Challenges to being a
Construction Contractor
Every industry has its special problems, but the construction industry is truly unique. The construction industry is continuously hammered by uncertainties and challenges:
- Weather
- Competition
- Rising cost of material, union dues, and insurance
- Labor shortages
- Need bonding: Increased scrutiny of financial reporting from the surety
- Complex Regulations and laws
- Need line of credit: Increased scrutiny of financial reporting from the bank
- Accounting: Job cost accounting is difficult to track
- Job Claims and labor disputes
- Change orders are hard to get approvedComplex tax rule
How can we help you?
The problem punch lists seem endless. A shallow understanding of general accounting and taxes is not enough. We take great pride in providing the special knowledge and expertise that is needed to help you with the diverse day-to-day operations of your business
- Develop financial presentations designed to enhance your image with surety companies. It takes specialized knowledge in the construction industry to prepare financial statements that are formatted correctly and trusted by banks and bonding companies.
- Evaluate the various options for reporting taxable income from long-term contracts on the cash, accrual, percentage-of-completion, or completed-contract method. Comparing to big contractors, the tax rules for small/medium contractors are even more complex but there are also more opportunities to minimize/defer your taxes.
- Identification of Federal and state credits available to lower income and franchise taxes.
- You think the job is doing OK but end up lost tons of money? Too much unexpected costs? Too much unrealized change orders? We can help you create a job-cost system and internal controls so you can track job performance, compare them to your budget, and determine ongoing profitability.
- Provide you information on industry benchmarks and best practices and improved financial reporting controls.
- Equipment buy vs. lease decision analysis, Depreciation.
- Choice of entity considerations for doing business.
- Litigation Consulting.
- Retirement and Cafeteria Plans.Cost certifications, consulting on Federal Acquisition Regulations (FAR).
You Can Count on Us for all Your Construction Accounting Needs.
Put our experience and knowledge of the industry to work for you.
Contact us today.
