Frequently Asked Questions

What accounting services do construction companies need?

Construction companies often require specialized accounting including job costing, work-in-progress (WIP) schedules, cost-to-complete tracking, backlog reporting, and cash flow forecasting. These tools help contractors monitor project profitability and maintain financial stability.

What is a WIP schedule?

A WIP (Work-in-Progress) schedule tracks the financial progress of construction projects. It compares costs incurred to estimated costs and helps determine how much revenue should be recognized on each job. WIP schedules help contractors identify potential cost overruns early.

Why is job costing important for contractors?

Job costing allows construction companies to track the profitability of individual projects. By monitoring labor, materials, subcontractor costs, and overhead, contractors can identify which projects are performing well and where adjustments may be needed.

What does a fractional CFO do?

A fractional CFO provides strategic financial guidance on a part-time basis. This may include financial analysis, budgeting, cash flow forecasting, and helping business owners make informed financial decisions without the cost of hiring a full-time CFO.

Do small construction companies need financial reporting?

Yes. Accurate financial reporting helps contractors understand their profitability, manage cash flow, and prepare for future growth. Strong financial reporting can also support bonding and lender relationships.

Can you help with QuickBooks for construction companies?

Yes. QuickBooks can be customized to support job costing and construction financial reporting. Services may include QuickBooks setup, training, troubleshooting, and ongoing accounting support.

What areas do you serve?

Garison Financial Services provides bookkeeping and fractional CFO services to businesses throughout Myrtle Beach, Murrells Inlet, and the surrounding Grand Strand area. Many services can also be provided remotely.

Do you work with businesses outside construction?

Yes. In addition to construction companies, Garison Financial Services provides bookkeeping and financial consulting services for a variety of small businesses.