Help With Accounting
Finding an accounting firm capable of project, construction, job or fund accounting is is not an easy task. And it is not a matter of just picking up the phone calling someone. No doubt, there are good firms. And there are bad ones. You have to choose one. But is it the best construction accounting firm for you?
Business & Financial Solutions is dedicated to helping you achieve success within your construction business. We have extensive experience providing full-service accounting. And the construction industry is one that we know well. We are intimately familiar with your day-to-day operations. For example, there is the need for orderly, accurate financial data and the requirements to ensure a pain-free audit. And there is internal need to track each job, both collectively and separately.
There are challenges that you face within your industry. Such as increasing costs and competition. And there are various issues concerning inventory for some companies. Thee are questions over whether you should be on cash based, or accrual based accounting. In fact, these are issues that should not be entrusted with a general bookkeeper, unless there is oversight. But this should not be an accountant with limited knowledge of job and project costing. The best firm, or candidate, is one with job cost experience.
The construction industry has long struggled with the inherent challenge of accounting for indirect contract costs. This is a result of expenses occurring that are not directly related to one contract. Or it may be because foreseeing what their actual amounts will be, such as repairs and maintenance, is not realized.
The American Institute of Certified Public Accountants (AICPA) issued a Statement of Position 81-1, “Accounting for performance of construction-type and certain production-type contracts.” And statement this was designed to guide contractors on the indirect costs problem and others like it.
Every construction company wants the most accurate accountability of each job in order to determine the job’s profitability. And often bonuses are paid to employees that are specific to that project. But there is also a matter of accurate performance of each job. Because your the investors, associated with the company, will need this information. Again, these are not the responsibilities that a company wants to lay on a general bookkeeper, or inexperienced CPA. You will need the help of a professional team.
Business & Financial Solutions works on behalf of construction and manufacturing companies. And we collaborate closely closely-held businesses with multi-state operations. Also, we work with professional service firms, financial institutions (including credit unions), and not-for-profit organizations. Our firm make a commitment to exceptional, yet efficient client service. In addition to the construction world, our accountants provide consulting. And our tax team offers expertise to companies of all sizes throughout Maryland, Washington DC, Virginia and nationwide.
Our firm performs services of a vast range. Some of these include oil and gas taxation, collaborative divorce settlements. And high net-worth tax planning is also a field of expertise. Further, we have clients in a wide range of locations, including the Washington DC Metro area.
Our objective is to add accuracy and efficiency to your financial records. And we deliver in a timely manner. Visit one of our offices in Fairfax, Montgomery and Frederick Counties.