Construction CPA Accounting Services in Phoenix Scottsdale AZ

When you choose Oversight Bookkeepers for your construction bookkeeping needs, you can trust that your financial data is in capable hands. Our tailored services are designed to streamline your financial processes, giving you the peace of mind to focus on what you do best—running your construction business. We work closely with each client to understand their specific requirements and create customized solutions that meet their individual needs.

Construction CPA Firm

• Platforms like Acumatica provide robust solutions for tracking costs, automating progress payments, and managing accrual and cash-based systems efficiently.
• Say goodbye to piles of paperwork and time-consuming manual tracking—we automate inputs directly from linked accounts.
• Explore these tools today to take your construction accounting to the next level.
• Learn how to build, read, and use financial statements for your business so you can make more informed decisions.
• The RedHammer Team will help your company develop and execute a strategy to help you meet your short and long-term organizational vision and goals.
• You are not limited to one method and many companies use one method for long-term contracts and another for everything else.
• Because of the complexity of construction accounting, bankers, bond agents, and sureties expect construction contractors to utilize the expertise of CPAs that focus in construction.

On this call, we’ll connect your accounts to Bench, and gather any extra documentation we need to complete your books. Say goodbye to piles of paperwork and time-consuming manual tracking—we automate inputs directly from linked accounts. Get insights from one central dashboard so you can easily understand the health of your business and make strategic decisions. Real estate developers and construction companies have always been the core of our practice. Our clients include large homebuilders, custom homebuilders, commercial builders, fence companies, and various subcontractors including concrete, pool, electrical, and lighting companies. At RedHammer, we understand the importance of establishing a baseline for future success.

• By partnering with Oversight Bookkeepers, you can benefit from our deep understanding of the construction industry and our commitment to delivering top-notch bookkeeping services tailored to your unique needs.
• We primarily support construction companies with revenues between $5 million and $30 million.
• Our tailored services are designed to streamline your financial processes, giving you the peace of mind to focus on what you do best—running your construction business.
• We'll handle all the books, tax & payroll so you can focus on your business.
• Additionally, our attorneys have designed and defended asset protection structures for some of the most successful builders in the Phoenix Valley.
• We understand the unique challenges construction companies face and provide tailored solutions to meet your specific needs.

Accounting Services

Regardless of what financial software system you use, our team of accounting experts will review and optimize your system and processes. However, not every company can use it.Basically, a contractor using the cash method of accounting reports cash receipts as income when received, according to the IRS, and deducts expenses when paid. If an expense benefits you for more than one tax year, it must be spread out over the period the benefit is received.To qualify for using the cash method, your business must be considered a small business taxpayer. A small business taxpayer is a taxpayer that (a) has https://blackstarnews.com/detailed-guide-for-the-importance-of-construction-bookkeeping-for-streamlining-business-operations/ average annual gross receipts of $25 million or less for the 3 prior tax years and (b) is not a tax shelter.

Here’s why Phoenix business owners like you trust Bench with their bookkeeping

Yes, The Role of Construction Bookkeeping in Improving Business Efficiency we offer expert support in construction software implementation, including system selection, integration, and customization. Our team aligns the software setup with your company's specific needs, enhancing job costing, project tracking, and overall financial management. At GBS Accounting & Tax CPA's, we believe a contractor should never be limited by overcomplicated accounting systems and cumbersome bookkeeping.

• Outsourcing allows construction firms to focus on their core activities while relying on specialists for complex accounting tasks.
• Phoenix, also known as the Valley of the Sun, is the 5th largest city in the U.S. and the largest city in Arizona.
• We'll assess your current financial processes and identify opportunities for improvement.
• We'll handle all the bookkeeping so you know it's done right and you avoid IRS audits, overpaid taxes and disrupted cash flow in the future.
• Tools like Sage 300 CRE and Vista by Viewpoint offer features such as automated reporting, budgeting, and compliance tracking.

Using tools like construction management software can help track these changes efficiently. Data visualization plays a vital role in effective decision-making within construction accounting. Real-time dashboards provide instant access to key performance indicators (KPIs), allowing managers to monitor project health at a glance. Techniques like Job Forecasting and S-curve forecasting provide valuable insights into project performance over time. Job Forecasting helps predict future costs based on current spending trends, while S-Curve Forecasting visually represents project progress against planned timelines and budgets.

• With online bookkeeping services and real human support, Bench is the expert financial solution your business deserves.
• We maximize your software resources and supplement where the software falls short.
• We specialize in helping contractors and construction companies of all types and sizes with their bookkeeping, tax reduction planning, financial guidance and year-end tax returns.
• Construction accounting involves multiple moving parts, from tracking job costs to managing payroll.
• We provide financial reporting and compliance management services, consulting, and litigation support to construction companies of all sizes, from recently launched organizations to those serving the area for years.

Accountant for Contractors & Construction Companies

Progress billing allows businesses to bill clients based on project completion stages, ensuring steady cash flow during long projects. For construction firms operating multiple projects or entities, consolidated financial statements are essential. Accurate revenue recognition helps maintain compliance with financial standards and improves cash flow management. Utilizing tools for Timed Cash Forecasting helps construction companies plan for upcoming expenses while ensuring they have sufficient liquidity to cover operational costs.

Job costing helps track expenses for specific projects, ensuring accurate budgeting and profitability analysis. Outsourcing allows construction firms to focus on their core activities while relying on specialists for complex accounting tasks. There are some times that we’ll request documents from you (like account statements or receipts), just to ensure the information we have is correct. If you need to share files with your bookkeeping team, it’s as simple as uploading a file. We’ll work with you to connect accounts and pull the financial data we need to reconcile your books. Shortly after you sign up, we’ll give you a call to learn more about your business and bookkeeping needs.

The result is a relationship with a trusted advisor who delivers the right mix of services to support management’s short and long-term goals. We streamline both accounts receivable (AR) and accounts payable (AP) by implementing best practices tailored to construction businesses. This includes retention management, progress billing, invoice processing, vendor management, and timely payment schedules, ensuring healthy cash flow and on-budget projects.

Never Waste Staff Time or Overpay in Taxes Again.

Beyond this, the area has received several awards including being named the 9th in the nation as a Best Place to Start a Business. If you're looking for a CPA, Tax Strategist, Accountant or Bookkeeper in the Phoenix Region, we'd be honored to connect and find out if we're a good fit for you and your business. Having mediocre or bad bookkeeping doesn't just cause some disorganization, it can truly kill your business. Send us your financial and/or tax documents safely and securely with our file sharing tool.