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The traditional challenges of labor, material, and equipment are complicated by regulatory, operational, and compliance forces. The implementation of technology, business strategies, and financial requirements requires a trusted advisor. For more than 100 years, CohnReznick’s Construction Industry practice has built pedigree, relationships, and experience to help contractors of all sizes and types. He proudly comes from a 4th generation American family of home-builders and accountants.
By working with a seasoned accountant, rather than just hiring a “tax person”, you are positioning your company to be better able to respond to the ebb and flow of seasonal cycles. Preparing for such change requires investigation and planning, or you risk your financial security—and with it your ability to secure surety bonds, financing or growth. Having advisers with years of experience in the construction industry is the first step in ensuring your lasting success. Depending on your company’s needs, we can grow or shrink the scope of our services to provide the targeted solutions you’re looking for. We have experience handling everything from bill payment, payroll processing and maintaining a general financial ledger to preparing financial statements, month-end adjustments, taxes and annual audits.
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Our clients range from small contractors to billion dollar international construction organizations. Our client base gives us the breadth and depth of construction experience to effectively and efficiently develop the strategies needed to meet your requirements. Construction is a challenging and complex industry in which factors as diverse as material shortages, state and local regulations, tax issues and the overall economy can affect the profitability of a company.
As a partner, he also provides guidance to our accounting and assurance staff as an instructor and mentor. When considering a CPA contractor, construction companies should be extra careful. Because of its complexities, construction accounting can be incredibly challenging and is something that a conventional accounting firm is ill-equipped to handle.
What Our Clients Have to Say
A construction company owner and his two top project managers had become distant and stopped communicating. The project managers were frustrated with the owner not having a transition plan and were considering leaving and starting their own company. The three were challenged to express to each other in a positive way what each was looking for from the other. The construction CPAs at James Moore can assist you with the many aspects of your business operations. We can also advise you on how to structure major transactions to minimize their impact on your financial position and bonding capacity. There are lots of moving parts to run a successful construction company.
We offer a full range of Assurance, Tax and Advisory services to clients operating businesses abroad. On the flip side of the cash method is the completed contract method , wherein all income and expenses are recorded https://www.newsbreak.com/@cnn-edits-1668599/3002242453910-cash-flow-management-rules-in-the-construction-industry-best-practices-to-keep-your-business-afloat only when the project is completed. Just like the cash method, however, the IRS restricts this method only to qualified businesses. Experience counts when it comes to accounting for a construction company.
Implementing ASC 842 Leases For Contractors
The Brown Edwards construction practice has been dedicated to serving the construction industry since 1967. Today, we aide general contractors, engineers, architects, construction managers, civil and heavy highway construction companies, mechanical and electrical contractors, plumbing contractors, and other specialty-trade contractors. Our firm specializes in assurance, tax planning, tax compliance, bidding and estimating, rate setting, litigation, mergers and acquisition, WIP management, and advising on other significant industry matters. The professionals at Rea specialize in providing individuals, businesses and landowners, government entities, and not-for-profit organizations with solutions to their accounting, tax, and other business-related challenges. The firm provides expertise in accounting and related advisory services, audit, benefit plan design and administration, valuation and transaction advisory services, HR consulting services, fraud detection, and tax services. Marcum LLP is a premier provider of full service accounting, tax and consulting services to the construction industry.
