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Construction CPAs & Accounting2021-03-02T14:59:55+00:00

Construction CPAs & Accounting 

The Blueprint For Your Company’s Success

Underpin your financial foundation and future with outsourced construction accounting

The financial challenges facing those in the construction industry can be tough—from labor shortages, bidding wars, regulatory requirements and new technology adoption, to rising material costs, insurance premiums and the ebb and flow of projects. When profit margins are so tight, it’s essential that your company’s finances are properly managed.

Why do you need a CPA that specializes in construction?

The specialized financial reporting, income tax rules and cyclical nature of the construction business mean that it’s essential to partner with a construction CPA firm that knows your industry because there are numerous rules, requirements and regulations that are unique to the construction industry. When it comes to accounting for construction, a one-size-fits-all approach simply won’t cut it.

For example, a CPA that doesn’t fully understand the nuances of material price trends and the allocation of overhead will make mistakes that, over time, can cripple even the biggest construction companies. Like many aspects of construction itself, precision and expertise are essential when it comes to budgeting and accounting.

After all, your finances are the foundation of your business in that they affect every other aspect—from day-to-day operations to future plans for growth and transition. If you build on a weak foundation, your future plans may come crumbling down.

Our construction accountants and CPAs in Florida have over 50 years of experiencehelping companies with their accounting and business consulting needs.

At James Moore, we have the industry experience, knowledge and resources to ensure you’re fully prepared to handle whatever comes your way. This is why a wide range of contractors and construction companies have trusted our construction CPAs with everything from basic accounting to transition planning.

How can our unique approach help you?

Contact us today to see what we can do for your company.

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Revenue Recognition Implementation Guide

Construction contractors are all too familiar with contracts, however the new revenue recognition standard will require management to make additional judgments regarding when to recognize revenue associated with these contracts. The new standard provides five criteria that must be met for an agreement to be identified as a contract. Continue reading to learn more.

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More Than Just Words
See What Our Clients Have To Say

“What we found in James Moore was more than an accountant, we found a business partner…CHW is better because of our relationship with James Moore and its people.”

-Rory Causseaux, PE, CEO, CHW, Inc.

Why Hire Our Construction CPAs?

Demand is high for new homes, new commercial space…new everything.

That’s good news for you. But it also gives you more to think about. And of course, the opportunities and challenges you face will shift again and again as the economic cycle runs its perpetual course.

By enlisting help from our construction CPA firm, we can help you answer important questions, such as:

  • Are you taking advantage of all the income tax deductions and credits to which you are entitled?
  • Are you saving enough for retirement?
  • Are you receiving timely and accurate financial information from your accounting system and staff, and do you understand it?
  • Do you have an accurate job cost system that tracks all appropriate costs?
  • Are you experiencing profit fade as jobs are completed?
  • Do you have enough working capital and cash flow to take on new jobs and perform the work you already have?
purple folder with papers coming out and jmco logo on it

CASE STUDY

Transition Planning for Construction Companies

 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.

Among other services, James Moore construction CPAs helped the parties involved to create a transition plan that, over a five year period, would transfer ownership, operations and control from the owner to the two successors while providing the necessary cash flow to the seller. The seller also remained with the company during the transition to provide business development and ensure the transition would be successful. The transition was successful, the three began to communicate frequently again, and they all continue to work together.

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Our Construction Accounting Solutions & Services

Outsourced accounting services

Having a robust in-house accounting team is ideal, but the reality is that this isn’t feasible for many construction companies due to the tremendous investment of time and money to operate in-house. By partnering with our experienced outsourced construction accountants, we can fully manage your accounting operations. Consider us your off-site accounting department.

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.

In particular, small and mid-sized construction companies have benefited from our outsourced accounting services.

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As a contractor, your financial statements tell an important story about your past, present and future performance. Accurate and timely financial reporting helps you operate your business successfully and profitably, and it shows others about your financial capabilities.

Your potential clients want accurate financial statements so they can make an informed decision about potentially hiring you.

Our construction CPAs can help you tell your story in the best light possible. We’ll advise you about the level of assurance that best suits your needs and show you how to improve your internal reporting to help you better manage your business.

Contractors, home builders, engineering firms, real estate companies …they all have specialized accounting and income tax rules to follow. Contractors working across state lines also have additional income and payroll tax liabilities in those states. You want to make sure you’re taking full advantage of the numerous special deductions, credits, excise taxes and other elections available.

As experienced accounts specializing in the construction industry, we are well-versed in the details of construction tax issues. We will help you select the best accounting method to help delay reporting income, deferring tax, and more. By taking advantage of the tax breaks available to you, you can minimize your tax burden while maximizing your cash flow.

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Construction accounting, reporting and software are complicated. They are many methods of accounting that can be used in your industry. And you have multiple construction jobs running simultaneously, with each job requiring you to monitor its budget, cash flow, job progress, expenditures… It’s almost like running several businesses at once.

So it stands to reason that construction accounting involves much more than debits and credits. Do you have the tools and reporting you need, and do you really understand how to read them (and the story they are telling you)?

As knowledgeable construction CPAs, we can help you with these and other complexities you encounter. We invite you to leverage our expertise to help run your business better and more profitably.

