What you own (assets), what you owe (liabilities), and what’s left over all go into the same formula in accounting. You should be aware of a few significant distinctions between general accounting and construction accounting, though. The greatest New York accountants who focus on the construction industry will be profiled in this article.
Why construction accounting should matter to contractors
General accounting is effective for businesses that operate in stable environments with continuous cash flow and regular invoicing. On the other hand, construction accountants must support businesses in a complicated, project-based sector that faces unique financial difficulties. Highly variable cash flow, deposits (or lack thereof), retainage, change orders, work costing, and a tonne of other factors need to be taken into consideration by the construction industry. All of this occurs in a sector where the typical 83-day delay in accounts receivable (A/R) is the norm.
Construction accountants invest a lot of time knowing the ins and outs of the construction industry to ensure you’re on track to make a profit. They may assist you in understanding which projects are profitable, which ones to avoid, how to bill your clients, and how to submit bids for projects in this way (just to name a few).
A New York construction accountant will be familiar with both the federal and state tax rules and regulations governing contractors. They may frequently help you submit your business taxes and look for opportunities to lower them in addition to managing your financial books.
CPA firm James Castaldo & Associates
James Castaldo CPA & Associates is aware that competent accounting and bookkeeping services are essential to the success and expansion of small construction enterprises. They are aware, however, that construction accounting entails more than just managing cash flow.
Small contractors are carefully partnered with by James Castaldo CPA & Associates (plumbers, electricians, masons, landscapers, painters, etc.). They can assist you in minimizing costs and tax obligations so that you can increase earnings. They also make utilization of your financial information to assist you in acquiring the most lucrative jobs for your business and charging your clientele appropriately.
CPAs VJN Associates
Construction accounting is a specialty of VJN Associates CPAs. There are numerous cash flow issues in the construction sector. VJN is committed to examining your particular financial position and developing workable solutions that make your company run more efficiently.
Additionally, the VJN team examines your books like a seasoned CFO in order to maximize your accounts receivable and stop any profit leakage.
- Services provided by VJN include:
- Analysis and planning for construction taxes
- Closer look at the type
- plan strategically
- Review and audit the financial statements
- The flow of funds analysis
- Implementation of QuickBooks.
VJN is widely regarded as one of the most affordable construction accounting firms in New York, and they support this claim by offering Fortune 500-caliber services without exorbitant costs. If their services don’t match your needs, they also provide a 100% money-back guarantee.
Wiss & Co., LLP
The staff at Wiss & Company, LLP is committed to the construction sector. Their understanding of the sector enables them to offer their construction clients customized, effective business advice.
Among the wise construction-related services are:
- Reviews and audits
- Pre-qualification statements for contractors
- enhanced billing procedures
- strategy for capital financing
- Plans for rewards and benefits for employees
- performance comparison
- They seek to increase contractors’ profits and set up the business for expansion.
Wiss & Company, LLP offers its clients the resources of a large firm with the personal service of a small one. Wiss is a part of the BDO network, which unites more than 600 significant accounting firms and encourages them to deliver the best services possible.