Are you a construction business owner on the hunt for an accountant? Many business owners assume that all accounting is the same, but this couldn’t be further from the truth! There are many different types of accounting, each with its own specific purpose.

So, where should you start? In this blog post, we’ll take a closer look at two of the most common types of accounting—construction accounting and general accounting—and help you to understand the two so that you have a  better idea of how they can benefit your business.

General Accounting

General accounting is just what it sounds like—a broad overview of your business‘ financial health. This mainly includes keeping track of your revenue, expenses, assets, and liabilities. General accountants will also prepare financial statements for you, such as balance sheets and income statements. These give you a snapshot of your business‘ financials at any given moment in time, and can be helpful when applying for loans, or seeking investment opportunities.

Construction Accounting

On the other hand, construction accounting is a type of accounting specifically geared towards construction businesses. Construction accountants have a deep understanding of the unique financial challenges that a construction business may face, for example: fluctuating costs, delayed payments, and work in progress (WIP) invoicing. A good construction accountant will know how to navigate these challenges and help keep your finances on track.

If you own a construction business, it’s important to partner with a construction accountant who can understand your business’ unique financial challenges, as they’ll be able to provide you with the specialised insight and guidance you need to keep things on track financially.

Staying on top of your accounting and bookkeeping doesn’t have to be difficult if you know what you’re doing. Engage a construction accountant and you’ll be well on your way to keeping your finances in order, leaving you to focus on what’s really important: running your business!

Any questions about staying on top of your construction business accounting? Sing out and let’s talk about it!

Your Outside Team

 

 

 Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.

Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.

You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

 

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Mail: PO Box 24-457, Wellington 6142

Phone: 04 889 2975