Experienced Chicago Construction CPA Firm
Construction businesses, home builders, and allied businesses face a unique set of challenges with regard to financial management, revenue, and expenses. Accordingly, construction accounting services must be seasoned in construction contracts, job costing, administrative costs, and financial reporting, to name just a few. The Lewis CPA firm employs this experience in numerous ways and can certainly help you, with whatever needs you may have, including:
- Tax planning consultancy;
- Surety bonds for contractors;
- Job costing;
- Equipment costing;
- Debt restructuring and management;
- Analyzing overhead elements;
- Analyzing cash flow;
- Post-job evaluation;
- Succession arrangements;
- Accounting software for construction companies.
We also specialize in payroll processing as well as the accurate calculation of sales tax. In fact, our services range from basic bookkeeping to wealth management strategies. We do all of these things so construction firms can focus on structures, buildings, and design.
Why Do You Need a Construction-Specific CPA?
The Unique World of Construction Accounting?
Construction is among the most complex and regulated businesses in the modern economy, and with good reason. The very conditions and substance of this type of work come with concepts all its own. From job costing to pricing per project to principles that recognize revenue, construction businesses in Chicago and elsewhere stand apart.
Accounting per Construction Project
This is a type of accounting that designates costs according to each contract. Expenses and revenues are set up separately by the job as a means of tracking projects which may differ from one another widely by size, scope, and inputs.
Marketing and Selling
An unsung input in the construction industry remains promotion, i.e., selling the service and building brand awareness. From crafting an effective message to generating winsome content to a social media strategy, advertising, and selling constitute a major budget line item. Construction accounting services can aid in setting up a sales budget.
A competent construction accounting firm examines overhead costs for the purpose of stabilizing them and making them more predictable. We help construction businesses reform their receivable and payable policies, use software to precisely calculate overhead, improve their bidding success rates, and resolve delay issues. Establishing stability in these areas helps the construction firm get a better handle on cash management.
Cost of Materials and Labor
According to the Associated General Contractors of America, many contractors have noticed reduced costs in fuel, lumber, and steel as 2022 turned to 2023. However, economists continue to predict rises in both materials and wages. Inflation continues to affect the prices of raw materials, energy, and human resources. The accounting firm must monitor this.
Long-term construction contracts are typically those where the term exceeds one year. These sorts of commitments challenge construction accounting services since so much accounting is organized into quarterly and annual financial reporting.
Our Tax Services for Construction Companies
Given the realities of revenue recognition, fluctuating prices, and irregular contracts, to name a few factors, it comes as little surprise that reporting for tax purposes requires extensive experience.
Tax Return Preparation
Assembling the many schedules, attachments, and documents that support the representations on a return stating taxable revenue is daunting for a construction firm. With more than a few years of doing so, Lewis CPA will prepare your return with competence and confidence.
Keeping your tax burden as light as possible is another one of our strengths. We can advise you on deductions and investments that lower your overall taxable income.
The IRS is getting bigger and busier. An audit or other inquiry is never ruled out, but Lewis CPA accounting services stands by its clients through the process.
Our Construction Accounting Services
From simple bookkeeping to financial planning, our construction CPAs provide the full range of construction accounting services, so you can count on us to do it all.
Regulators, taxing authorities, investors, and others have an interest in viewing the performance of a construction company. This is why organized and accurate financial statements, balance sheets, cash flow, and income statements are crucial.
In addition, insurers and prospective investors often require regular internal and external audits for construction concerns to maintain confidence in the business.
A professional accountant can help organize the payroll system. Overtime, workman's compensation, etc. are common in construction, and an expert brings efficiency to the task.
Managing the company's assets gets a boost from those providing construction accounting services. We can advise on matters like contract price, narrow profit margins, and mobilization costs.
We are honored to work with those who build our towns, cities, and villages. We serve businesses across the construction spectrum:
- Commercial and Residential Building Contractors;
- Infrastructure and Highway Contractors;
- Excavation and Demolition Professionals;
- Masonry, Concrete, and Paving Businesses;
- Real Estate Developers of business districts and residential communities;
- Exterior, Finishing, and Equipment Contractors;
- Engineers, Architects, and Designers.
Why Employ Our Construction Accounting Services?
Accounting for construction companies is no easy task but Lewis CPA rises to the occasion as few others do.