MBC CG for Construction Companies
To really consider:
Have monthly bookkeeping and save you both time and stress while reducing the potential costs associated with non-compliance or errors.
Remember, maintaining accurate financial records is not only important for your company's success but also provides you with peace of mind and confidence in your business decisions.
COMPLIANCE IN THE CONSTRUCTION ENVIRONMENT COULD BE VERY FRUSTRATING IF YOU DO NOT HAVE UPDATED YOUR BOOKS
Having monthly Bookkeeping services helps to save money and time on tax reporting obligations and compliance such as 1099's reports, Franchise tax prepayments, Work comp audits, Liability audits, Income tax returns, Tax planning, forecasting, and budgeting.
Accurate bookkeeping is the foundation of your business’s financial health. Your records can also reveal a lot of information to help with planning. It’s important to put good systems in place, especially if you don’t consider yourself a 'numbers person'.
5 Reasons why your construction company should have a monthly bookkeeping service:
Financial Visibility
Monthly bookkeeping provides a clear view of the company's
financial position, including income, expenses, and cash flow,
enabling informed decision-making.
Tax Compliance
Maintaining organized financial records facilitates tax
compliance, reducing the risk of penalties, audits, maximizing
eligible deductions, and reducing the cost and stress
throughout:
-
Worker’s comp Audits
-
Liability audits
-
Payroll audits
Budgeting and Planning
Accurate bookkeeping supports the creation of realistic budgets and financial plans for construction projects, ensuring goals are set and progress is tracked effectively.
Profitability Analysis
Regular bookkeeping helps analyze project profitability and overall financial performance, allowing focus on the most lucrative areas and making necessary adjustments.
Business Growth
Transparent financial records through regular bookkeeping enhance the chances of attracting investors or securing loans for business expansion.