Financial Services and Accounting for Your Construction Needs

The construction industry requires a specific, detail-oriented form of accounting and consulting, which RMG CPA, LLC is able to provide. From revenue recognition to management expenses, we are trained and highly experienced in all accounting services that are applicable to the construction industry, and are able to provide such services in a timely, efficient and productive manner.

 

Participating Construction Industry Members

We fully understand every participant in the construction industry, which plays a crucial role in providing the best accounting services possible to our clientele. Depending on what your title is, the corresponding legal paperwork, documents and financial legalities differ greatly, while still working off one another. The construction industry participants that we work with include:

 

  • Owners
  • Architects
  • Engineers and engineering firms
  • General contractors
  • Construction managers
  • Heavy construction contractors
  • Commercial contractors
  • Subcontractors
  • Building suppliers
  • Federal, state and municipal public works contractors
  • General, governmental and private contractors
  • Residential developers

 

Types of Construction Contracts

There are multiple kinds of contracts in which general and subcontractors are able to perform their work under, all based on the owner’s preference. Construction accounting is especially necessary when there are numerous contracts involved in a construction project. The following are types of contracts we can provide our services for are as follows:

 

  • Fixed price
  • Cost-plus-fee
  • Cost-plus-fee with a guarantee minimum
  • Unit price
  • Negotiated contracts
  • Competitive bid contracts
  • Open bids
  • Closed bids

 

Common Construction Accounting Errors to Avoid

It’s really important for any construction professional to acknowledge the fact that there are possible risks that can drastically affect, and negatively impact, their construction-related business. When you hire RMG, you are automatically putting you and your construction business at a lessened chance of acquiring such risks, and avoiding a handful of potential accounting mistakes; the mistakes that can be dodged upon hiring RMG include the improper cutoff of construction job costs, the inability to accurately keep track of and record the full loss of contracts, a false application of overhead rates, a wrong display of joint recognition activity and an incorrect statement of potential job costs. Trusting RMG to assist you with all of your financial construction needs will ensure the absence of such damaging errors.

 

Other Construction Accounting and Consultation Services we Provide

In addition, we also provide the following services to our clients in the construction industry:

 

  • Specialized knowledge of “construction accounting” methods
  • Construction industry tax-planning objectives that reduce tax burden while still maintaining single and aggregate bonding capacities
  • Establishment of internal financial reporting capabilities to help provide third parties with more timely financial data
  • Audit, review, and compilation of financial statements as required by third party vendors
  • Customized job profitability analysis reports to determine potential pitfalls in bidding, project management and operational inefficiencies
  • Industry benchmarking to determine strengths and weaknesses in comparison to other contractors within each industry segment
  • Cost segregation studies to help maximize profits and create additional operational efficiencies
  • Coordination with federal, state, and municipal agencies for contractor prequalification statements and bidding requirements
  • Cash flow projections on a job-by-job basis to help determine global funding requirements

 

Schedule a Consultation with RMG

At RMG, we are proud to service every single element of the construction industry, and make sure that each project we take on is as successful – and financially simple – as possible. So much goes into the budget and overall expenses of a construction project – from the labor costs to the right of materials – and it’s extremely beneficial to allow RMG to handle all of these for you. Please contact us by calling 973-712-5000, and we can assist you as soon as possible.