When bidding and obtaining a bid bond for a proposal, time is of the essence. The last thing you need is a delay caused by a CPA who is unfamiliar with the importance of responding quickly to bid-related requests—or a communications gap between you, your CPA, your bonding agent and the surety. You also don’t want to have difficulty explaining your financial statements to surety professionals.

Timely, clear and consistent financial communication with your bond agent and surety underwriter is critical to maintain or increase your bonding capacity so that you can continue to replenish and grow your backlog.

Our construction CPAs can help paint your financial story in the best light and make sure there are no misunderstandings. We understand the surety underwriting process, and we can effectively bridge the communication and knowledge gaps between your company and other parties.

With the growth in new construction, many construction companies face an increasing need for qualified workers—from general laborers to plumbers, masons, electricians and other skilled tradespeople. If you don’t have a qualified workforce, you have a delay on the job that costs you time and money.

As a result, many construction companies are turning to outsourced human resources service providers to address their needs. From recruiting and retention to long-term personnel planning, external HR consulting helps firms like yours find and retain qualified employees to jobs done faster and better.

Our HR solutions team brings decades of combined experience to your company so that you can find the right help for your jobs. We can also show you how to stay in compliance with ever-changing employment regulations and safety requirements in order to protect your company from costly lawsuits and state and federal penalties.

From a one-time consult to a consistent HR presence, we have a solution for every firm.

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Juggling several projects is a challenge unto itself, with multiple teams, budgets, job cost reports and more. But when you add obstacles such as redundant processes, wasted efforts and lack of quality control, it can cost you time and money.

Streamlining and properly managing your construction firm’s operations allows you to better utilize your resources so that you can successfully add more jobs while managing the projects you already have. Our team applies Six Sigma principles to analyze your processes and develop sustainable solutions that work for you.

In one case, we helped a large commercial general contractor reduce its financial closing and reporting process from 60-90 days down to just 15 days on a monthly basis. Not only did this help the company reverse a decline in gross profits and net income, but it also resulted in more reasonable staff hours and increased employee morale.

Imagine what we could do for you!

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In construction, families and key management team members often work together and stay in business for decades. So it’s expected that a construction company will continue operating long after the founder retires. Yet many owners have no transition plan established. 

Leaving the helm might seem like a long way off, but time moves quickly and life (like projects) doesn’t always go as planned. A written transition plan ensures that your vision for your firm is fulfilled and protects your family, your employees, and your customers.

We have the construction transition planning knowledge to help contractors prepare for an expected (or unexpected) transfer of ownership. By drafting a written plan documenting the steps to be taken when the time comes, you and your team will have peace of mind knowing that nothing is left to chance.

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Your IT network is the backbone of your company, providing you with quick access to vital information about any given job—whether you’re in the office or on-site. It allows for timely communication and secure data. Without a sound network, you wouldn’t be able to operate. So you need a technology provider who can keep it running.

Our technology solutions consulting department helps construction companies and engineering firms with everything an in-house IT department might handle—from routine troubleshooting, maintenance and equipment installation, to long-term technology planning and employee training. As a Microsoft Gold Certified Partner, we keep up with the latest developments and technologies to make sure our clients’ networks remain up-to-date and secure.

Whether you need a single consultation or a full complement of managed IT services, our team is ready to keep you connected:

  • Managed IT solutions
  • Break-fix support
  • Security & data protection
  • Backup & disaster recovery
  • Email, messaging & collaboration
  • Network planning & design
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Managing investments, assets, retirement, risk and taxes can be so confusing and overwhelming that many people choose not to think about it at all. That might be easier in the short term, but it won’t get you any closer to meeting your long-term financial goals.

The best way to build your financial future is to work with an advisor who understands the blueprints. Our construction CPAs know the sacrifice it takes to achieve your goals, and we have the knowledge to make them a reality.

We partner with HK Financial Services, a national wealth management company that works with a wide range of clients. Together, we provide the experience, knowledge and connections you need to make sense of the details and achieve your dreams. You can think of us as your financial GPS.

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A successful company is often known as much for its leader as it is for its work, especially when that leader has earned the trust and friendship of clients. So when the time comes for you to slow down, be sure that whoever fills those shoes is ready to wear them.

Your company’s future leaders need skills in operations, finance, leadership, communication and strategy. It’s also important to provide a clear path so they know what is expected of them.

Our training and development programs help you give future leaders in your company the tools they need to one day take the reins. We also teach methods to better your company’s performance, such as managing finances and improving processes.

By teaming with partners like Velocity Advisory Group and area business leaders, we can provide the most thorough and practical instruction for you and your company.

Where do you need help?

There are lots of moving parts to run a successful construction company. Growth often means changes in people, facilities, financing, overhead and more. And your clients and competition require you to evolve and strategize for the near and distant future.

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.

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. Get what you need to grow and thrive.

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Talk to skilled construction CPAs about securing your financial foundation

At James Moore, our goal is to build long-term partnerships with companies that are serious about securing and growing their financial foundation. Regardless of the size or stage of your construction firm, we are interested in learning about your unique needs and goals, and rest assured that we will stand committed to your continued success should you choose to partner with us.

If you’re ready to take your construction business to the next level, then you’ve come to the right place. 

From our offices in Gainesville, Daytona, Tallahassee and DeLand, construction companies throughout Florida and nationwide trust us with their accounting needs.

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