Construction companies are consistently facing challenges from higher labor costs, pressure on profit margins, sales and use tax, legal regulations, demand for skilled labor, cash flow limitations, and seasonality. We work across all segments of the construction industry including general contractors, subcontractors, heavy highway contractors, utility contractors, real estate developers and other specialty contractors. Our team of professionals has a deep understanding of the construction industry and will provide you with solutions to give you a competitive advantage. We work closely with our construction clients to develop a strategic approach to provide assurance, tax, and advisory services.
Our Key Service Offerings Include:
State and Local Tax (SALT) Compliance
Implementation of Accounting Best Practices
Covenant Compliance Analysis
Due Diligence Services on Buying and Selling Businesses
Outsourced Accounting Services
Banking Relationships & Financing
WIP Analysis and Backlog Forecasting
Union Audit Assistance
Workers Compensation and General Liability Insurance Audit Support
Audits, Reviews, and Compilations
Value Added Services Include:
- In-depth knowledge of ASC 606 percentage-of-completion revenue recognition standards to ensure GAAP compliance and the proper accounting of short and long-term construction contracts.
- Technology consulting to ensure proper resources are being utilized to monitor contract performance. This goes together with ensuring jobs costs are properly tagged to the correct jobs and profit/fade analysis is being performed.
- Internal financial reporting that provides third parties with timely financial data as well as internal analysis for management. This includes forecasting reports at both the job and company-wide level to allow management to accurately project future periods. This is imperative for cash flow purposes, as well as to determine if the company is adequately staffed to manage their current backlog.
- Varying levels of assurance engagements from special purpose engagements looking into internal control deficiencies and accounting best practices, to reviewed and audited financial statements.
- Tax analysis for all construction related tax methods including percentage-of-completion, completed contract, and cash basis. We take pride in our ability to advise our clients on their tax implications as they arise throughout the course of the year.
- Profitability analysis reports that help provide corrective action regarding bidding, project management, and operational inefficiencies.
- Benchmarking reports to compare to industry key performance indicators and trends.
- Cost allocation analysis geared to maximizing profitability and creating additional operational efficiencies. This includes assisting clients with better tracking of gross profit by project as well as providing insights on project related allocations such as equipment and labor.
- Contractor pre-qualification statements and requirements in coordination with federal, state, and municipal agencies.