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We provide expert accounting services for individuals and businesses. Contact us today to learn more.
General contractors and construction company owners face a multitude of challenges, such as slim profit margins, cash flow demands, and specific billing and compliance requirements. Unlike many other industries, construction projects can span weeks, months, or even years to complete, making financial management particularly complex. The construction sector has its own set of accounting rules under a separate section of the IRS tax code.
Whether you are a small contractor or a large construction firm handling long-term contracts, it is crucial to select the appropriate accounting method to accurately reflect your business operations. The two primary construction accounting methods are the cash method and the accrual method, which includes accounts receivable and accounts payable.
Choosing the right accounting method is essential as it impacts how income is reported and expenses are deducted. Additionally, there are different variations of accrual methods that can further complicate matters. Construction businesses must also navigate potential tax pitfalls related to financial statement preparation under generally accepted accounting principles. Therefore, it is vital to work with CPAs who specialize in contract accounting and understand the intricacies of construction projects.
The Conscious Accounting Firm is an accounting firm with over 15 years of experience serving clients in the construction industry. Our expertise includes assisting with job cost control and estimation, cash flow enhancement, project profitability evaluation, and tax minimization strategies. We can also recommend and implement accounting and bookkeeping software tailored to your company's requirements to improve efficiency and streamline operations.
We provide professional bookkeeping services to ensure your financial records are accurate and up-to-date. Our team of experts uses the latest software and technology to handle all your bookkeeping needs.
We offer comprehensive tax preparation services for individuals and businesses. Our team stays up-to-date with all tax laws and regulations to ensure you receive the maximum refund possible.
Our payroll processing services help you save time and money by handling all aspects of payroll management. From calculating employee wages to filing payroll taxes, we've got you covered.
We offer personalized financial planning services to help you reach your financial goals. Our team takes a holistic approach to financial planning, considering all aspects of your financial situation.
Our audit services help you ensure your financial statements are accurate and comply with all accounting standards. We have extensive experience conducting audits for businesses of all sizes.
Our CFO services help you improve your business operations and increase profitability. We offer customized solutions tailored to your specific business needs.
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