Hiring a CPA Firm with both industry and business expertise is vital for a business faced with complex accounting and tax procedures. In today’s economic environment, a financial misstep or a poor business decision can mean the end of an long functioning business.
Knowledge of rapidly changing procedures is the key to success in the construction industry. Many contractors find themselves picking projects well below their target margins.Where profits are tight, one new project can strain remaining resources. That is why it is important to have a well-grounded understanding of costs, aggressive cash management, reliable financing sources, and expert business advice.
Faris CPA can bring the following the three basic assets to any contractor’s team:
- Knowledge of the many complex accounting and tax issues facing contractors;
- The ability to accurately prepare financial statements needed to secure funding; and
- Consulting support to make decisions where there is little margin for error.
What should you look for in a construction CPA firm?
When you’re hiring a construction CPA firm, you should look for those that are knowledgeable about construction accounting and how you can save some money and be recognized in the industry.
"What does an accountant do in construction?
A construction accountant usually manages the company and project cash flow, supervises accounts payable and accounts receivable staff and functions, and works with project management staff ensuring proper compliance with accounting procedures, including reviewing and analyzing job cost estimates and reports monthly.
How do you do bookkeeping for a construction company?
The first tip on bookkeeping for construction companies is to create a series of journals to record the company’s daily transactions, track your payments, and keep backups of your records.