REASONS TO HIRE A CONSTRUCTION CPA FOR BUSINESS
Updated: Nov 28, 2022
A business in the construction industry must follow numerous tracking and reporting requirements; these requirements can even vary depending on the job's location and workers.
A construction CPA is essential for any business in the construction industry. Here are a few reasons to hire a construction CPA for your company.
1. A CPA Can Assist with Completing Your Reports and Financial Statements
Your company likely has multiple reports that it has to complete, including work-in-progress reports and documents related to risk management and controlling costs.
A CPA with experience in the construction industry can recommend software that makes it easier and quicker to generate these reports. They also check that your financial statements are comprehensive and accurate.
Properly prepared financial statements increase your chances of obtaining credit or bonding approval.
When it's time to file your taxes, your CPA can take care of this for you. You'll also have all the reports and documentation you need to substantiate your deductions and credits.
2. Construction CPAs Will Ensure Your Accounting is Precise
Sometimes, it isn't clear how to allocate costs, like overhead, to your construction jobs. If you don't allocate overhead using the right method, you risk allocating too little or too much overhead to the job. Either way, you don't have an accurate picture of the job's true cost.
Your CPA will offer recommendations for how you can increase the precision of your accounting so that you'll have a better idea of a job's expenses and actual profits.
3. A Construction CPA Can Help You Improve Your Company's Finances
There's no reason for your business to pay more taxes than it's legally required to. A construction CPA providers guidance as to how you can lower your tax obligation.
A CPA will explain your financial statements and reports to you so that you know exactly how your company is doing. CPAs also make recommendations for how you can better structure your cash flow, recognize revenue, and utilize credit to help your company grow.
Ready to connect with an experienced construction CPA? Contact us today!