As a premier construction accounting firm with a team of six Certified Construction Industry Financial Professionals (CCIFPs), our Chicago CPA firm provides comprehensive construction tax and accounting services. Adopting construction cost accounting practices is crucial for staying competitive and profitable in the construction industry. By leveraging the right tools, implementing best practices, and focusing on accurate financial tracking, contractors can optimize operations and ensure long-term success.

Expert Commercial Construction Accounting & Financial Management

We consider all factors to ensure you make financially sound choices. We also advise on complicated transactions like mergers and acquisitions, buy/sell agreements, and structuring your business to manage risks and tax liabilities. The U.S. Treasury has announced a suspension of penalties for domestic companies regarding BOI filings.

• We are seeking a highly skilled Capital Project Accountant to join our Capital Management team.
• We have the construction transition planning knowledge to help contractors prepare for an expected (or unexpected) transfer of ownership.
• One method some contractors use for all contracts is the cash method.
• Let Haynie & Company’s efficient construction CPAs take the burdens away, allowing you to focus on growth and expansion.
• Your company withholds FICA taxes (along with their federal income taxes) from your employees’ paychecks.

Project-Based Accounting

Accurate tracking of job costs, revenue recognition, and handling retainage can be particularly challenging. Kevin is highly experienced in delivering a broad range of accounting and business advisory services to construction contractors, including tax planning and filing and succession planning. Through his active participation in various construction trade associations, he has developed a keen understanding of industry trends and issues. Andy graduated with a Bachelor’s degree in Accounting in May 1999 from James Madison University. He has worked in public accounting his entire career at firms serving the Washington DC and Richmond metropolitan areas. His experience includes Bookkeeping for Etsy Sellers working with closely held businesses and organizations in a variety of industries including real estate and construction, transportation, nonprofit, and manufacturing.

• He also is skilled at conducting operational reviews and helping YHB clients choose business structures and accounting methods that lift their bottom lines.
• The ideal candidate will have a degree in Accounting, and at least 3 years of experience.
• The simplest is a fixed price, or a lump sum, which sets an amount for the entire project.
• Download the 2024 Construction and Architecture & Engineering Industry Survey Report to access one of the industry’s most comprehensive benchmarking studies.
• She is a licensed CPA with over 20 years of accounting experience and is also a Notary Public.
• This decentralized nature of production, along with long-term production cycles, brings its own set of complications when it comes to accounting and tax treatment.
• Warren Averett’s Construction Practice Group consists of 60+ seasoned professionals, several of whom have the designation of Certified Construction Industry Financial Professional (CCIFP).

An all-in-one guide to paying federal and state payroll taxes in the U.S.

Construction companies operate in a unique environment, with operations spread across various job sites instead of centralized in one location. This decentralized nature of production, along with long-term production cycles, brings its own set of complications when it comes to accounting and tax treatment. Thus, choosing the right accounting method(s) will enable you to track revenue and expenses accurately, manage cash flow effectively, and maintain compliance with financial regulations, which is vital. The construction industry has seen the worst in economic crises – the Great Recession bulldozed around 150,000 construction firms, leaving 2 million construction workers without jobs.

• In addition to all Gold-level services, Platinum includes advanced project profitability analysis, proactive job costing, detailed variance reporting, strategic cash flow forecasting, and expanded CFO guidance.
• Let our 25+ years of construction accounting services and experience help grow your business.
• The unique needs of the construction industry mean that construction accounting services adhere to principles different from standard accounting.
• How his team was handling the growth, but how he couldn’t stand that his accountant would never return his phone calls, especially with pending tax returns.
• Knowledge of tax regulations relevant to the construction sector, including sales tax and labor laws, is essential to ensure compliance and optimize tax liabilities.
• • Maintain regular communication with Project Managers, lenders, general contractors, and vendors on various operational and project topics.
• For more help with construction cost accounting, contact PVM Accounting.

How Do Construction CPAs Help?

• That’s why we offer comprehensive knowledge in accounting methods such as cash basis accounting and accrual basis accounting, which record income and expenses differently.
• The role involves handling numerous accounting tasks, such as account reconciliation, balance sheet reconciliation, and bank reconciliations, supporting audit needs and month end close.
• As the construction industry expands, the need for skilled workers like carpenters, electricians, and plumbers becomes more urgent.
• Grassi’s Construction project audits uncover hidden risks in your capital projects before it’s too late.

Kim’s strongest skills cover many aspects of financial reporting and taxation, including cost control principals, ledger analysis, financial statements, budgeting, taxation, and economic regulations. Her broad experience in this deadline-driven environment enables her to successfully help build a better financial future for both regional businesses and individuals. Chris strives to take a “client centric” approach, where services are based on the actual needs of the client rather than a specific commodity or deliverable. We’ll give you accounting, payroll, reports, and CFO services you and your team need to have an in-depth understanding of the financial performance of your construction business. Built for larger firms generating $10M–$50M+ in annual revenue, Platinum X is a fully outsourced financial operations architecture.

As a construction contractor, you’re the hero shaping the world around us. You shouldn’t have to worry about managing complex financial tasks when your focus should be on your projects. Robin has always appreciated the culture of Jones & Roth providing the flexibility to balance life with career goals. Upon moving construction accounting near me to Oregon with a young family, Robin Matthews interviewed with several CPA firms and decided on Jones & Roth. Her main focus was increasing her technical skills and knowledge, and Jones & Roth allowed her to do just that, while she worked part-time.

The IRS, for example, has a set of criteria on who can use the cash method for tax purposes. Bookkeepers handle the day-to-day recording of financial transactions, while accountants provide a higher level of analysis, financial advice, and tax preparation support. To learn more about the differences between bookkeepers and accountants, read QuickBooks’ guide to bookkeeping. If your construction business doesn’t have the right strategy in place, taxes can have a devastating effect on your profits. As your trusted advisor, you can count on us to roll up our sleeves and build a solid plan to limit tax liabilities and maximize profits. We’ll take steps to control tax exposure throughout the year so you can take advantage of all the deductions you deserve at tax time while staying compliant with federal and state tax regulations.

Michael specializes in providing tax, financial statement and advisory services to multi-generational family owned businesses across Oregon. We aim to build trusted partnerships with our clients for recording transactions peak performance. Our expert advice and services are designed to help you grow your business and enhance profitability. We’ve advised builders, developers, and suppliers on every aspect of managing their finances, from identifying costs to managing risks.