Top CPA Serving the Tri-State Area Since 1983

Construction Accountants in Wynnewood

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 Wynnewood collaborate closely with you to create a personalized approach that meets your unique requirements.

Our accounting services for local construction companies include conducting accounting audits, preparing financial statements, and devising tax planning strategies. Our assistance in managing the intricacies of various construction industry regulations will enable you to concentrate on expanding your business. Furthermore, our team possesses extensive expertise in areas such as construction bonds, liens, and subcontractor agreements. We recognize the significance of meeting deadlines and adhering to budgets, which is why you can rely on us to ensure seamless project management.

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 usually last for weeks, months, or even years, and construction companies may face difficulties in managing their finances if they lack a steady stream of income. This is where our construction accountants in Wynnewood come in to offer expertise on the long-term production cycles of the construction industry. We have the knowledge and experience to manage spending and budget effectively, enabling our clients to remain financially stable throughout extended projects.

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

Distinguishing between COGS (cost of goods sold) and overhead costs is a crucial aspect of construction accounting. COGS represents the direct expenses incurred in producing a product or service, while overhead costs refer to indirect expenses such as rent, utilities, and other fixed costs. At SD Associates, P.C., we assist our clients in organizing these two categories to avoid any confusion in their financial statements. This can aid businesses in comprehending their genuine production costs and optimizing profits by effectively managing their 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 Wynnewood 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 Wynnewood 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 Wynnewood 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.