FirmKey’s network partners are experts in accounting for construction companies, providing a full range of services tailored to the unique needs of contractors, developers, and builders. From construction bookkeeping to advanced construction financial management, FirmKey’s network delivers precision accounting support that helps construction companies maintain accurate records, streamline cash flow, and meet specialized requirements like Work-in-Progress (WIP) reporting and AIA billing—critical components unique to the construction industry.
Comprehensive Accounting Services for Construction Companies
FirmKey’s network includes professionals specializing in:
- Construction accounting and bookkeeping, including monthly close, bank and credit card reconciliations, AP/AR processing, and balance sheet tie-outs.
- Controller services providing oversight of month-end close processes, payroll entries, fixed asset schedules, and account reconciliations.
- Construction CPA services for financial reporting, tax compliance, and strategy.
- Construction financial management solutions, including cash flow forecasting, budgeting, and financial reporting.
- Audit services, including financial statement audits, attestation, compliance audits, and Yellow Book/GAGAS audits to ensure accuracy, transparency, and regulatory compliance.
The Unique Accounting and Reporting Requirements of Construction Companies
Construction companies face distinct accounting and reporting challenges that differ from other industries. FirmKey’s network partners understand these specialized needs, including:
- Work-in-Progress (WIP) Reporting: Tracking project progress, revenue recognition, costs incurred, and profit margins over time to ensure accurate financial reporting.
- AIA Billing: Managing standardized invoicing processes involving detailed forms like G702 and G703, essential for larger-scale projects.
- Certified Payroll Reporting: Ensuring compliance with prevailing wage requirements for government-funded projects, such as Davis-Bacon Act compliance.
- Lender Reporting: Providing detailed financial statements, budgets, and compliance certifications to secure and maintain financing.
- Contract Compliance Reports: Monitoring adherence to budgets, timelines, and contract scope for complex projects.
FirmKey’s network partners are experienced in navigating these unique requirements, providing construction companies with tailored accounting solutions that address industry-specific challenges.
Construction Financial Management and Reporting Solutions
FirmKey’s network partners excel in delivering construction financial management services that include:
- Job costing for construction projects to determine profitability and improve cost tracking.
- Construction budgeting and forecasting to plan for growth and manage expenses.
- Financial reporting tailored to the needs of contractors, developers, and specialty subcontractors.
- Construction accounting software integration with platforms such as QuickBooks for contractors, Procore, Buildertrend, and more.
Tax Preparation, Compliance, and Audit Services for Contractors
FirmKey’s network partners provide a comprehensive range of tax and audit services for construction companies, including:
- Construction tax preparation and compliance for business and personal tax returns.
- Tax planning and strategy, including S-Corp election (Form 2553) and entity structuring.
- Construction tax services covering payroll processing, ADP/Trinet support, and management fee allocation.
- Construction audit services including financial statement audits, attestation, and Yellow Book/GAGAS audits.
Project-Based Accounting and Cost Management
FirmKey’s network offers project-based accounting services designed to optimize profitability and streamline operations:
- Construction cost tracking and revenue recognition for accurate financial reporting.
- Project-based accounting tailored to contractors, general contractors, and specialty subcontractors.
- Inventory and COGS systems for inventory tracking, SKU audits, and costing methodology.
- Due diligence and QofE reports, including proof of cash, net working capital analysis, and data books.
Why Choose FirmKey’s Network for Construction Company Accounting
FirmKey’s network offers a flexible model, allowing construction companies to access high-quality financial expertise through fractional, project-based, or outsourced engagements. This tailored approach ensures that businesses of all sizes can benefit from:
- Access to experienced construction CPAs, bookkeepers, controllers, and CFOs.
- Transparent and efficient processes to streamline accounting and financial reporting.
- Customized solutions to address industry-specific challenges and enhance profitability.
FirmKey’s network partners provide comprehensive construction accounting services designed to help companies grow, manage financial complexities, and achieve their strategic objectives. Talk to us today!