Bookkeeping for construction businesses

What the books involve

• Job costing: materials, subcontractor invoices and equipment hire recorded against each job, so the margin on a job is clear before the next quote goes out.
• Progress claims and retentions: a running record of what has been claimed, what has been paid and what is held back until a job is finished.
• Supplier and subcontractor bills entered as they arrive and scheduled for payment, so trade accounts and subcontractors are paid on the agreed terms.
• Bank and card accounts reconciled every month, which keeps the job reports and the cash position accurate.
• Xero or MYOB set up with job or tracking categories that follow the way the business quotes and runs its work.