Xero Accounting for Construction Companies

Xero: Accounting for Construction Companies

As an owner of a construction company, managing various elements from the field is necessary, and Xero accounting for construction companies can help. Projects, people, and related activities keep you on the road. Managing the financial aspects of your business never stops. There is field services management software that can monitor cash flow, send invoices, and help with other financial aspects as you work in the field with your mobile device.

Xero Software

Xero is an established software company that simplifies accounting-related transactions and reporting. Xero accounting for construction has many features that will help you keep the financial pulse of your business. Xero is about giving you real-time access to and control of what is financially important to you.

Managing your Cash Flow

Xero accounting for construction can help you manage your cash flow. At any given point, you owe your group of subcontractors a set amount of money. Paying them on time is important to your continued business relationship. You constantly have invoices to pay in various categories and invoices to send so you get paid. Xero software lets you use an online dashboard to see key areas so you can take action.

Data from your bank can flow directly into the software so you can always have live and up-to-date financial information.

Days make a difference in cash flow. You can easily invoice from the field or job site. Xero software can help your construction business invoice quicker for better cash flow.

Job Costing

A construction job has many variables. Working to ensure you cost out the job accurately will determine how much and if you make money. Materials, labor, and overhead are all contributors to the profitably of a job and your business. The software can help you identify how each financial area impacts your business's profits and losses.

As your jobs get started, you can easily track key elements to ensure they are completed on time. You will also see these key elements and activities and their financial impacts.

Contacts and Clients

The mobile app feature of Xero accounting for construction allows you to manage your contacts and turn around quotes quicker. With job costing and related client information all in one place, you can easily send quotes from the field at any time.

In short, Xero is, "Professional double-entry software at a very affordable price". You can read more reviews about Xero to see how it has benefited many companies.

ero accounting for construction companies

Mobile App

One of the key features of this field services management software is the mobile app. As you work in the field, downtime can be unpredictable. You can make this time productive and execute important business transactions away from your office. You will also save time by not having the constant drive time to-and-from your office for one or two transactions.

This app will allow you, your team members, and business professionals to communicate and collaborate in your business's key areas. You can monitor your spending, reconcile your bank statement, and run reports when you need to.

Keeping your Data Secure

Xero uses multiple levels of security so you can feel secure about the application and your data. You control who sees your data. When logging in, Xero requires two-step authentication. A unique four-digit code will allow you to access the app securely. Your information is encrypted and stored on the cloud. If your laptop is ever lost or stolen, you can feel confident that your data is safe and recoverable.

Transition

Fusion CPA is experienced in working with companies in field service. can help transition your current financial management and accounting system to Xero software. We can easily transition your information from any current platform, such as QuickBooks. You can immediately begin realizing the benefits of better and more timely financial management.

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This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.