Handling Finances As A Roofing Contractor

If you are working as a roofing contractor in the US, fast-paced business is regular for you. Jobs come in almost as fast as they get completed, and there is barely any free time.

So, how do you keep up with the numbers in the middle of all this chaos? Bookkeeping for Roofing Contractors is a crucial job that often gets neglected. Here are some of the best practices to maintain financial records.

Invoicing

Keeping regular records of the accounts payable and receivable reduces the work pressure. You can leave totals for the end of the week or month as you have a detailed record of everyday expenses.

Making a standard template for invoices is also helpful. The template should contain all the essential details like:

• Customer/vendor number or ID
• Break down of items and services that are being billed
• Total amount billed
• Date and time of billing
• Signature of the employee who did the billing
• Track whether it was paid or left due
• Date of payment

Leaving a copy of the invoices with the customer or vendor is a wise idea. That way, cross-checking and keeping track of bills becomes easier.

Month-end reviews

In a fast-paced business like roofing, not having the time to tally records daily is natural. Hence, maintaining records regularly and leaving tallies for the end of each month is convenient.

Month-end reviews can be more efficient than daily tallies. It is efficient since you already have all the daily records at your disposal.

These reviews can also take into account:

• Running costs
• Employee salaries
• Refunds

Payment status requests

Management can send payment status requests to on-field employees to assess how long it will be before funds are available. This Bookkeeping for Roofing Contractors is vital as it gives them an estimate of how much cash liquidity is available at hand. That is how much of the assets can easily be encashed.

Payment status requests can also be sent to vendors post payment. These requests are sent to get confirmation of the transaction.

In many cases, companies also implement a check requests system. These would be sent to customers during finalizing of projects or after completion. They are kept in records to check the delay between payment request and payment completion. Payment requests also prove helpful in cases where the customer is availing of EMI options.

Receipt Management

By organizing and filing receipts, you can keep an accurate tab of all expenses.

On-field workers can fill out receipts. These receipts can be filed and used at the end of the day to see incoming and outgoing expenses.

The receipts can also follow a fixed template. That way, you can get all the information you could require in one glance.

Finally, outsourcing

Roofing contracts can be stressful and leave little time to keep track of finances. However, losing track of finances can lead to the business failing altogether. That is not an option.

So, what can you do?

Third parties can easily do the finances. By outsourcing a chunk of finances, you give yourself some time. These third-party companies would do the following:

• Payroll management
• Invoicing
• Payable accounts (Vendor related transactions)
• Receivable accounts (Customer related transactions)
• Receipt management

Thus, bookkeeping for roofing contractors can be made easy and manageable. Through outsourcing, bookkeeping becomes more efficient and regular.