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Construction Accounting

Construction Accountants in Jacksonville, FL

Serving Jacksonville, FL, since 1946 with an established, growing construction industry practice, the construction accountants at James and Harris CPAs understand what it takes for a construction company to succeed. We have built a reputation for delivering high-quality accounting, auditing, and tax services that support our construction industry clients’ success.

Construction Accounting

At James and Harris, CPAs, we understand that an effective accounting foundation is as important for a construction company as the marketing, technical, and managerial talents required to accomplish the work. We have demonstrated value to our clients by helping them establish such foundations.

  • We have helped clients establish and maintain effective job costing systems to accurately reflect costs incurred and estimates-to-complete by project.
  • We have also helped clients establish billing processes that allow them to accurately describe their work using the AIA’s standardized coding method to maximize payment for work performed on construction projects.
  • We have also implemented percentage-of-completion revenue recognition tools that allow our clients to recognize revenue based on work performed, a typical expectation of bonding agents.

Financial Statement Audits

Without accurate financial statements, construction company owners and managers are flying blind, not to mention missing out on opportunities for new work.

  • Our financial statement audit services not only provide point-in-time assurance, they also generate feedback on ways a business can improve its critical accounting practices and systems.
  • Having an annual financial statement audit can also support a firm’s ability to attract capital and other financial support. Sureties frequently use audited financial statements to gauge a business’s past performance, as well as the adequacy of working capital, capital structure, and cash flow to complete a project. Because most state and federal contracts require surety bonds, a firm’s abilities to compete can be limited without a financial statement audit.
  • We also assist our clients by performing semi-annual and annual construction accounting bond reviews. These typically require year-to-date financial statements, schedules of aged accounts receivable, contracts completed, and work in process.

Tax Planning and Compliance

In addition to preparing timely and accurate tax returns for our clients, we create value by helping them plan and navigate issues specific to the industry.

  • Our professionals stay current on tax laws affecting the industry and apply that knowledge to preparing quality, tax efficient returns for corporations, partnerships, and sole proprietors.
  • We aid our clients in meeting payroll, 1099, business licensing, and property tax filing requirements, helping to avoid value-draining fines and penalties.
  • We work proactively with our clients to optimize tax-based accounting methods, and implement value-generating projects related to cost segregation, business structure, and incentives.

When choosing a CPA firm, construction industry participants owe it to themselves to find deep experience in addressing the complex accounting and tax issues inherent in the business. Contact the Jacksonville, FL, construction accountants at James and Harris, CPAs today to see the difference it makes to partner with an experienced team.

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