Books for a Fast-Changing Economy
Brownsville's businesses range from family stores downtown to contractors on billion-dollar projects. All of them need books that are current, reconciled and ready for tax returns, lenders and audits. BOMCAS keeps books for Brownsville businesses remotely, closing each month with reconciliations and reports.
Our monthly approach is on the Texas bookkeeping page; this page applies it to Brownsville's contractors, retailers and boats.
Contractors on Large Projects
Contractors working at the LNG site or the launch site bill monthly progress payments, hold retainage and manage change orders. We set up each project as a job, record costs by cost code, track per diem and travel for crews and reconcile billings to contract values so the percentage-of-completion figures are reliable.
Staffing Companies
Staffing firms supplying workers to the big projects bill hours at markups and pay wages, per diem and payroll taxes. We match billed hours to payroll hours each week and track gross margin by client.
Shipyards and Fabricators
Shipyards and fabricators track material, labour and subcontract costs by vessel or project, along with change orders and warranty work. Steel and other materials are inventory until issued to a job.
Ship Recycling and Scrap
Recyclers buy vessels, dismantle them and sell steel and other metals over months. The cost of each vessel is tracked against the scrap and parts it produces, so profit is measured by vessel.
Retailers
Stores selling to Mexican shoppers keep daily sales reconciled to deposits and separate taxable sales from export sales supported by certifications. Inventory is reconciled to the point-of-sale system, and currency exchange on peso payments is recorded properly.
Shrimp Boats
Boat owners track catch sales by trip, crew shares, fuel, ice, repairs and loan payments. Crew paid by share of the catch is recorded separately from wages, and boat costs are kept for depreciation.
Customs Brokers
Brokers hold client funds for duties and fees. These are recorded as liabilities and reconciled to the client ledger, separate from the brokerage's own revenue.
Joint Ventures on Large Projects
Local firms sometimes join larger contractors in joint ventures for parts of the big projects. The venture keeps its own books, files a partnership return and allocates income to each partner. Each partner records its share, along with any equipment or staff it supplies to the venture, so its own books agree with the venture's K-1.
Peso Accounts and Payments
Businesses that buy from or sell to Mexican companies often hold peso accounts. Each transaction is recorded at the exchange rate on the day, and balances are revalued at month end, with gains and losses shown separately so margins are not distorted.
Grants and Incentives
Businesses receiving incentive grants from local development corporations record the grant terms, conditions and repayment obligations. Grants may be income or reduce the cost of assets, depending on the terms.
Hurricane Records
Before each storm season we make sure backups of the books, asset lists and insurance policies are stored off site, so claims and casualty deductions can be supported if the office is damaged.
Business Personal Property
Brownsville businesses render equipment and inventory to Cameron County's appraisal district by April 15. Goods in transit to Mexico may qualify for freeport or goods-in-transit exemptions where adopted, which require careful records.
Monthly Package
- Bank, card and loan reconciliations.
- Job and project reports.
- Inventory reconciliation.
- Sales tax and export figures.
- Payroll entries.
- Financial statements.
Brownsville Bookkeeping Questions
Can you track per diem by project?
Yes, with travel and per diem coded to each job.
How do stores record export sales?
Separately from taxable sales, with the export certification on file.
Do you reconcile client funds for brokers?
Yes, to the client ledger each month.
Which software do you use?
Usually QuickBooks Online, or the system you already use.
Talk to BOMCAS About Bookkeeping in Brownsville
Books support sales tax, payroll, the business return, owners' personal returns and planning. Missing years are rebuilt under late filing, and Mexican affiliates reported under cross-border tax. Statewide guidance on business returns, personal returns, sales and use tax, payroll, tax planning, late filing and cross-border tax is on our Texas pages, which all branch from the Texas overview.
Bidding on work at the port, running a store on Elizabeth Street or sorting out income from both sides of the river? Let BOMCAS know what you need and we will explain what we would check first and what a quote involves. Reach us through the contact page or the form below, at 780-667-5250 or at info@bomcas.ca. The Brownsville overview lists every Brownsville service. This page is general information only and is not tailored advice.