Construction accounting is not easy and requires far more effort than the majority of contractors realize.

Construction firms play a vital role in the growth and development of any economy. However, construction accounting is complex, demanding, and requires specialized knowledge and expertise.

They face various financial challenges that hinder growth. These challenges include cash flow management, high operating costs, budget constraints, and more. That's where Time Value Accounting & Business Services comes in – we offer a wide range of accounting and advisory services tailored specifically to the construction industry. From managing project costs and budgets to ensuring compliance with regulations and optimizing tax strategies, our team has the expertise you need to keep your business running smoothly.

Main reasons why partnering with us would be beneficial to your construction company:

  1. Job Costing and Project Accounting: In construction, accurate job costing, and project accounting are crucial for profitability. Our team understands the intricacies involved in tracking costs, managing budgets, and analyzing project performance.

  2. WIP (Work-in-Progress) Accounting: Construction projects often span extended periods, making WIP accounting a critical aspect of financial management. Our experts will work closely with you to develop comprehensive WIP schedules, accurately recognize revenue, and manage the associated costs.

  3. Cash Flow Management and Retainage: Cash flow management is vital in construction due to payment delays and retainage practices. Our team understands the cash flow challenges unique to the construction industry and will develop strategies to optimize your cash flow, minimize payment delays, and effectively manage retainage.

  4. Compliance with Construction-Specific Regulations: The construction industry is subject to specific accounting regulations, such as revenue recognition rules outlined in the ASC 606 standard. Our professionals are well-versed in these regulations and will ensure that your company remains compliant.

  5. Understanding Specific Needs: Our team of experts is experienced in working with construction companies of all sizes. We'll work with you to develop a customized solution that meets your unique needs and helps you achieve your business goals.

Here is what you can expect from our strategic construction accounting and advisory services:

  • Accurate and timely financial reporting. We understand that the construction industry moves quickly, so we make sure that you have access to up-to-date reports on your finances at all times. This allows you to make informed decisions about your business.

  • Our team of experts will work with you to develop a customized financial plan for your company's unique needs and goals. Whether it's managing cash flow or reducing costs, we'll help you create a strategy that works best for your business.

  • By assisting in the management of accounts payable, receivable, and payroll processes, we can ensure optimal utilization of available resources while maximizing profits.

Reach out to us today for a Discovery Call. We are ready to work with you every step of the way towards achieving your business goals. Take action today!