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Accounting and financial reporting can become overwhelming in the construction industry. Transaction volume, job coding, manual reporting, and other tasks can be very time consuming, and, if done incorrectly, can dramatically impact your profitability and growth. If your financials are done incorrectly it could hinder your profitability, making it more difficult to get financing or bonding
Our outsourced accounting solution allows you to focus on building, while we Hammer Out the accounting. The following describes our customer engagement process and related outsourced services.
Whether your company is managing your financials in a spreadsheet or with a financial solution, such as Quickbooks or Sage, the RedHammer Onboarding team will review your current system and processes to understand your business best. We will then devise a plan and work with your team to implement the new financial solution, which will serve as a foundation for your future accounting and reporting needs.
Our team reviews your back-office processes and procedures to ensure proper controls are in place, and to identify opportunities for streamlining operations. We commonly review:
Our first step in the implementation process is to gather all relevant business related documents and review them thoroughly with you. We commonly review:
In order to design and implement new accounting practices we must establish a solid foundation, which is why the RedHammer team will work with you to clean up the data in your financial system. The cleanup includes reviewing and reconciling the general ledger and other financial modules to ensure accurate financial reporting.
Having a stable and consistent financial solution to support your business is critical to your financial success. At RedHammer we re-implement your financial solution to maximize software & industry best practices. We work with you on the following:
Our first step in the Onboarding process is to gather all relevant business related documents and review them thoroughly with you. We commonly review:
Our team reviews your back-office processes and procedures to ensure proper controls are in place, and to identify opportunities for streamlining operations. We commonly review:
In order to design and implement new accounting practices we must establish a solid foundation, which is why the RedHammer team will work with you to clean up the data in your financial system. The cleanup includes reviewing and reconciling the general ledger and other financial modules to ensure accurate financial reporting.
Having a stable and consistent financial solution to support your business is critical to your financial success. At RedHammer we optimize your financial solution to maximize software & industry best practices. We work with you on the following:
Once we establish a foundation, RedHammer works with your team to manage the daily and periodic accounting tasks. Our consultants work directly with your employees to gather financial information and manage day-to-day tasks. Using state-of-the-art technology, we ensure our Accounting Experts have timely and complete information so they can produce accurate information quickly. RedHammer provides you peace of mind so that you can focus on your company's core competencies and have the information to better manage your business.
Our accounting experts will take responsibility for entering your accounting transactions. We will maintain complete and up-to-date accounts receivable, accounts payable, payroll, and cash account ledgers, and provide weekly reports on these and other critical areas to the business leaders.
Whether you are looking for a line of credit from your bank, or need a new bond for your upcoming construction project, your company's financial health serves as a basis to determine financial risk. Having accurate and timely financial reporting is fundamental to managing your business.
At RedHammer, we use our HammerPrints reporting solution, in conjunction with your financial software, to generate accurate financial reports in a timely manner.
In the construction industry, accurate job cost reporting can make or break a company. If not done timely or accurately, it can greatly impact your company’s profitability, as well as your ability to access capital or surety bonds.
We understand the importance of this at RedHammer, which is why all of our consultants and accountants are job cost experts. We not only focus on accurately imputing data into your financial software, but through our HammerPrints reporting solution, we can quickly and accurately report on a job’s progress and financial viability
It can be very difficult and time-consuming to configure and maintain a financial software. It oftentimes requires someone with a technical background to execute such functions. At RedHammer, we are financial software experts. While you focus on managing and growing your business, our staff will maintain your system. With our hosting solution, we take care of the servers, backups, licensing, upgrades, and patches, letting you focus on leveraging the value of your systems, instead of making sure they work!
The construction industry is very transaction intensive. Falling behind on entering and coding financial transactions could result in significantly delaying your financial reports. We understand this burden ,which is why our consultants and accounts take care of your Day-to-Day transactions for you.
Scaling a business to maximize profitability and cash flow is not an easy task. It not only requires a clear understanding of your current business, but a vision, strategy, and most importantly a skill set to take it to the next level. As a part of our packaged solutions, we provide guidance in the following areas.
There are often many changes that you should make to improve your operations. Having your current staff trying to make these improvements in addition to their normal job, reduces the chances of success. Our staff is trained in the best practices and will make the changes happen. Learn more about how RedHammer can assist you with Business Process Improvement.
Software programs such as project management, automated AP processing, and remote time entry can surely improve your efficiency. Choosing the right program, setting it up, and figuring out how to use it is too much of a hurdle for most companies. We have the experience to make the implementation process go smoothly, and we will stick around to make sure it works. If you need assistance with your software selection or implementation check our Systems Implementation Services.
Having accurate and timely information is critical. It allows our experienced managers to advise you on defining and reaching your goals. When you retire do you intend to sell your business, pass it down to a relative, or transfer it to your employee(s)? The RedHammer team can help you maximize the value of your business and put you in an optimal position when the time comes. Check out our Working Capital and M&A Solutions.
You set up budgets for each job, and now you need to continue that discipline for your business. We follow the best practices of creating a 12-month rolling forecast to see where your jobs will end up, when you will have drops in revenues, and when you will need to bring on more resources to finish the work. Utilizing our models will reduce stress, allow you to be proactive, and become more profitable. One of our Fractional CFOs can assist you today.
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