This blog accounts receivable turnover ratio will introduce you to the basics of AR turnover ratio and how you can use it to better your balance sheet. Ask for APB certification or equivalent credentials to ensure professional standards. This time freedom allows you to concentrate on what you do https://www.bookstime.com/ best—running and growing your business. Parties other than PandaDoc may provide products, services, recommendations, or views on PandaDoc’s site (“Third Party Materials”). PandaDoc is not responsible for examining or evaluating such Third Party Materials, and does not provide any warranties relating to the Third Party Materials. Links to such Third Party Materials are for your convenience and does not constitute an endorsement of such Third Party Materials.

Key Differences Between Contractors and Employees

BOOST works with different GovCon ERP providers to ensure the right system is selected for each of our customers’ needs based on their service offerings. We believe in being system agnostic, as selecting the right system as it is not a one-size-fits-all. During the kick-off call, our team schedules routine milestone calls to identify the next steps and allow for Q&A. We are one seamless back-office solution for GovCons, integrated and interlaced to provide the best service offerings to our clients.

Services to be Provided

• We ensure that your government contract financial management aligns with federal regulations such as the FAR (Federal Acquisition Regulation) and CAS (Cost Accounting Standards).
• Define communication protocols, reporting schedules, and quality standards clearly.
• However, it also comes with responsibilities—particularly when it comes to managing your bookkeeping and accounting.
• We specialize in reducing taxes and perfecting financials for builders, contractors, and construction businesses, ensuring scalability and profitability.
• In the end, this sets the stage for a long-lasting and successful working relationship.

The Client agrees to provide the Accountant with full access to all financial accounts and records. We make sure that you are getting paid on time and when you are supposed to. We will follow up with your clients regarding past due payments, so that you don’t have to worry about it.

Loan Agreement Template

In this blog, we’ll break down the importance of contractor bookkeeping services, what they include, and how they can help contractors save time, increase profitability, and stay compliant. A bookkeeping service agreement is a legally binding document that formalizes the professional relationship between a bookkeeper (you) and a business owner (your client). It acts as a roadmap, outlining the specifics of the services provided and ensuring both parties are on the contractor bookkeeping services same page.

We’ll help keep track of profitability for every project, and we’ll ensure that you’re monthly financial statements are always ready for lenders, auditors or other oversight. At BOOST, we are committed to communication, proactiveness, and quality for all our customers, as these are our driving factors for success. Learn how Invensis enhanced the order management efficiency of an Australian home shopping company by providing efficient data processing outsourcing services. A well-crafted accounting services contract agreement protects both parties and clarifies expectations. Either party may cancel this bookkeeping contract by providing 30 days’ written notice to the opposite party via certified mail. If this contract is cancelled, any services rendered (but not yet invoiced) will be invoiced per the payment terms of this agreement.

• By outsourcing external DCAA compliant government contract accounting system, businesses can ensure their books are always audit-ready, reducing the disruption caused by audit preparation.
• At Invensis, we offer DCAA bookkeeping services to comply with various government contracts compliance across accounting systems.
• In essence, a well-crafted bookkeeping contract is the foundation for a successful and long-lasting working relationship.
• Our accounts payable can help with the challenging task of recording liabilities owed to your company from its vendors.
• This helps evaluate the profitability of each project and maintain accurate financial records to deliver construction expense reports for clients.
• A bookkeeper contractor agreement can be structured to grow with your company’s changing needs.

This partnership fosters a culture of financial accountability, ensuring that our clients can achieve their project objectives while maintaining financial health. By outsourcing external DCAA compliant government contract accounting system, businesses can ensure their books are always audit-ready, reducing the disruption caused by audit preparation. Federal contracting bookkeeping service providers follow best practices to streamline audit processes, ensuring compliance with DCAA requirements while minimizing internal team distractions. It allows construction companies to invoice clients based on the percentage of work completed rather than on a fixed schedule. Accurate tracking of progress billing ensures that revenue recognition aligns with project timelines, preventing cash flow discrepancies. It also minimizes disputes with clients over billing accuracy and project milestones.

Precision construction accounting and CFO services for growing construction businesses.

Outsourcing from a national accounting and advisory services firm provides skilled professionals experienced in handling various contract types. This ensures correct accounting treatments, accurate government financial Online Bookkeeping reporting, and optimized cost allocation. Consequently, businesses can focus on performance without worrying about contract-specific accounting complexities. We ensure that your government contract financial management aligns with federal regulations such as the FAR (Federal Acquisition Regulation) and CAS (Cost Accounting Standards). For established firms generating $5M–$15M+ in annual revenue, Platinum offers a deeper layer of financial strategy.

External agencies have contractor bookkeeping expertise to manage these processes effectively without any complexities. Bookkeeping for government contracting requires detailed tracking of costs to ensure they are allowable, allocable, and also reasonable under FAR. It involves precise documentation of direct and indirect costs, timekeeping for labor, and accurate financial reports.

BOOST’s Accounting System Implementations for GovCons

For a complete bookkeeping solution for your construction business, contact us today for a free quote. Watch our overview webinar to see if Apparatus is right for your contracting business. You’ll have the financial strategy support you need to supercharge the profitability of your business.