If you are a business owner in the construction industry, you’ve probably heard some of these phrases:
“You need a strong balance sheet.”
“What is your working capital?”
“Why are you under-billed on this job?”
“Why are you under-allocating costs?”
“Cash is King!”
These phrases are incredibly common in the construction industry. It’s no secret that this industry is faced with unique reporting and tax related issues, especially right now with new revenue recognition standards, lease standards, and tax law reform.
Most contractors understand that they have to manage job costs effectively to have positive profit margins, but what are “real” job costs? An in-depth understanding of job costs provides a contractor with the tools he needs to successfully bid jobs, manage those jobs, and complete them with positive margins. The GMP Construction Team can assist contractors with getting control of their costs and understanding how they factor into the work-in- progress schedule.
GMP offers a comprehensive suite of services to assist your construction company for today and the future. We provide a broad range of services to contractors and subcontractors of all sizes. Our Audit, Tax, and Client Accounting Services Departments work together to bring our clients a well-rounded, diverse knowledge base for their businesses.
We are members of Construction Industry CPAs/Consultants Association (CICPAC), a nationwide network of accomplished CPA firms specifically selected for their experience in and commitment to serving the construction industry. CICPAC members distinguish themselves by providing management and consulting services that meet the increasingly complex needs of construction companies. GMP is also a member of the Construction Financial Management Association. CFMA is a national organization that provides networking and education opportunities for construction financial professionals.
You need a solid foundation in order to grow your business in the construction industry. At Gollob Morgan Peddy, we’re ready to help. Contact us today to learn more about our wide variety of accounting services for the construction industry!