Harmony Ledger Services

Engineering

Our Expertise

At Harmony Online Ledger, Bookkeeping & Consulting, LLC, we specialize in catering to the unique financial needs of engineering companies. Our expert team understands the intricacies of accounting as they pertain to engineering, ensuring that your financial operations are accurate, efficient, and compliant with all relevant regulations and accounting standards.

Our Services

Bookkeeping for Engineering Companies
- Automating financial processes (e.g., linking QuickBooks to your bank account)
- Categorizing vendor receipts, revenue, and liabilities
- Categorizing credit card transactions
- Categorizing bank transactions
- Financial clean-up of income statements and balance sheets specific to engineering operations

Accounting for Engineering
- Financial statement analysis for engineering companies
- Journal entries and reconciliations
- Fixed asset management, including schedule maintenance and depreciation relevant to engineering assets
- Recording loans, prepaid assets, and more, with a focus on engineering needs
- Managing accrual and cash basis of accounting
- Accounting for insurance expenses
- Accounting for leases (including capital and operating leases)
- Accounting for free on board (FOB), free on board origin, free on board destination, taxes, and custom fees
- Managing accounting software, ensuring vendor and customer names and addresses are up to date

Payroll Management
- Payroll processing for engineering staff
- Payroll audit ensuring compliance with industry standards
- Payroll journal entries
- Foreign currency transaction journal entries as needed
- Recording commission expenses and revenues for engineering professionals
- Systems implementation and improvement

Full-Cycle Accounts Payable
- Creating and managing AP/expense bills in ERP for engineering services
- Gathering and paying vendor invoices for engineering companies
- Setting up and applying ACH payments to vendors
- Paying vendors, including via checks and ACH
- AP reconciliation specific to engineering accounting

Full-Cycle Accounts Receivable
- Creating AR bills in customer ERP
- Mailing/emailing AR invoices to clients
- AR reconciliation with a focus on engineering services
- Recording unearned revenue and applying payments to AR bills
- Tracking and presenting aging of accounts receivable reports

Customized Excel Templates for Engineering Operations
- Tracking billable hours to clients

Specialized Services for Engineering Companies
- Organizing chart of accounts specific to engineering operations
- Maintaining the chart of accounts
- Creating custom financial reports and analyzing business data for engineering companies
- Developing and tracking KPIs tailored to engineering services
- Tax services, including sales and use tax filings and payments
- Ensuring compliance with all accounting standards
- Producing time-based reports, including non-billable time, time billed/collected, and revenue by service
- Understanding and supporting the transportation, warehousing, and distribution tracking aspects of your business
- Accurately tracking expenses such as warehouse storage fees, labor costs, and customs duties associated with engineering projects
- Providing claims management accounting to account for any damage or loss during transportation and managing related insurance claims
- Calculating the true cost of delivery to customers by considering all engineering expenses, enabling accurate pricing strategies
- Generating financial reports that provide insights into key performance indicators (KPIs) like project completion times, cost per project, and resource utilization
- Purchase order management
- Billing clients for installment invoices and collecting progress payments
- Accounting for revenue by the percentage of completion method
- Preparation of financial statements
- Tracking project revenue and expenses

Specific Challenges in Engineering Accounting:

Complex Cost Structures: Dealing with project-based costing, variable rates, and diverse engineering methods.
Large Transaction Volumes: Managing a high number of individual transactions and related invoices.
Cross-Border Transactions: Accounting for international regulations and currency fluctuations when operating in multiple countries.
Familiarity with Engineering Terms: Ensuring all engineering terminology is accurately understood and applied in financial operations.

Our Approach

We serve every type of engineering professional in every industry and field, including civil, mechanical, electrical, software, architectural, structural, chemical, and other engineering companies. We understand the unique challenges and requirements each one faces. We understand the value of your time and are committed to providing timely and accurate information to support your engineering company's financial health. We are your partner every step of the way, offering personalized support and tailored solutions to help you focus on delivering exceptional engineering services.

Harmony Online Ledger, Bookkeeping & Consulting

Together in Harmony

Engineering

Our Expertise

Our Services

Our Approach