If you are in the construction business, you are aware that the accounting methodologies are quite unique. Many CPA firms do not handle construction accounting for clients, since the software, forms, tax implications, interaction with the AIA (American Institute of Architects) and job costing are so complex.
At Turlington and Company, L.L.P., we have staff members who have years of experience in the technical accounting world of the construction business. Your construction business requires knowledgeable, diligent professionals who can advise, assist, consult, guide and prepare taxes for your unique operation.
Our experience will be valuable when you need guidance as to the best software for your particular needs. We can make you aware of the various AIA forms and methods that may make your accounting process more efficient. Many construction firms do business in several states and must comply with tax regulations that may differ in those states. Tax specialists are always available to our clients to help with setting up new locations in the accounting systems, handle payroll issues, set up or audit employee benefit plans, in addition to handling any accounting functions that you may want to outsource.
We can provide assistance with financial statement preparation in order to ensure that your business is in compliance with all audit standards, state and federal tax requirements and proper accounting for the complex transactions of a construction business.
Job costing is a major contributor to the accounting process for a construction business. If a major cost is omitted from the calculations, it can lead to losses rather than the profit that must be derived from every job. Our experienced technicians can review or audit your procedures to ensure that you are capturing all related costs for each project.
Another important, unique accounting function is the setup of your project billings, which utilize the unique method of recognizing revenue on a percentage-of-completion basis. There are alternate methods available for revenue recognition, such as the contract method, but you should have experienced professionals review your projects to determine the appropriate method for your unique jobs.
Before even discussing tax preparation, the other important, frequently overlooked area in all businesses relates to fraud. Any large, complex business with many employees, vendors and clients can expect to lose an average of 5% of revenue annually due to fraudulent activities by one or several of those groups. If someone is not reviewing random transactions or providing in-depth audits, these acts of fraud can gradually cost a company not only cash, but eventual legal fees and loss of business.
At Turlington and Company, L.L.P.Turlington we have two dedicated Certified Fraud Examiners who are available to our clients to determine if your business is at risk, investigate specific, potential areas of concern or handle instances of financial disputes.
Our tax preparation, of course, meets the highest accounting standards in the industry and we cover all areas of tax planning. We will advise you on the type of business entity you should operate for tax purposes and we can assist with the financial statement preparation and provide audits to ensure compliance in every tax reporting venue.
Turlington and Company, L.L.P. is ready with specialists in the construction accounting field. Contact us to discuss the areas in which we can be of service to your business.