Accounting for your industry
Accounting for construction & trades.
Job costs, subcontractor payments and HST handled correctly, so you know which jobs actually make money.
- Job costing
- T5018 slips
- HST and payroll
Questions worth getting ahead of
- Tracking costs by job or project
- Reconciling deposits, progress billing and holdbacks
- Reporting subcontractor payments (T5018) and running payroll
Make project information usable
A consolidated bank balance does not explain the position of every job. Identify how revenue, materials, subcontractors and other costs are assigned to each project, and how deposits, progress billing and holdbacks are recorded. Consistent records support a more meaningful conversation about commitments and which jobs actually make money.
Keep subcontractors, payroll and HST straight
Payments to subcontractors are reported to the CRA on T5018 slips, and whether a worker is an employee or a contractor affects payroll deductions. HST on progress billing, deposits and holdbacks has its own timing. Agree on who tracks what during the year so the year-end is not a reconstruction.
Support to discuss with Versa
Bookkeeping
Monthly books in QuickBooks or Xero, reconciled to the bank and ready for tax time. We can also set up or clean up your system.
What it involves AccountingPayroll
Your team paid correctly and on time, with source deductions, remittances and year-end slips handled for you.
What it involves TaxCorporate tax
Your T2 filed accurately and on time, with year-end planning that keeps more money in your business.
What it involves AccountingFinancial statements
Year-end financial statements your bank, landlord or investors can rely on. (Formerly called Notice to Reader.)
What it involvesStart with the way your business works
Tell the team how you earn revenue, which systems you use, how current your records are and what decision or deadline is coming next. That context helps identify the work to discuss — rather than assuming every business in your industry needs the same package.