If you’re a construction firm looking to optimize your accounting functions, outsourced bookkeeping is an excellent place to start.
At New Lyfe Accounting (NLA), our construction bookkeeping engagements are entirely customizable. Though all of our clients work through four general steps, the specifics of your engagement will be unique to your firm’s financial needs, goals, and challenges.
With that, here’s what you can expect from a construction bookkeeping partnership with NLA.
Step 1 – Your Free Strategy Session
The first step to any accounting engagement with NLA is a free, 45-minute Strategy Session. In this meeting, we will get to know you, chat about your bookkeeping concerns, and pinpoint your financial goals.
Ultimately, this is your chance to chat through your concerns with someone who understands the complexities of the construction industry. When we understand your goals and challenges, we can help you identify the best steps for moving forward.
Step 2 – Your Complimentary Diagnostic
As step two to any bookkeeping engagement, the Diagnostic is a high-level review of your actual financials.
Where, specifically, are you struggling with your books?
Are there problems we see that might be flying under your radar?
Do your books point to a need for more than just bookkeeping services?
Beyond a basic consultation, your Diagnostic provides a valuable snapshot of your organization’s financial performance alongside our general input.
With an overview of your numbers, we’ll be able to:
- Assess your current situation.
- Identify areas for improvement.
- Prioritize our recommended accounting solutions based on your needs.
- Create a custom blueprint outlining the next steps for your organization.
- Provide a more accurate quote for our proposed services.
Based on your initial strategy session and review of your internal financial reporting, you’ll receive a Diagnostic Report of our findings. This report includes our suggested priorities alongside service recommendations for your immediate bookkeeping needs and greater financial goals.
Step 3 – Your Onboarding Phase
At this time, your Strategy Session and Diagnostic (steps 1 and 2) are free to you regardless of whether you sign on as an NLA client. If you choose to proceed with our service recommendations, you’ll move ahead to step 3, your Onboarding Phase.
This phase is crucial to kicking off a successful construction bookkeeping engagement. Depending on the complexity of your scope of work, this period can take anywhere from 6 to 12 weeks.
During this time, we’re focused on learning your processes and getting up-to-date financials. We’ll meet with your team to understand what is and is not working with your current bookkeeping system.
With access to your financial records, software logins, and more, we’ll set up NLA as an extension of your team, seamlessly integrating into your daily operations.
We’ll work through key administrative tasks like setting up a process for the flow of documents. Plus, we’ll meet weekly to ensure everyone is on the same page and staying on track.
Step 4 – Your Ongoing Construction Bookkeeping Engagement
Once your Onboarding Phase is complete, we’ll shift to the ongoing tasks of your construction bookkeeping engagement.
Depending on the scope of your project, construction bookkeeping may include:
- Accounts payable
- Accounts receivable
- Billings
- Sales and use tax filings
- Expense management
- Bank and credit card reconciliation
- Project accounting
- Monthly check-ins
On a weekly basis, that could look like:
- Developing task charts for delegating bookkeeping responsibilities.
- Monitoring cash and recording AP, AR, and credit card transactions.
- Handling approval processes within your existing accounting software.
- Setting up automated payments, remote payments, and ACH payments.
- Reconciling payroll.
- Conducting weekly meetings.
- Preparing for month-end close.
- Researching solutions to on-the-fly problems that may arise.
- Communicating with employees, owners, and vendors.
- Sharing our best practices for compliant and efficient processes.
- And more.
Clean books are the foundation for your firm’s financial success. Once those wheels are in motion, you can focus on the big picture.
With newfound confidence in your bookkeeping processes, you’ll open up a wealth of new opportunities. From expanding your team to scaling your business, NLA is a long-term accounting partner you can trust to grow with you.
My books need help…where should I start?
Start with step 1 and schedule your free strategy session. Whether you’re an established firm or an up-and-coming contractor, there’s a way to work with NLA. For more information on construction bookkeeping, check out these FAQs.
We’re New Lyfe Accounting
NLA is a specialty firm helping small to mid-sized construction organizations navigate the industry’s unique financial landscape. From customized bookkeeping services to holistic CFO partnerships, we’re more than just an accountant. NLA operates as an extension of your team, strengthening your organization with financial services suited to your operational needs AND your goals for growth.
