Accounting Suggestions for Architects

 As an architect, you have a keen sense of structure and design. You may have spent years in school honing your drawing skills, but you were almost certainly never taught the importance of bookkeeping. It might be challenging to manage your own architectural firm. Dealing with several projects, job sites, and contractors may need you to be on the go all of the time. Trying to keep everything organized while maintaining a clear picture of your finances and business health may be difficult.

 

Fortunately, we have some helpful tips that will help you maintain your records in order and allow you to build not just structures but also your business.

 

1. Upload to the cloud

 

It's tempting to keep track of your finances using a program you're already familiar with. Many small business owners immediately resort to Excel to manage their finances; however, this may be an expensive mistake. It not only lacks the skills that your architectural firm needs, but it also has flaws.

 

One of the best things you can do to improve your bookkeeping process is to switch to cloud-based accounting software. With a cloud-based system, you'll be able to perform the following:

 

1. All of your financial data may be accessed remotely. This means you may use your laptop or smartphone to quickly access information whether on the road or at a job site.

2. Integrate with other cloud-based tools to keep track of and manage all of your cash, staff, and job sites in one place.

3. You may have your files automatically backed up so that you never lose essential information.

 

 

A good cloud-based accounting software programme should be simple to use, integrate seamlessly with your project management software, and help you monitor projects and costs. QuickBooks Online is a great example of this type of software.

 

2. Eliminate paper usage

 

Going paperless is not only beneficial to the environment, but it is also beneficial to the company. Keeping endless paper copies of invoices, receipts, and other paperwork may be difficult and waste space.

Accounting software enables you to send digital invoices to your customers through email, eliminating the need for hardcopies and allowing for faster payment. Dext Prepare and HubDoc, for example, can aid with expense management by allowing you to scan invoices and expense receipts into the cloud.

 

3. Make sure your books are up to date.

 

It's all too easy to get behind on your accounting procedures. The pressures of juggling several duties on a daily basis may make it tough to devote time to your books. You'll always have a clear image of your projects and overall profitability if you maintain your records up to date. While you may not enjoy the financial parts of running a business, it is vital that you keep track of your records on a regular basis.

 

4. Employ the services of a professional bookkeeper.

 

If you're having difficulties keeping your accounts up to date, you might want to hire a professional bookkeeper to help you out. If you outsource this labor, you will be able to keep your books up to date and eliminate mistakes. Some bookkeepers can also help you with payroll, freeing up even more time for you to focus on other elements of your business.

 

5. Make your billing methods as simple as possible.

 

Streamlining your invoicing approach and ensuring that your clients fully understand their charges might help you speed up the payment process. Each line item on your bills should have a full explanation, as well as pricing breakdowns for all services.

 

Your bills should clearly specify the payment method, essential financial information, and currency, and they should be provided on a regular basis so that your clients know when to expect them and can plan appropriately. All of this will assist to avoid any misunderstandings that might cause your accounts receivable process to slow down, impacting your cash flow.

 

6. Keep a close eye on your receivables.

 

One of the most crucial aspects of managing your cash flow is keeping track of your receivables. You may produce digital invoices and send them to clients using software like QuickBooks Online. When an invoice's due date approaches, it may send out automatic email reminders. Then, using Rotessa, you can set up pre-authorized debits that will be deducted from your account automatically.

 

Keep an eye on your receivables to see if any clients are behind on their payments, so you can send out reminders. Don't be scared to stop working on their project if they keep dragging their feet and money doesn't arrive on time.

 

You always get a clear view of your financial situation when your books are in order. You'll be able to see cash flow issues as they arise and put measures in place to address them before they get out of hand. You'll be able to better manage your projects, establish clear and accurate budgets and timelines, and position yourself for future development if you keep your records in good order.

 

If you need more advice on how to improve your bookkeeping practices or require support from an experienced specialist, Mindspace Outsourcing Services is here to help. Our team of bookkeepers and accountants can help you manage the bookkeeping and accounting demands of your architecture company. Please contact us right away to learn more about how we can help you.