Top CPA Serving the Tri-State Area Since 1983

Construction Accountants in Lansdale

The construction industry has some of the most complex financial and legal issues to manage. That’s why it is important for any contractor or developer to consult with a team of experienced professionals. At SD Associates, P.C., we offer a comprehensive suite of accounting services that can help you maximize profits and minimize risks. Our Lansdale construction accountants will work closely with you to develop a customized strategy that meets your specific needs.

Our firm provides an array of services catering to local construction companies, including accounting audits, financial statement preparation, and tax planning. We will assist you in navigating the intricate regulations specific to the construction industry, freeing you to concentrate on expanding your business. Moreover, our team boasts significant expertise in crucial areas such as construction bonds, liens, and subcontractor agreements. We acknowledge the significance of meeting deadlines and adhering to budgets, hence you can rely on us to ensure that your projects run seamlessly.

Construction Accounting vs. Standard Accounting

Although accounting is crucial for all organizations, construction companies have unique accounting necessities that differ from other businesses. For construction companies to thrive, it is imperative to have access to 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 Lansdale 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

Many construction businesses handle multiple projects concurrently, necessitating the need for construction accountants to ensure the successful completion of each project. At SD Associates, P.C., we can assist our clients in adhering to their schedules and budgets by providing essential financial insights into their various projects. Our expertise lies in tracking project costs, labor expenses, material costs, overhead expenses, and other related aspects to ensure that all expenses are accounted for.

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 Lansdale 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 Lansdale Today

At SD Associates, P.C., we are committed to providing exceptional accounting and consulting services to professionals in the construction industry. Our construction accountants in Lansdale offer a comprehensive suite of services tailored to assist contractors in optimizing their profitability. We offer personalized services that keep you abreast of industry developments while efficiently managing your finances. Schedule your consultation today by calling us at (215) 517-5600.