The construction industry is unique and challenging, offering rewarding successes and devastating failures. Because of this, business owners and contractors must constantly be aware of the ever-changing conditions. The industry requires considerable short-term and long-range planning–not only for the actual construction process but also in meeting the company’s goals for bonding, adequate bank financing and taxes. Effective collaboration in these areas can help enhance your profitability.
SSB understands that the construction industry requires specialized knowledge, technology and expertise.
Our team of trained strategic advisors will work with you to identify your needs and develop a plan that will help you and your business succeed in this uniquely challenging industry.
Construction accounting involves the specialized accounting practices used in the construction industry. It involves tracking and managing project costs, revenue recognition, job costing, progress billing, financial reporting and compliance with industry-specific accounting standards.
Construction accounting is crucial for accurate financial reporting, proper project cost allocation and compliance with industry regulations. It helps construction companies track project profitability, manage cash flow, make informed financial decisions, maintain financial stability and obtain bonding and credit.
Construction accounting differs from general accounting due to the unique aspects of the construction industry. It involves job costing, work in progress schedules, revenue recognition based on project progress, contract billings, change orders and specialized financial reporting formats. Construction accounting also addresses industry-specific regulations and tax requirements.
Contact SSB CPAs today to learn how we provide financial expertise for your industry.
