Accounting for Construction

The construction industry has many distinctive features and is unlike most other sectors. Made up primarily of contractors, it brings with it a unique set of accounting requirements.

As with all businesses, accounting practices are central to success, but for many business owners, day-to-day financial management is challenging – especially if they don’t have a background in accounting.

That’s where North Advisory excels. We understand the importance of implementing the best accounting methods to support our construction clients.

Being able to oversee multiple projects, decentralised work and cost fluctuations is all part of the accounting process… and we know how to help you keep on top of the dollars.

North Advisory understands construction challenges

North Advisory understands construction challenges

While basic accounting principles are the same regardless of industry sector, construction accounting tends to be more complex. The primary reason for this is the nature of the work.

Each project is individually priced and every time you undertake a project the operating costs can increase or decrease depending on requirements.

It’s essential that construction companies have complete visibility of expenses and can easily report on quotes, invoices and even payroll data to understand the impact on cash flow and potential tax obligations.

We understand that construction is not a fixed-price product or service. Every piece of work completed has a slew of variables that need to be identified and correctly recorded.

Supporting profitable project-based work

Supporting profitable project-based work

Forecasting profit is not that easy when construction is predominantly project-based. Every job will have its own elements that influence the cost and therefore the profitability.

Even two projects that appear to have similar scopes of work will result in different outcomes depending on labour, location, accessibility, equipment and working conditions.

North Advisory’s tailored company accounting services guide business owners towards profitable project-work by helping them determine the best methods of forecasting and reporting.

We integrate tech to help track costs and analyse the costs of jobs to ensure clients in the construction industry are moving towards profitable, well-optimised business activity.

We also support our clients through direct access to expert financial advice, so you can ask any and all questions that you need answered, like:

  • Is there a better way I can manage fluctuations in cash flow?
  • How can I easily and accurately estimate and track project costs?
  • What’s the best way to manage contractors and employees while maintaining compliance?
Full-service accounting support for construction companies

Full-service accounting support for construction companies

Here at North Advisory, our team understands the unique accounting needs of construction companies. Our business accounting services offer the ability to optimise your processes and improve growth using strategic long-term financial plans and real-time data reporting and analysis.

When you work with North Advisory, you’ll collaborate directly with Marius Fourie, Director and Business Advisor.

Marius excels in creating strong professional relationships and communicating complex accounting topics in a way that makes them easy to understand.

Existing clients can also opt to access our wealth management services, working alongside Director and Wealth Advisory, Cayle Petritsch.

Cayle supports our clients in growing and stabilising their personal finances through SMSF/superannuation management, asset protection services and other ideal options.

To find out more about how our accounting services can save you time and give you much-needed financial confidence, contact us today.

About you

Business Accounting

Exceptional business accounting services and taxation planning customised for start-ups and established businesses. Grow your business with our expertise.

SMSF Management

Optimise your retirement savings with our expert SMSF management. We offer specialist advice, compliance support, and tailored investment strategies for new and existing SMSFs.

Wealth Management

Professional, qualified wealth management advice for individuals seeking proven and tailored financial strategies that build and protect their wealth.

 

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