Idaho Falls Construction Accountants
Unique to other industries, the construction industry has a diverse and complex way in which it operates. Rather than having a specific product line, construction companies operate by managing individual projects and working with personalized financial plans. Construction projects have large dynamics that require a specialized branch of accounting that understands the complexities of how this industry is run. Idaho Falls construction accountants at Cooper Norman understand the unique operational and financial needs of construction businesses and how to set them up for success through meticulous attention to detail in their finances.



The Basics of Construction Accounting
Accounting for businesses around the world usually focuses on routine financial transactions. These tend to happen on a large and somewhat typical scale and accounting services often include annual financial reporting and financial management for their products or services. With construction industries operating through multiple individual projects, their accounting needs to fully address the financial complexity of these projects while ensuring that each project is successful from start to finish. Construction accounting will cover aspects of this industry by addressing:
- Complicated costing structures
- Long and drawn out timelines
- Contract obligations
- Revenue and expense recognition
- Current project finances
The unique transactions that take place must be monitored closely and construction accountants track these individual projects and help to balance the job costs and revenue for each project. These construction accountants understand what goes into navigating these costs and will help to ensure that these specific needs and goals are being met for your business. When your finances are organized and your revenue is meeting and exceeding your expenses, your business will continue to thrive.
Not Just Accounting
Your construction business has distinct financial projects and processes that need to be managed correctly to be successful. With so many aspects to consider, it is important to go with skilled accountants who have the knowledge and expertise in this industry to truly be the most beneficial for your business. This is not just your cookie-cutter accounting service – construction accountants have the precise knowledge and skill to navigate your business through the intricacies of this industry.
Helping Each Job Be Profitable
Finding that financial balance with managing multiple construction projects can be tricky, and your Idaho Falls construction accountants are there to assist you in running the numbers to keep your finances organized. Having your finances in order allows you to make informed decisions about each job and ensure that your company’s financial health is in a good place.
Accurate Job Costing
In an industry that is trying to aim for each job to be profitable, you need to have an accurate perception of what that job is going to cost and how to keep the project on track. Construction projects are large and having accurate numbers to start helps the project not only start efficiently but helps it to end smoothly. Since construction projects are typically big, they can often be split up across multiple different sites and this can make it more complex to manage when prices fluctuate. An accountant keeps these numbers organized by measuring the financial health of each project and gives you well-rounded information for accurate job costs.
Manages Multi-Year Projects
Revenue recognition, taxes, and billing are all impacted when projects transcend multiple years. Construction contracts may need to be flexible in the event of supply shortages or inclement weather, causing these projects to be drawn out even longer. Keeping accurate accounts of cash flow and managing a schedule of different payments will help to keep these projects afloat, even when the unexpected occurs. Construction projects tend to fluctuate during different seasons as well, so proper financial management and planning are a must.
Strategic Tax Planning
A huge advantage of having industry-specific accountants on your side is their ability to involve your company in strategic tax planning. These are a few ways that our Idaho Falls construction accountants can help your business be successful this tax season.
Navigate Job Costing: To ensure accurate tax planning, job costing for each construction project must be handled correctly. Accountants allocate and understand the costs of each job and that allows them to have a knowledge of the cash flow happening within the company. This allows you, as business owners, to make the best and most informed financial decisions and have this valuable information available to you at your fingertips. This information helps to show the profit margins and deductions associated with each project.
Collaborative Tax Opportunities: Construction accountants are your business partners. With their detailed records, accountants can collaborate with you and your clients to discover tax opportunities you should be utilizing. Through offering their strategic tax advice, they can help to set you up for better financial outcomes in the future.
Detailed Records: Having all of your ducks in a row saves a lot of time and stress when it comes to filing the taxes for your business. We aid in keeping all your financial documents organized, so when the time comes, you are more than prepared with all the accurate documents. This also becomes beneficial in following all of the tax laws and regulations, as well as filing any reports that may be required for your business to stay compliant.
Beneficial Ownership Information Report (BOIR)
To combat financial crimes, under the Corporate Transparency Act (CTA), individuals who own or control a company are required to file a Beneficial Ownership Information Report (BOIR). This CTA reporting is used to establish validity for your business and ensure no financial corruption is taking place. If your construction falls under one of these categories, then you will need to file a BOIR.
- A cooperation, LLC, LLP, or a DBA
- An entity filed with the US Secretary of State to do business in the United States.
- Makes $5 million or less annually with 20 or less employees.
The construction accountants at Cooper Norman offer BOIR services to help ensure seamless compliance with filing this report to avoid any fines or penalties that may take place if you are required to file the report and do not file it. Get in touch with Cooper Norman if you have any questions regarding the BOIR or how to file it.
Cooper Norman – Your New Business Partner
The professionals at Cooper Norman are not just accountants. We are industry-specific experts who are highly trained to handle the accounting complexities of your construction business. We are your business partners who want to help your company make the best financially informed decisions possible so that you are prepared to grow and thrive within your industry. Contact us today to get started!
Idaho Falls
1000 Riverwalk Drive Suite 100
PO Box 51330
Idaho Falls, Idaho 83405
208.523.0862
208.525.8038 (Fax)
Pocatello
444 Hospital Way
Suite 555
Pocatello, Idaho 83201
208.232.6006
208.232.6007 (Fax)
Blackfoot
1495 Parkway Dr.
STE C
Blackfoot, ID 83221
Rexburg
859 South Yellowstone
Suite 204
Rexburg, Idaho 83440
208.523.0862
208.525.8038 (Fax)
Twin Falls
722 North College Road
PO Box 5399
Twin Falls, Idaho 83303
208.733.6581
208.734.9609 (Fax)