Planning is IN and number crunching is OUT
Construction and Real Estate
We work with you and your team to make your financial information relevant by switching your internal accounting records from cash to accrual, implementing effective WIP schedules and percentage of completion accounting for long-term contracts, or properly setting-up your internal job cost system. Following this, your interim financial data is then integrated into the tax planning and compliance to drive tax minimization while there is still time left in the year to take action.
4 Pillars to Profitability for Construction and Real Estate Companies
Accrual Method Accounting
Implement an accrual method of accounting system and graduate from the cash-in, cash-out method of accounting that often blurs true job performance.
Accurate WIP Schedules
Avoid missing change order billing opportunities and minimize cost overruns by maintaining accurate WIP schedules
Use sound estimating processes and accurate WIP schedules to properly recognize revenue for long-term contracts that will highlight problem jobs before it’s too late.
Accurately account for job performance by appropriately capturing revenue and costs by job and learn from the successes and failures real time.