accountants for general contractors
Our modern society is built and maintained through the processes of completing construction projects. From highway reconstruction and bridge repairs to demolition and landscaping, construction projects are almost always on-going. We see evidence of their progress or completed works wherever we go. For many of these construction projects, there is a general contractor who is responsible for overseeing these projects and ensuring their completion from start to finish. A general contractor can be an individual or a company, but their services are a business in and of themselves.
As with any business involving revenue, expenses, and cash flow in general, it can be beneficial to have an accountant that optimizes profitability and keeps track of the contractor’s financial health. General contractors have many responsibilities they deal with on a daily basis with any number of construction projects going on. An accountant for general contractors can provide critical services and information that will aid these contractors in managing their finances in a number of different ways.
responsibilities of a general contractor
Typically, a general contractor is hired by a property manager to oversee a particular construction project. These contractors are responsible for making sure these projects are completed in a manner that is up to code with all the safety regulations. General contractors ensure that a construction job is completed while also adding in factors like:
- Having the project done safely
- Completing the project on time
- Doing the job according to all specifications and guidelines
What Do These Contractors Do?
The workload of a general contractor usually consists of tracking and managing various construction projects. These projects can range from simple residential projects to more complex commercial ones. More often than not, a general contractor is hired in a project that requires multiple steps, or might involve more than one industry to complete it. In these cases, it is their job to organize and make sure that all parts of this job flow together and get accomplished on time and they way it should be done.
The contractors make these dreams and projects come to life and act as the middle man between the property owners and those working to complete the task. They can also be in contact with multiple people and organizations within the building processes such as:
- Material Suppliers
- Other subcontractors
With everything that a general contractor has to keep in mind to help ensure other businesses complete their tasks on time, it is worth it to look into a reliable accountant for their own business needs. These accountants can offer services that help you keep your finances in order while you help to complete construction projects as a general contractor.
Critical Services Accountants Provide
As your outsourced accounting firm, general contractor accountants will aid in organization of your finances in your business. Establishing a solid foundation for finances and records will help with the longevity and overall financial health and success. These accountants will provide help with services such as: payroll, bookkeeping, tax returns, and tax preparation.
Contractors and builders can tend to overpay in taxes when their finances are not in order and taxes are not filed correctly. An accountant provides critical services such as examining and filing your business’s taxes to ensure that everything is done correctly and you are maximizing your finances in a way that will further benefit your company.
A main goal of accountants for general contractors is to examine the status of where your financials are at right now in order to further strategize to improve your business’s financial health. Through the examination of your financial books and previous tax returns, we will be able to find ways to improve your operations. Accountants are experienced and trained to put your business in a better position through detailed financial analysis. They can also find opportunities to help you save on your taxes and receive better results in your finances.
Within the processes of examining your financial status and evaluating your business position, accountants can also assist in creating and implementing financial strategies. Some of what an accountant might look into for a general contractor would be strategies such as:
- Tax reduction planning
- Building strong financial records for lender validity
- Cash flow strategy to always maintain positive financial health
- Establishing effective business procedures
The processes of bookkeeping and keeping a detailed record of your business revenue and expenses is the foundation of financial management within a company. That is why it is so important to have your bookkeeping well maintained and even utilized for further growth. Through excellent bookkeeping services, you can keep track of each of your projects profitability. As a general contractor, your financial statements play a big role in any oversights you might have for a job, such as lenders or auditors. An accountant can be there to keep all your statements up to date every month to be ready for anything your business needs.
What To Look For in an Accountant
No matter what kind of excavation you are doing, we are able to help you with the financial side of your business. You may be doing just one of the below or you may be doing all of them. Regardless, we are ready to help take the stress off of your shoulders to let you focus on the work that you do for your clients.
- Construction: Being involved in the early stages of construction projects, where they are responsible for preparing the site by digging foundations and grading the land. This might involve removing debris, filling in low areas, and creating a level surface for the building. This could be for commercial or residential.
- Demolition: Hired to tear down buildings or other structures. This can involve using heavy machinery to carefully dismantle the structure and then aiding with the clean-up of the debris.
- Landscaping: Creating landscape features such as ponds, waterfalls, or retaining walls. This can involve digging out the area, shaping the land, and installing drainage systems. Or moving large items from the land with heavy machinery.
- Utility installation: Installing utilities such as water and sewer lines, gas pipelines, and electrical cables. This often involves digging trenches and laying the pipes or cables in place.
about Cooper Norman
Cooper Norman is one of the largest public accounting firms in Idaho and is here to serve all of your accounting needs. With over 70 top-tier professionals, we have over 50 years of experience and knowledge at our disposal and we are ready to serve you. We have an in-depth understanding of many industry-specific financial and accounting challenges that your business may face. We use our compassion and understanding to work with you to understand your goals and limit any problems that may arise. Our goal is to help you build a stronger organization and we have the skills and experience to be able to help you accomplish that. Contact us to get in touch with your local construction accounting team today.