Accounting for the Colorado Springs Construction Industry
Bradshaw & Associates, PLLC specializes in construction accounting. Regardless of the materials and labor you contribute, we are there to help your company succeed with our accounting service. Our market includes Colorado Springs and all nearby areas.
In order to accept and complete contracts, you need to know beforehand how much time and money each one will cost your client. Bradshaw & Associates, PLLC sets up the proper job costing process. We carefully look at the size of you as a contractor to determine the types of agreements you can reasonably take. We also train our clients to look at each project independently and establish that job’s schedule based on estimates.
Additionally, our firm determines the reporting method you should use. This decision relies on the size of your current business and your plans for growth. A percent complete method is appropriate for longer-term schedules, but what looks like a lengthy contract might instead by a short-term agreement that needs the completed contract method.
Each job your construction company takes starts with insurance bonding. However, the company providing the bond will need to see your financial statements and whether they are accurate. This process is a review engagement, and not every accountant has the wherewithal to perform one successfully.
We do. Bradshaw & Associates, PLLC reviews your financial statements for insurance bonding purposes.
We compile your statements and review each one carefully. From there, we provide a brief statement about the accuracy of the statements. These items are then given to the company providing the bond. We report everything accurately to help you get the agreement you need.
Certified Payroll and Draw Requests
Certified payroll reporting is often a requirement of the construction jobs your company takes. The entity who wants a new house or office also wants to know how many employees and contractors it took to build it. Additionally, your lender needs to see when you make a draw from the loan.
Our firm provides both certified payroll reports and accounting for draw requests. We carefully demonstrate who worked at your company, which period they were active, and whether they were independent contractors or actual employees. Similarly, we show how your funds from the loan were used for contractors and material supplies. In short, we work to keep you compliant with your clients and lenders.
Contact Us Today for Construction Accounting
The construction industry is a unique field. Naturally, that includes unique accounting requirements. Bradshaw & Associates, PLLC will help you manage your construction company’s accounting and bookkeeping. Contact our Colorado Springs CPA firm to learn more.