- Dusty Gary, VP Wolf Construction, Inc.
Does your accountant understand job costing and percentage completion?
An accountant and a contractor… No, this isn’t the beginning to a bad joke. We’re accountants who enjoy working with contractors because of our shared business practices. You learn as much as you can about a new project, bid the job and then do the best work you can while staying within the budget. We do the same thing, which is why we understand the importance of change orders, when to do them and how to document them. And what about job costing and percentage completion – does your accountant understand those concepts?
Our clients in the construction industry range from large general contractors to specialty subcontractors. While they all face similar challenges, we tailor our services to help each client:
- Improve cash flow and reduce taxes. With our years of industry experience, we’ll look at your depreciation schedules and financial statements to identify ways to reduce your taxes and improve cash flow. We know how job cost systems should work and can identify issues that would affect your job profitability and financial statements.
- Maximize position during succession planning. With many owners retiring, we’ve helped our clients lower potential estate taxes and maximize their financial return while passing their business on to the next generation.
- Ensure the security of assets. We utilize our industry knowledge and understanding of internal control processes to identify weaknesses that should be addressed to protect your company assets.
- Present financial statements. We know a big part of your business comes from your bonding capacity. We develop solid communications with bonding agents to determine what information they need to maximize your bonding capacity. We’ll also work with your lenders on your behalf to maximize your equity.
As your business grows, you’ll need a construction accountant who understands GAAP reporting requirements and percentage completion. If your current accountant doesn’t, contact us today to talk about how we can help.