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Construction Accounting

Construction Accounting Services

Construction professionals, such as contractors and independent contractors, often require the assistance of a professional accountant to help optimize business processes and promote compliance. There are various special considerations that have to be made in the construction industry, such as payroll and managing subcontractors. Parsons CPA, PLLC assists construction business owners in Charlotte with operational tasks and job accounting to ensure that finances are properly maintained. 

To learn more about accounting services for construction businesses and to schedule your initial consultation, contact us today. 


Projections and Job Costing

When bidding for jobs, it is important to have an understanding of the material and labor expenses you expect to incur. Parsons CPA, PLLC provides contractors with estimates based on finances, allowing them to compete for lucrative private and public jobs. These not only take basic expenses into consideration but also the costs of subcontractors. 

While working on the job, our Charlotte construction accountants continue to assist by providing ongoing and adaptive job costing. The reports and plans created during this process are customized to the size and scope of your contract. We ensure that you stay aware of indirect costs, such as equipment purchases, and how tax strategies such as long-term depreciation that can lower your liability.

 


Revenue Recognition Reporting

These reports are essential for longer contracts that may take multiple months or years to complete, and provide accountability during construction. Revenue recognition reports also ensure any changing costs for materials, labor, and subcontracting can be taken into account as necessary. 


Payroll Accounting for Independent Contractors

Many employees at construction companies are not kept on payroll during the long term but are independent contractors. Our Charlotte construction accounting firm ensures your contractors are paid properly and on time so you can stay focused on the completion of your contract. 

These services are also available for subcontractors whose employees are retained as hourly or salaried. It’s important to remember that independent contractors are supposed to pay their own taxes for self-employment; it is not your responsibility to withhold taxes in this case.



Maintain Your Construction Business’ Finances Today

Whether you are looking to bid on a job through accurate estimates of job costs or need revenue recognition reporting to complete your current contract, Parsons CPA, PLLC is able to help. We take a proactive approach to helping our clients achieve financial balance, regardless of the industry. Contact our Charlotte construction accounting firm today to schedule your initial consultation. 

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