Construction
Construction
Construction accounting is a type of project accounting in which costs are allotted to particular contracts. A separate activity is set up in the accounting system for every construction undertaking and costs are allotted to the project as they are incurred. These costs could be materials and labor, with additional charges for such items as consulting and architectural fees. That involves many complexities.
The construction industry consists of many moving parts, variables to consider, and components to assess. With challenges ranging from seasonality, managing cash flow, and thin margins. Our role is to alleviate the tax burden and provide data-influenced and data-driven solutions for industry-specific tax regulations. We serve many sectors of the construction industry including:
Residential
Commercial
Institutional
Management Firms
Why would you require a CPA with construction experience?
Working with a construction CPA firm that is familiar with your sector is crucial due to the unique financial reporting requirements, strict income tax laws, and cyclical nature of the building industry. There are many standards, specifications, and laws specific to the building industry.
For instance, an accountant who doesn't completely grasp the subtleties of changing material price patterns and the distribution of overhead would make errors that, over time, could ultimately bankrupt even the largest construction firms. Precision and skill are crucial when it comes to budgeting and accounting, just like they are in many other parts of construction.
After all, your finances are the foundation of your business because they affect every other aspect—from day-to-day operations to future plans for growth and transition. If you build on a weak foundation, your future plans may be disturb.