Tax, Accounting and Auditing Services for Construction Contractors
To successfully manage their businesses, contractors need complete, accurate, timely, and understandable financial information about completed contracts and those in process, as well as an accurate picture of cash on hand, receivables, payable and results of operations.
Good Financial Management is a Business Necessity
Contractors face a number of business challenges, ranging from uncontrollable periodic downturns in the overall economy and subcontractor bankruptcies, to more manageable issues, such as uncertainties in estimating project profitability, problems with communications between the home office and the field, insufficient billing procedures and lack of adequate accounting systems.
A frequent cause of failure among construction contractors is the lack of reliable financial information, which makes it difficult, if not impossible, to properly manage the financial aspects of the business. The construction industry is very competitive, with razor thin margins in some segments. Thus, it is crucial for contractors to either thoroughly understand the financial aspects of their businesses or employ someone who does.
Accurate, Timely Financial Reporting is a Requirement
Furthermore, because of outside financing or bonding requirements, a contractor’s financial statements must be often be audited or reviewed. Accounting and reporting for construction contractors requires special knowledge of industry accounting methods, as well as the income tax treatment of the related assets, liabilities, revenues and costs.
Our Services and Approach
We provide a variety of services to construction contractors, from assistance with routine financial accounting, audits and reviews, to income tax planning and compliance. We’ve developed a straightforward approach to the construction industry that begins with understanding the unique problems and pressures faced by contractors, and then follows through with responsive and timely service.