Top CPA Serving the Tri-State Area Since 1983

Construction Accountants in Jenkintown

The construction industry poses some of the most intricate financial and legal challenges to tackle. Therefore, it is imperative for contractors or developers to seek guidance from a team of proficient experts. At SD Associates, P.C., we provide an all-inclusive range of accounting services that can assist you in maximizing profits and reducing risks. Our construction accountants in Jenkintown collaborate closely with you to create a personalized approach that meets your unique requirements.

We offer services such as accounting audits, financial statement preparation, and tax planning for local construction companies. We will help you manage the complexities of various construction industry regulations, allowing you to focus on what matters most – growing your business. In addition, our staff is highly experienced in areas such as construction bonds, liens and subcontractor agreements. We understand the importance of meeting deadlines and staying on budget, so you can trust us to keep your projects running smoothly.

Construction Accounting vs. Standard Accounting

Accounting is vital for any organization, but construction companies have distinct accounting requirements than other enterprises. In order to flourish, construction enterprises must have specialized construction accounting services and resources.

Long-Term Production Cycles

Construction projects typically span several weeks, months, or even years, making it challenging for construction businesses to effectively manage their budget without a consistent form of payment. Our construction accountants in Jenkintown possess a deep understanding of the construction industry’s prolonged production cycles, allowing us to provide valuable insight. We know how to allocate budgets and regulate spending, ensuring that our clients remain financially sustainable throughout the project’s duration.

Tracking Multiple Jobs

Numerous construction firms handle multiple projects simultaneously, and construction accountants are essential in ensuring that each project is executed effectively. At SD Associates, P.C., we assist our clients in adhering to their schedules and budgets by offering crucial financial guidance on managing multiple projects. We specialize in monitoring project costs, labor expenses, material costs, overhead expenditures, and other related expenses to ensure that all costs are accounted for accurately.

Variety of Services

Construction companies offer a vast array of services, ranging from contracting to subcontracting, and require a comprehensive comprehension of the tax implications associated with each service. At SD Associates, P.C., we have extensive experience in all aspects of construction services and can provide tailored tax advice accordingly. In addition to tax services, we offer a wide range of financial management solutions, including payroll processing, accounts payable/receivable tracking, job-cost analysis, financial reporting, and more, to meet all the needs of our clients.

COGS vs. Overhead

Another essential aspect in construction accounting is the distinction between COGS (cost of goods sold) and overhead costs. COGS are the direct costs of producing a product or service, while overhead costs are indirect expenses such as rent, utilities, and other fixed costs. SD Associates, P.C. can help clients organize these two categories so that they do not mix them up in their financial statements. This can help businesses better understand their true cost of production and optimize profits by managing expenses.

Why Work With a Construction Accountant

Collaborating with a proficient and skilled construction accountant is crucial for a construction company to ensure the smooth functioning of its financial operations. Engaging a construction accountant in Jenkintown offers access to invaluable expertise, resources, and tools that are tailor-made for the construction industry.

Having our team at SD Associates, P.C. on your side guarantees that every aspect of your financial operations, from payroll, taxes, budgeting to cash flow management, is handled professionally and precisely. A construction accountant can offer invaluable insights into the financial performance of your business, enabling you to make informed decisions and optimize profits.

Construction Accounting FAQs

What is construction accounting?

Construction accounting is the practice of tracking, recording and managing financial information related to the construction industry. It encompasses a wide range of activities, such as estimating costs for materials and labor, producing payment applications and invoices, managing payrolls and tracking job progress. At SD Associates, P.C., our goal is to provide timely and accurate accounting services that help your construction company thrive.

What is the importance of construction accounting?

Construction accounting is critical for ensuring that a construction business runs smoothly, efficiently, and profitably. Construction accounting tracks costs and profitability throughout the project lifecycle, allowing for better decision-making; it helps manage cash flow more effectively; it provides essential reporting to management; and it ensures compliance with tax laws and regulations.

How does working with subcontractors affect my finances?

Working with subcontractors can be a great way to save time and money, but it can also have an impact on your finances. It is important to understand the financial obligations that come with subcontracting, such as filing proper paperwork and paying taxes on any payments made to subcontractors. Working with SD Associates, P.C., our team of knowledgeable professionals will ensure that you remain in compliance with tax laws and regulations while managing your construction finances.

Do construction companies have to use GAAP?

Generally accepted accounting principles (GAAP) are the regulations companies in the United States must use to report their financial information. At SD Associates, P.C., our staff is knowledgeable in all aspects of accounting, including GAAP regulations and how they apply to your construction business.

Why should I choose SD Associates, P.C.?

SD Associates, P.C. has over 35 years of experience in the construction accounting industry. We provide comprehensive services tailored to each client’s unique needs, including financial statement preparation, tax compliance and planning, accounts payable management, cash flow analysis and more. Our team of dedicated professionals is committed to providing accurate and timely service with a personal touch.

Contact Our Construction Accountants in Jenkintown Today

SD Associates, P.C. is dedicated to providing outstanding accounting and consulting services to professionals in the construction industry. Our construction accountants in Jenkintown offer a broad range of services designed to help contractors maximize their profitability. We provide personalized services that help you stay ahead of industry trends while managing your finances effectively. Contact us today at (215) 517-5600 to schedule your consultation.