Trusted Construction Bonding Assistance in Jacksonville
At James and Harris CPAs, PA, our team of CPAs and accountants specializes in helping construction firms ensure all their accounting and financial planning needs are met. The goal of our firm is to help you be prepared to take on any job that comes your way. With our Jacksonville construction bonding assistance services, you can be confident that you'll be ready to bid on the jobs you want.
Our team partners with you to build a financial foundation you can count on to help grow your business while you're out building up our communities. We're the firm you can trust to get you where you want to go. Whether you're looking for construction accounting in Jacksonville or one of our surrounding communities, our team of financial experts can help simplify your books and set you up for success. Contact us today to see how we can help you.
What are Construction Bonds?
A construction bond is a type of surety provided by an insurance company or a bank that protects a project owner from financial losses due to a contractor's failure to meet the specifications of a contract. Larger contracts, especially those involving government agencies or public works projects, usually require a construction bond to win and secure a bid. Should you fail to adhere to the agreed-upon terms of the contract, you and the surety company could be liable for any losses sustained by the project owner.
Our team works with you to help you secure the right bond for your financial situation and company objectives. We take the time to know your business, your current capabilities, and your future goals to help you plan for upcoming projects. Our job is to protect you and your company while you bid for and execute construction contracts. By working with us, you'll know that you have a partner who will help put you in the best financial position for growth and success.
What are the Different Types of Construction Bonds?
When you want to bid on a construction project, you will typically be required to obtain three successive types of bonds. Our team will help you plan for and obtain the bonds when you need them. The different types are:
The first bond you'll need is a bid bond. This type helps you stay in the running during the bidding process by protecting the project owner or investor in case you back out after winning the bid or are unable to produce a performance bond.
Once you have won a project, your bid bond will be replaced with a performance bond. This is required to begin construction. The performance bond will protect the project owner from accruing losses if the work being done is defective, inferior, or doesn't adhere to the terms of the contract.
Also called a labor and material payment bond, it acts as a guarantee that you have the financial resources to pay your workers, subcontractors, and suppliers throughout the completion of the job.
Getting a construction bond helps prove to a project owner that you are a reputable company to work with and that you'll get the job done. By making sure all your financials comply and are accurate and organized, we help you obtain the bonds you need to win contracts.
How do I Obtain a Construction Bond in Jacksonville?
In order to get bonding, you have to prove that you are financially worthy of the bond and the amount you are requesting. Our team of Jacksonville construction bond accountants helps ensure your financial statements are organized and available, so you're always ready to submit your bond application to the appropriate organization without worry. We work with you to secure what you need to bid on the contracts you want.
Planning for the Future
Waiting until the last minute to fill out the bond application won't get you the jobs that will help your company grow. Our team provides expert tax planning and accounting services designed specifically for the construction industry, so you're prepared to bid on any project that comes across your desk. We help you anticipate future jobs, so you win the contracts you want.
Our team will perform an accounting bond review twice a year to help you avoid any potential tax or bond issues. We will also help with any of the required audits should your company win a million-dollar contract with a government agency.
Your Jacksonville Construction Bonding Experts
At James and Harris CPAs, PA, your success is our top priority. Whether it's helping you obtain your first construction bond or offering financial guidance as you pursue larger contracts, our construction accounting firm is the one you can rely on to help you reach your goals. Let us help you grow your business by saving you time and money. Contact us today!