CLOUD ACCOUNTING AND FINANCIAL

Build a stronger construction business with cloud accounting and financial automation

By Dallas MacCorquodale, CPA, MNP LLP

The basics of accounting haven’t changed in centuries: you still need to reconcile incoming numbers with outgoing numbers. Even today, this can be time consuming, requiring you to sift through paperwork, input data, chase down invoices, and finish payrolls.

But technology has changed the conversation about how accounts are recorded, from paper ledgers to computerized spreadsheets to today’s cloud accounting and bookkeeping solutions. What makes cloud accounting different and more effective than ledgers and software is the ability to interconnect with other systems.

Moving your accounting system into the cloud enables seamless sharing of financial information with your external accountant, your finance team, and other interested parties from any internet connection. It also makes your operations more efficient and effective by breaking down information and system silos.

Payroll, accounting, project management, and sales teams historically work under separate systems used independent of the other. This created duplication and a higher probability of errors in your data. Now data can be shared across teams, resulting in increased collaboration, better information, and minimal duplication.

Using data to build a better business Work smarter, not harder. This is a

Work smarter, not harder” is a common phrase in the construction “ industry — and it applies to financial management as well.“

common phrase in the construction industry, and it applies to financial management as well: automation is at the heart of cloud accounting. By connecting systems such as your payroll, bank account, and project management software, cloudaccounting systems allow significant automation of tedious, time-intensive tasks.

While automated functions save you time to focus on growing your business, you still control the approval process. Automated programs such as MNP’s ease accounting and bookkeeping solution enable business owners to establish key points such as setting approval limits, timing, other signatories, and multi-factor authentication.

Cloud accounting and bookkeeping platforms also can help you identify opportunities for improvement. By using the insights delivered by the platforms, you can plan your cash flow better. For example, you can use the data to see how long it takes for receivables to be paid by certain customers and better understand what cash flow might look like – and time payments accordingly.

In conclusion

By modernizing a company’s financial and operational systems, construction companies save their financial staff time, which they can use to supply better insight into projects, trends, and company key performance indicators to provide tangible value to the company - rather than having them worry about just getting the information into all the various systems correctly.

These new opportunities can help you run your business more effectively, saving time and contributing to your bottom line.

Dallas MacCorquodale, CPA, is a member of MNP’s Real Estate and Construction team in Nanaimo. Dallas’ services include cloud-accounting implementations, financial process improvement consulting, and forward-looking corporate and personal tax planning and compliance. To learn more, contact Dallas at 250.734.4360 or dallas.maccorquodale@mnp.ca. n

Scan the code to watch Dallas’ video profile.

Meet Dallas MacCorquodale, Business Advisor, Real Estate and Construction at MNP

Born and raised in Nanaimo, Dallas is the kind of accountant who takes getting to know his clients seriously so he can truly help them succeed. But this analytical problem solver’s career didn’t start out with numbers.

Did you always want to become an accountant?

No. I started my adult life in the military, where I worked in the Communications division with radio, satellites and crypto systems. I spent 12 years in active duty, including time in the Middle East. I decided to go back to school and became interested in accounting. It’s very structured, and involves problem solving and figuring out the best solution for people, which I enjoy.

What is your role with MNP?

I’m a business advisor who works with private enterprises. Most of my clients are in the real estate and construction industry — developers, builders, sub-trade contractors. I also work a lot with people who have personal real estate tax problems because they are subdividing land, have multiple rental properties, or have some sort of complex real estate tax issue. My other area of focus is on technological solutions. I can help implement new paperless cloud accounting solutions, and help clients put information into the system in a way that gives them actionable insights into their business.

What’s the common thread that runs through your clients?

The common thread is around business and succession planning: clients have a vision in mind on where they want their business to be or how they want it to grow but may not know how to execute on that vision. My job is often to help them understand the phases and lifecycles of a business and the steps they need to take to make their vision a reality.

How do you approach a client conversation?

On the first visit, I approach it as a doctor seeing a first-time patient. I ask a lot of questions, and some might seem invasive or not pertinent. But if I don’t have the full picture of what’s going on, I can’t diagnose the problem and arrive at a solution. Once I have the big picture, I can look for opportunities the client might not even realize are possible, and we can go from there.

What’s the number one piece of advice you’re giving clients right now?

Keep focusing on where you’re going and planning how you’re going to get there. The economy is hot right now and businesses are growing, but it’s stressful growth because they’re understaffed. Many clients are just homed in on keeping it going. But it is still important to take a step back when you can and put your focus on the bigger picture.

What do you do when not working?

I enjoy the outdoors, whether I’m out for a walk, snowboarding, kayaking or hiking. And I’m a big movie buff.

What is the best thing about living in Nanaimo?

Nanaimo has everything you could want in a town. It has tons of outdoor activities, all the shopping you could want, and it’s a hop, skip and jump from Vancouver and Victoria. It has all the best facets of life. That’s why it’s growing so much!

To learn more about our Real Estate and Construction services and how MNP can help you, contact Dallas MacCorquodale at 250.734.4360 or dallas.maccorquodale@mnp.ca.

“My job is often to help clients understand the lifecycles of a business and the steps they need to take to make their vision a reality.”

– Dallas MacCorquodale, CPA

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