07/09/2025
✨Industry Specific Tips✨
💫Construction, Building, Renovation💫
Are you running a construction, building & renovation or landscaping business?
Are you trying to make business decisions without the financial information to help you? Or just feeling so overwhelmed with trying to get new customers, prepare quotes and actually get building, that your financial information responsibilities are so far behind.
There are a few key items that can help;
⭐️Use your Quickbooks to track your income and expenses by job. Use the Project/Customer function to allocate each item to the correct job.
This will allow you to compare your quotes to actuals and ensure your collecting enough cash in time to cover your job expenses and that your quotes are in the right range.
🌟Progress Payments
Your job span is long term and in stages. Your revenue should reflect this, and your cash flow should be working for you so you can cover your expenses during each stage.
🌟 T5018’s
As a construction company CRA requires you to prepare T5018 slips to report your subcontractors over $500.
Make sure to collect their addresses, HST numbers as you go along to ensure this is a smooth process at time of filing.
Running your own construction company involves a whole range of responsibilities, from getting new jobs to quoting, making sure you have enough cash for payroll and material purchases. It’s so important to have your financial information accurate and up to date to be able to make informed business decisions.
If this is an area you’d like some help in ( even if everything is far behind or a mess) reach out and we can set up an appointment.
📅 To book an appointment direct DM or email
📧 [email protected]
