could delay or cancel a construction project that could devastate a construction company with losses in millions. The political and societal challenges can be overcome by holding meetings with local communities and concerned parties. Check out America's Best Bookkeepers

Health and Safety Concerns

Commercial construction is one industry that suffers accidents causing fatal injuries. Every day, thousands of companies with millions of employees are working round the clock to meet deadlines. During their work, employees get exposed to different hazards from machinery, falling debris, malfunctioning equipment, electrical shocks, falls, trench, and scaffold collapses.

Apart from the human suffering, financial constraints hit commercial construction companies extremely hard.  Some losses from accidents can cost a company millions in compensation to the worker and damage of equipment. Many of these losses can make a significant impact on proper bookkeeping within a construction company.

Construction companies can take different measures to eliminate or reduce the risk of accidents by meeting health and safety concerns. Fatal human loss and financial crisis can be overcome by maintaining high safety standards.

Shortage of Skilled Labor

The biggest asset of any company is its human resource; commercial construction companies are no different in this regard. They must have competent, trained, and highly skilled human capital to keep everything correct.

The shortage of labor is a primary concern for commercial construction companies. To overcome this challenge, the construction company must take steps to work towards employee retention. Employee retention is particularly necessary for construction companies because not many people are willing to get into construction business as the construction work is physically demanding, tough, and sometimes dangerous. Paying better wages could help the company keep its employees for a more extended period. Check out America's Best Bookkeepers

Time Management

Construction is one of the toughest industries because the biggest challenge is effective time management to meet deadlines. Simple time management becomes a significant task in construction. A natural weather calamity can rip the project off the ground causing substantial delays in meeting deadlines. Every day a construction site is closed due to bad weather or any other issue. Each day costs the commercial construction company to suffer significant financial losses recorded in bookkeeping.

As construction is involved with other interdependent activities, cohesively forming a cycle to achieve the same goal. This goal is a significant challenge, particularly to the construction business. It is affected by seasonal changes, access issues, accidents, machinery malfunction or breakdown can cause massive delays. Companies can work to improve their time management by keeping a check on the weather forecast and manage the delivery dates for necessary raw materials.

Running a commercial construction company is not easy; it is challenging and complicated. Overcoming the challenges above is vital for a company to maintain its operations while managing to complete the projects on its due date.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
construction company - Complete Controller

Quickbooks Premier is the best software for a construction company’s accounting and financial management. It is the easiest software to use on the market for construction companies. The software will enhance company management and lead to long-term financial improvement.

This article is going to cover every aspect of Quickbooks Premier to provide you with the knowledge of why it is perfect for your company.

Let’s start with the application of the software. It would be best if you had a basic understanding of construction and construction accounting. With these basics in construction, you can separate the parts that are performing well and that need improvement. Construction accounting allows you to break the project into nine cost groups that are affiliated with a phase.

 

QuickBooks Premier: The perfect features to enhance your bookkeeping Check out America's Best Bookkeepers

A Number of Simultaneous Users:

A single user can use one copy of Quickbooks, but it allows up to 5 users to insert data in the same Quickbooks premier file at the same time.

Data File Size:

Quickbooks premier is great for SMEs as it works fast and accurately with 150-200 MB reports. This can serve you for at least ten years, so it is a good investment as it can store numerous amounts of invoices and estimates data.

Creating Email Quotes, Sales Orders, Invoices and Purchase Orders

You are given three options for creating the above documents:

  1. Microsoft Outlook, the outbound emails are tracked through them
  2. Web-based emails (Microsoft, Gmail, Yahoo)
  3. Via the QuickBooks email servers provided by QuickBooks (extra fees apply) Check out America's Best Bookkeepers

 

Printing checks, paying bills, and managing expenses

With the Quickbooks checks stock, you can print them out. A voucher-style and a wallet style are also available.

Manage payroll, payroll taxes, and direct deposits

Payroll and their deductions are recorded in the payroll tables. If you need to use an automated service for payroll, you can subscribe to the QuickBooks services for extra charges.

One-Click Business Reports

After entering the complete business data and estimated data of the competitors, QuickBooks Premier enables you to get a complete business report on a single click. Something that is not possible with manual bookkeeping.

Import Data from Previous QuickBooks Premier Version

You can easily import data from a previous version of QuickBooks. With newer upgrades, this step becomes a snap of data.

Import Data from Excel

Quickbooks Premier has a feature called wizard import. This can help import all the data from your excel sheets (customer list, vendor list, item, or accounts chart) into Quickbooks. This is an easy accounting solution software for companies. Check out America's Best Bookkeepers

Download Bank and Credit Card Transactions

If your bank account allows information to be downloaded into QuickBooks Premier, then the option exists in the software without any extra cost. You can easily download and save information in the spots fixed in the software. Remember to read the functionality for the efficient use of this feature.

Creating a Budget

You can create a budget on QuickBooks premier with the budget tool. You can create a single budget for each year of business. This tool also creates a small spreadsheet and permits the copy of prior year numbers and posts them. You can compare actual reports vs. several budgets to observe business performance. For the advanced feature, an add-on program is available for purchase.

Inventory Tracking and setting Reorder Points/Creating Assemblies/Bills

QuickBooks also provides an awesome bookkeeping feature for tracking inventory using reports like “Stock Status by Item” and “Stock Status by Vendor” reports.

Conclusion

Efficient business reports and the creation of a feedback loop for companies with Quickbooks Premier allows you to identify improvement zones. This results in creating an infinite loop of successes for your business.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers