Construction CPAs 

The Blueprint For Your Company’s Success

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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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“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.

We are construction CPAs in Florida who help companies with their accounting and business consulting needs.

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:

  • 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?

And of course, these opportunities and challenges will shift again as the economic cycle runs its perpetual course.

The specialized financial reporting, income tax rules and cyclical nature of the construction business means that you need construction CPAs and an accounting firm that knows  your industry. One with the industry experience and resources to ensure you’re prepared to handle whatever comes your way.

This is why contractors and other construction companies have trusted James Moore’s construction CPAs for over 50 years with everything from basic accounting to transition planning.

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Shore Up Your Financial Foundation with James Moore

Construction Accounting and Business Solutions

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 shows others about your financial capabilities.

Your potential clients want accurate financial statements so they can make an informed decision about potentially hiring you. James Moore can help you tell your story in the best light possible.

As construction CPAs, we’ll advise you about the level of assurance that best suits your needs (compilation, review or audit) and show you how to improve your internal reporting to help you better manage your business.

Contractors, homebuilders, engineering firms… they all have specialized accounting and income tax rules to follow. And you want to make sure you’re taking advantage of the numerous special deductions, credits, excise taxes and other elections available.

Contractors working across state lines also have additional income and payroll tax liabilities in those states.

James Moore is well versed in the details of construction tax issues. With us on your team, we will help you select the best accounting method to help you delay reporting income and deferring income taxes. By taking advantage of the tax breaks available to you, you can minimize your tax burden while maximizing your cash flow.

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 construction CPAs, we can help you with these and other complexities you encounter. Our knowledge and experience will help you run your business better and more profitably.

When bidding and obtaining a bid bond for a proposal, time is of the essence. So the last thing you need is a delay caused by a CPA 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. Or 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 you can continue to replenish and grow your backlog.

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

With the upswing in new construction, you face an increasing need for qualified workers—from general construction labor to plumbers, masons, electricians and other skilled tradespeople. And if you don’t have a qualified workforce, you have a delay on the job.

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

Our HR Solutions team brings decades of combined experience to your company so that you can find the help you need for your jobs. We can also show you how to stay in compliance with ever-changing employment regulations, so you can protect your firm 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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Keeping up with several job sites is a challenge unto itself, with multiple teams, budgets, job cost reports and more. But when you couple that complexity with 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 you can successfully add more jobs while managing the projects you already have. Our Operational Excellence team applies Lean 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 15 days on a monthly basis. Not only did this help the company reverse a decline in gross profits and net income, it resulted in more reasonable staff hours and increased employee morale.

Imagine what we could do for you!

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 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 and 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 that nothing is left to chance.

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Your IT network is the backbone of your company. It provides 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 makes sure your data is secure.

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 would 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 techniques to make sure our clients’ networks remain up to date and stable.

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 and Data Protection
  • Backup & Disaster Recovery
  • Email, Messaging & Collaboration
  • Network Planning & Design
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Managing investments, retirement and taxes can be so confusing and overwhelming that some people choose to just not think about it. That might be easier in the short term, but it won’t get you any closer to meeting your financial goals.

The best way to build your financial future is to work with an advisor who understands the blueprints. Our construction CPAs understand not only your industry, but your goals as well. We know the sacrifice it takes to achieve them, and we have the knowledge to make them a reality.

Our partner is 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.

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 to the helm 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 ultimately 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 running a 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’ll also advise you on how to structure major transactions to minimize their impact on your financial position and bonding capacity. So you can get what you need to grow and thrive.

How can our unique approach help you?

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

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See What Our Clients Have To Say

We have developed a long term relationship with James Moore because they have effectively become a partner in our organization.  There staff’s specific knowledge of the construction industry has been an invaluable tool in the continued growth and professional development of our business.

Ivan Oelrich, President, Oelrich Construction, Inc.

James Moore has been a key partner in the fast and successful growth of Blakeland Construction. JM’s customized the services that Blakeland needed as we took on more public clients and our reporting needs increased. I believe that JM construction specific experience has helped Blakeland’s strong bonding capacity and financial plan. We value the personal relationship we have with with our JM account managers, they know our company goals and have been valued advisers since 2012.

Annette Cornwell, President, Blakeland Construction Services

For the past 20 years, The Deltona Corporation has greatly benefited from the relationship with James Moore and Co. The audit and tax teams have always proven to be professional, and very knowledgeable in US and international accounting.  The guidance provided by the [James Moore] team has helped us reach a higher standard with our own management and accounting practices.  Our relationship with [James Moore] is invaluable.  Thanks [James Moore]!

Tracy Williams, Assistant Treasurer, The Deltona Corporation
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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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