The construction industry is often full of uncertainty and volatility, with slow seasons that could limit available work, changes in material prices, plenty of liabilities, and market forces that affect real estate prices and demand. To make sure your construction business nets a healthy profit, and continues to no matter the exterior forces at play, it is a good idea to work with a specialized CPA for construction businesses.
Here are just a few of the ways a construction CPA can benefit your company and maximize your profits:
Implementing Industry-Specific Financial Planning
A CPA who is familiar with the construction business can help you make better financial choices that anticipate slow seasons or market downturns, limiting new investments when you need liquid cash flow more than ever. And when the market swings the other way, the CPA can offer advice to help you manage the windfall intelligently, such as investing in new tools and equipment or taking on a large project.
Using Construction-Friendly Accounting Practices
Construction varies from other service industries in that projects are often completed stage by stage, with payments received as certain thresholds are met. This means that standard accounting practices would give an unclear assessment of the business’s financial standing. Construction–specific practices like percentage-of-completion techniques can provide more accurate accounting for your company.
Avoiding Penalties & Minimizing Tax Liabilities
A CPA for construction can help you manage your business expenses and tax liabilities more effectively, such as deducting material and equipment costs and keeping tax liabilities to a minimum while avoiding unnecessary penalties. A construction CPA is especially important for managing complex payments and tax issues for subcontractors, independent contractors, and employees.
Managing Credit, Insurance & Bonds
When you need help to secure financing on a new project, obtain contractor’s insurance, or apply for bonds so that you can work on a wide range of projects, you need to remain up-to-date on your finances. A construction CPA can keep your fiancees current and accurate, assist with financial planning and reporting, and guide you through the process of obtaining financing, insurance, and bonds.
Construction CPAs in Dallas & Houston
When you need an experienced, professional CPA for construction firms in the Dallas or Houston areas, turn to our team at Gurian CPA. We have the industry-specific skills and experience to help your construction business thrive, and we can help with everything from tax planning and preparation to payroll services, business entity formation, business accounting, account reconciliation, and more. We are committed to the success of your business, and we will work hard to help it grow and reach your financial goals.Call Gurian CPA today at (713) 965-4804 for expert accounting services that are tailored to the needs of your construction business in Dallas, Houston, or the surrounding areas.
