Serving Construction Businesses

Revolutionize Your Construction Company with LKL Accounting

We focus on providing support for construction businesses who care about their numbers.

Why Construction Companies Love Working with LKL Accounting

Construction businesses partner with us because we “get them” and understand their business and the particular needs of project accounting.

In addition to nonprofits and SaaS companies, construction businesses look to us to provide expert guidance and support to help them become stronger, more efficient, and easier to run.

And partnering with LKL Accounting means significant advantages for construction firms such as benefiting from customized accounting software for construction.

Expertise in Project Accounting

Because of their business model and delivery of services, multi-location construction companies face significant complexities that include decentralized payables, inter-entity transactions, multiple currencies, and global consolidations. These issues may also be an indication that your accounting system is outdated or, quite possibly, even obsolete.

In addition, the intricacies of project accounting and project budgeting can make it difficult to know how to properly apply accounting rules, as well as managing sales taxes, projects, revenue recognition, project budgets, and other accounting variables.

And perhaps the most common challenge in accounting for construction is tracking transactions to the right projects or cost centers at the right time.

Streamlined Processes and Automation

By utilizing integrated accounting solutions and a select variety of collaborative cloud-based tools to provide instant access to the information you need anywhere, anytime, LKL Accounting can craft automation solutions for effectively streamlining your construction businesses’ financial processes.

This is accomplished by our ability to build custom accounting tech stacks tailored to your construction company to become an integrated system of accounting workflows and software.

Use of Advanced Software to Increase Accuracy and Efficiency

At LKL Accounting, we are experts in the use of a variety of cloud-based tools for accounting, invoicing, and payment processing. And this means that LKL Accounting is able to create significant competitive advantages for our construction clients.

We start with the foundation of a core accounting software, either QuickBooks Online (QBO) or Xero and create the essential hub of your LKL Accounting accounting solution.

After carefully analyzing all of your accounting functions and workflows we can then determine the best software tools for each. Finally, we integrate everything using the open API for QBO or Xero. This allows us to create an outsourced construction accounting software solution that is specifically designed for your construction organization.

More Time to Focus on Core Business Functions

Being busy is usually a good thing for any business, but not when it is simply being busy doing tasks that are not contributing to revenue generation. LKL Accounting is able to help construction companies save time and allow them to focus on other critical aspects of their business development.

Take payroll processing, for example. For most organizations this is a major, time consuming task, and especially so for construction businesses with a large number of employees and subcontractors.

In addition, every construction business has invoicing and collections tasks along with the need for reconciling expense reports and bank statements, not to mention managing accounts payables.

By removing these major accounting functions from your construction firm’s daily activities, we can help you focus on the things that are vital to the growth of your organization such as improving job costing and customer satisfaction.

Reduction in Accounting-Related Expenses

We mentioned that cost-savings can be realized from reducing accounting-related expenses. In fact, by partnering with LKL Accounting, one of the main ways we can help you reduce accounting related expenses is by reducing your staffing costs.

Through outsourced accounting services, construction firms have a reduced need for hiring and training accounting staff. This can result in a significant in salary, employee benefits, and related overhead expenses.

Because the bulk of your accounting department is no longer included in the payroll costs, nor in the associated expenses of health insurance, your overall organization costs are reduced. In addition, many construction businesses may also realize a reduced requirement for office space, equipment, and supplies because of this leaner staffing strategy.

Avoidance of Costly Mistakes

Not only are mistakes and accounting management errors inefficient and time consuming, but they can also cost organizations significant amounts of money.

Good record-keeping and accurate accounting enables construction businesses to run smoothly and allows owners to make accurately informed business decisions. Partnering with LKL Accounting means having a construction accounting system that seamlessly tracks your finances in addition to experienced accounting professionals who help alleviate financial errors and resolve any issues quickly.

Staying compliant with tax regulations, for example, can be a daunting task for any construction company. At LKL Accounting, however, one of our strengths is our knowledge and understanding of tax-related finance issues and functions. All of which means that your construction business can count on us to keep your both numbers accurate and your organization compliant.

LKL Accounting will also help ensure that all your tax-related obligations are met on time and accurately. That means filing informational tax returns, paying payroll taxes, and managing tax-related documents. Because all your organization’s tax requirements are met, you will avoid penalties and reduce the risk of audits. And that adds up to increased efficiency and more time to focus on your core business development activities.

When it comes to accounting functions, along with the inevitability of human error, there is also the risk of fraud.

It is an unfortunate but not-so-uncommon reality that many businesses are stolen from and, in almost 99 percent of cases, the crimes are carried by internal employees acting alone and often with no oversight.

However, by partnering with a trusted outsourced accounting service like LKL Accounting, construction businesses can find this to be one of the easiest ways to prevent fraud.

Expert Support and Guidance

We have a heart for construction, and we genuinely believe that your success is our success. LKL Accounting is the antithesis of some faceless, remote, corporate entity that views clients as mere “account numbers.” We are real people dedicated to interacting with you to support your goals with our team-approach and our modern, data-driven solutions.

We optimize the experience and knowledge of our experts in each area that your business needs and provide valuable insights and analytics that can aid you in decision-making and help your construction company stay competitive in a rapidly changing marketplace.

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