Why Do You Need Specialised Construction Industry Accounting?

The construction industry is unique in many ways, and the work carried out in construction varies to other sectors in Australia. If your business operates within construction, you’ll want to make sure you hire an accountant who understands accounting for the construction industry. The team at Thornton & Associates are incredibly experienced accountants, and we’ve worked in a wide range of sectors throughout Australia. We’ve had hands-on experience in construction industry accounting, so we can tailor our services to provide construction companies with relevant advice and assistance.

Construction Accounting Vs. Regular Accounting: What’s The Difference?

• There’s no fixed business structure. Every construction site you enter will be structured a little differently, so your accountant will need to understand each project’s intricacies individually.

• Workers are mainly contractors. Everyone from the site managers to the labourers is likely to be contracted workers, some of whom hire their own sub-contractors to work onsite with them. Many of them are working multiple projects simultaneously, spending a few hours a day on each site. With all these dynamics at play for each worker, it can make payroll a logistical nightmare.

• The workers aren’t always the same people. Temporary workers come and go, so payroll can change weekly. Staffing on construction sites is very fluid and often confusing, so you must employ an accountant who understands accounting for the construction industry.

• Construction accounting requires more regular maintenance. Because of the construction industry’s fast-paced nature, expense reviews, cash flow analyses, employee information, and invoices need to be reviewed at least once a week.

The Benefits of Hiring an Accountant for the Construction Industry

Construction industry accounting can be overwhelming and confusing, and outsourcing to a professional accountancy firm has many benefits.

• Don’t stress about legislation and regulations. There are very specific regulations surrounding the employment of construction contractors in Australia, and they could be a costly error if overlooked. At Thornton & Associates, we know the ins and outs of award rates, wage laws, compensation, and tax obligations specific to construction companies, so we’ll have your accounting and bookkeeping done correctly from the get-go.

• Avoid the cash-flow trap. If you’re a smaller construction company, the cash-flow trap could spell the end of your business if you’re not careful. If you’re paying large amounts of money from your business capital upfront without the revenue streams in place to recuperate it, you could land your company into serious debt. An experienced accountant for the construction industry will help you make sure you avoid the cash-flow trap and mitigate risk.

• Make sure everyone gets paid correctly and on-time. With such a fluid workforce, you’ll need someone monitoring and updating payroll frequently. The Thornton & Associates team can set your company up with automation processes to make payroll a breeze.

Why Hire Thornton & Associates To Handle The Accounting For Your Construction Company?

If you’re looking for a construction industry accounting firm with the experience necessary to help your business grow and succeed, look no further than Thornton & Associates. Here are a few reasons why our clients keep coming back to work with us.

• We’ll make construction accounting simpler. At Thornton & Associates, we’re a Xero partner, which means we're the Xero accounting software experts. We’re proud of our commitment to utilising innovative technology to automate and streamline processes, and nowhere is this more useful than accounting for the construction industry.

• We offer a wide range of services. No matter what your construction business needs, Thornton & Associates can take care of it. We’ll help with:

  • Payroll and bookkeeping

  • Training for Xero accounting systems

  • Reporting as needed for your business

  • Wealth growth strategies

  • Income tax services for individuals, sole traders, and businesses

  • Business advisory services

• We have plenty of experience. Our accounting team has years of accounting and bookkeeping experience across several industries, including construction. We’ve worked with businesses of all shapes and sizes, so you can rest assured that your accounts are in the very best of hands.

• We’re renowned for our customer service. Communication is our number one priority. The Thornton & Associates team understands the importance of clear, honest communication, so we’ll make sure you’re always informed on all aspects of your business’s accounts. If you ever have questions about your finances, budgets, forecasts, or you’re seeking advice to grow your business, your accountant at Thornton & Associates is always ready and willing to help.

• We’re entirely paperless. Thornton & Associates are a digital accounting service, meaning we’re entirely paperless. When you enlist our services, you’re not only reducing your carbon footprint, but you’re also reducing clutter in your office. We’re Xero partners, so we use Xero’s cutting-edge accounting software with each of our clients. Everything needed for your business’s accounts is available on a database, which makes searching for a specific document or reports so much easier for both you and us.

• We’re passionate about the construction industry. We firmly believe that construction is the backbone of Australia. We offer tailored accounting solutions to construction businesses to help them go about their work with more control and less chaos.

When You Need Accounting For Your Construction Company, Call Thornton & Associates

At Thornton & Associates, we do things a little differently. Even though the world is changing, evolving, and becoming more digitised, we noticed that the accounting industry lagged. We decided to bring innovation to accounting and become one of the first completely paperless practices in Sydney. We’re committed to using cutting edge technology and the latest accountancy software to provide our clients with practical, tailored accounting and business solutions. No matter what industry you’re in, Thornton & Associates can help you with all your finance management needs. When you need accounting for a construction company, the team at Thornton & Associates can help. Give us a call or email us today to find out how we can help your business grow.

Our Story

Thornton & Associates was established to address the severely under serviced needs of growing and mid-sized enterprises in Australia. These businesses were in need of two tiers of help, that typically only large and multinational corporates were able to avail themselves of: firstly, the automation of basic day-to-day accounting operations; and secondly the provision of timely business consulting and tax advisory that is enabled when the books are able to take care of themselves.

As this two-tiered service strategy permeated the market, clients of Thornton & Associates realised that the considerable time and effort spent keeping ahead of accounting work that our firm could automate, is overwhelmingly better spent leading and strategising the operations of their respective businesses — and resulted in enduring business success.

Certified Xero Accountants

Xero is the most powerful growing and mid-sized accounting platform in the world, and is what enables Thornton & Associates accountants and business consultants to excel in servicing its clientele. Whether your business is using Xero or using another accounting product, Thornton & Associates can assist you in transitioning to Xero or empower you to use Xero to the fullest extent available by its constantly evolving and newer features.