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Growth Strategies: How to Take Your Business to the Next Level
Once your business has survived the start-up phase, it's got a solid foundation to grow. SSB provides business and...
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.
Recommendations to improve working capital to help increase bonding and financing capacities
Analysis of bidding procedures
Preparation of budgets and projections
Financial statements according to present industry standards
Coordination of business and personal tax planning
Multistate issues—nexus, sales and use tax, franchise, income and other taxes
Structuring of business entities
Equipment leasing company considerations
Business continuation/succession planning
Analysis of potential acquisitions and mergers
Estate planning
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.
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