Hello friends, Jon Markee here, founder and CEO of MyBuilderCPA. Today, I’m going to walk you through our comprehensive accounts payable process, which encompasses several key features to make your financial management smoother and more efficient.
Key Features Included in Accounts Payable
Our accounts payable service at MyBuilderCPA includes:
Job software accounts payable
Job software lien waivers
Job software master subcontractor agreement
Job software W-9 and certificate of insurance collection
Dedicated bookkeeper
These features work hand-in-hand to create a seamless process tailored to your specific needs.
High-Value Service
Accounts payable is a critical, high-value service that can significantly lift the burden from your team. Think of us as a shared service arrangement, similar to those in big corporate environments. We work closely with you to get all your bills paid accurately and on time.
Customizable Process
Our accounts payable service is customized to fit your unique process for accumulating and paying bills. We can document this in our operations manual and create procedures specific to your needs. Here are some of our recommendations:
Shared Email Account: Use a shared forwarding address or a distribution list, like billing@yourcompany.com, to receive bills from subcontractors.
Dedicated Bookkeeper: Our dedicated bookkeeper monitors this shared inbox and enters bills according to your preferences. For Buildertrend users, we can enter transactions directly into the job software, ensuring accuracy and efficiency.
Utilizing Job Software
For Buildertrend users, we ensure all cost codes are accurately entered and matched against purchase orders and budgets. If your subscription includes lien waivers, we’ll utilize this feature to ensure subcontractors sign their waivers before getting paid.
Subcontractor Management
We also manage new subcontractors by sending them the master subcontractor agreement, collecting W-9s, and obtaining certificates of insurance (COIs). This ensures that all necessary documents are in place before they receive their first payment.
Comprehensive and Cost-Effective
Our service is most effective when included in our Tier 1 Pro-Growth Plan, as it requires significant time and coordination. To keep costs down, we utilize offshore bookkeepers who monitor the shared inbox multiple times per week, providing you with efficient and affordable service.
Benefits of Our Accounts Payable Service
Complete Vendor History: Log into Buildertrend or QuickBooks to see a complete history with each vendor, including all important documents.
Cleaner Year-End Tax Prep: Having a complete and accurate history simplifies the year-end tax preparation process.
We believe these features are essential for efficient financial management and preventing future headaches. As always, if you have any questions, feel free to reach out. Have a great day!