Construction Accounting/ Project Accounting Services

OHI provides skilled and experienced accountants at very economical rates. OHI team members have a good understanding of construction accounting and project accounting concepts such as job-codes, cost-codes, and milestone based billing, draw contracts, change orders, holdbacks etc. OHI construction/project accountants are well versed with progressive invoicing /progress billing concepts based on various methods such as Percentage of Work Completion method and milestone based billing method. Our services are used by 300+ businesses in California, New York, Texas, Florida, Colorado, Kansas and Washington among others.

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1 (646) 367-8976

Have a Question,

Comment or Request

sales@ohiaccounting.com

Cost Savings

40-60% cost savings compared to in-house hired staff

Skilled Employees

Staff with 4+ years of relevant construction accounting experience

Our Clients

300+ Clientsin in USA (50+ construction and real estate firms)

We have worked with a wide range of construction companies including but not limited to general contractors, developers, sub-contractors, construction related services companies and more. Our service offerings for construction industry cover accounts receivables services, accounts payable services, reconciliations services, financial reporting and customized management reporting and analysis such as project profitability analysis. A detailed list is included below.

  • Updating of contractor file with all relevant documents i.e. vendor insurance, legal record verification reports, taxation status etc.
  • Entry of purchase orders into accounting systems
  • Process invoices against POs as per pre specified tolerances, escalate unapproved/over budget invoices and back order processing
  • Maintenance of vendor contract report as compared to completion of contract for mathematical accuracy
  • Invoice coding and obtain approval from project manager
  • Filing of lien release and other documents

Our Services

Vendor Contract Management

Accounts Payable Invoicing & Disbursement Management

  • Capturing of contracts (such as GC, FW) into the accounting system
  • Contract billing based on draw calculations sent by project managers
  • Two way (PO and invoice) or three way (PO, invoice and PL) processing of invoices in software with proper specifications of job codes, cost codes, distribution accounts and retainage/holdback calculations
  • Entry of commitment invoices into the accounting package
  • Tracking of holdbacks and billing holdbacks to customers

Invoicing

Disbursement Processing

  • Capturing of supplier (commitment contracts) into systems
  • Purchase order management- entry, tracking and closing of POs
  • Processing of invoices with complex inter divisional and inter company allocations
  • Disbursements - Prepare EFT payments to suppliers after reconciliation with vendor statement and relevant approvals, Prepare checks taking into account check-run mechanics and payment terms

Sales Invoicing and Accounts Receivable Processing

  • Progressive Invoicing/Progress billing based on different methods
  • Customer invoicing based on contracts and purchase orders
  • Customer payments and tracking of holdbacks and billing holdbacks to customers

Bookkeeping & Reconciliations

  • Posting of journal entries at month end i.e. accrual & prepaid related entries
  • Customers & vendor adjustment entries i.e. debit & credit notes settlement
  • Reminders to customers for the overdue invoices
  • Inter-company accounts reconciliation
  • Bank reconciliation
  • Retainage/holdback reconciliations

Reporting & Auditing

  • Customized management reporting at job, project and company level
  • Reports generated by integrating data from different sources
  • Aging reports and financial statements at different levels
  • Tracking equipment's costs and depreciation amounts

Other Accounting Services

  • Fixed asset management-tracking equipments costs and depreciation amounts
  • Detailed job cost accounting and project profitability analysis

The case study highlights a complex matching accounts payable process performed by us for a construction company based out of Vancouver, Canada. The process involved multiple field entry and three-way matching between invoices, goods receipts and POs.

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Residential Property Accounting

Commercial Property Accounting

Investment Analysis Services

Acquisition Analysis Services

Asset Management Services

Lease Abstraction Services

CAM Reconciliation

Back-Offfice Support Services

Other Services

Software Expertise

High expertise across multiple real estate accounting (property, construction and fund accounting), property management, investment analysis software used in USA.

Pricing

The indicative standard charges for Accounts Payable Specialist and Senior Accountant roles are listed below.

HOURLY CHARGES

$11

Onwards

Entry of invoices, bills

Bank and credit card reconciliation

Simple management reports

Turnaround time: 3-5 business days

Custom packages of 25, 50 and 80 hours per month are available

ACCOUNTS PAYABLE SPECIALIST

$1500

Full-time staffing (160 hours per month)

Entry of accounts payable invoices

Tracking of holdbacks & billing holdbacks

Vendor reconciliation

Turnaround time: 1 business days

SENIOR ACCOUNTANT

$2200

Full-time staffing (160 hours per month)

Bank and credit card reconciliation

Month end closing

Financial reporting and analysis

Turnaround time: 1 business days

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Watch it in Action

Learn more about our services for real estate businesses including construction firms and general contractors.

Team & Staff Profile
  • 50+ real estate clients including construction firms across North America in all major states
  • High client satisfaction - Most of our clients have been with us since 8+ years
  • Senior management team with rich outsourcing and management experience since 2003 in global companies
  • Staff with at-least four years of construction accounting experience
  • High expertise in QuickBooks (Pro, Premier, Enterprise and QB Online), Timbercan, Sage 300 and Microsoft Dynamics
  • Spacious office set-up (6000 square feet) with modern facilities and uninterrupted power supply
  • 100 MBPS high speed dedicated internet leased line

About Us

employees

75+

real estate/ construction clients

50+

Client Profiles

A premier, privately-held developer-builder, based out of Bellevue, WA. They specialize in commercial properties. The firm has developed and built in excess of 81 properties and have more than 10,000 units under management.

A well-known construction and development company in Canada specializing in construction and development of high rise concretes. It is a mid-sized firm and one of British Columbia’s most experienced and respected developers.

From B.C. to Alberta, Washington to California, The firm builds amenity-rich residential and mixed-use communities. Having delivered over 20,000 homes with another 9,000 planned, being designed or under construction.

For almost 30 years, the firm has been serving the Greater Chicago and area with quality home remodeling. The firm has completed over 5,000 home remodeling projects.

A construction company in Aspen, Colorado providing general contracting, plumbing and property management services.

A mid-sized property management, brokerage and construction firm based in South Florida

Learn more about our Construction/ Project Accounting Services

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