You know construction. But do you know the IRS's rules for long-term construction contracts?
Accounting For Construction Contracts
Have you planned for how upcoming changes to the revenue recognition standards will impact your business? We may not be able to build bridges or houses, but we know how to help construction companies and contractors with all their tax, accounting and assurance needs.
Our team of experts is here to help you sort through the complex tax codes for construction companies and contractors. We’ll also show you the right accounting methods to ensure you get the best results for your specific operation. From independent contractors and small construction businesses to large construction firms, our expertise and experience runs the full range of the industry. No matter what you’re building, we can put the financial pieces in place to help you build success.
Contact us today for tax and accounting solutions that will help your construction company build a better foundation for your business.
Tax Accounting for Construction Contractors
If you work as a commercial construction contractor, you don’t have time to worry about calculating profits, losses, and costs of goods sold. However, you can’t afford to ignore them either.
Fortunately, you don’t have to worry about handling any of your tax accounting on your own. Copeland Buhl has been serving Twin Cities construction contractors with expert tax and accounting services since 1971. When you trust our experts with your business, you can expect us to take care of all of your tax and accounting solutions, including:
- Basic Financial Reports
- Business Tax Services
- Accounting Software
- Payroll Support
- Audits and Assurance
- Projections and Forecasting
- And More!
Construction Management Software for Builders and Contractors
In today’s age, you can automate many functions that were once tedious manual tasks. Construction management software for builders and contractors has changed the game. You can take care of creating reports, tracking time, submitting estimates, and so much more.
You can now enjoy software for customer relationship management (CRM). Contractors can use these products to their advantage to better manage clients, suppliers, and subcontractors. For assistance beyond CRM, contractors can ask Copeland Buhl about installing software for:
- Expense Tracking
- Estimate Editing
- Progress Billing
- Contact Management
- Project Management
Five Reasons General Contractors Outsource Accounting
Whether you are a commercial construction contractor or work on small residential projects, you can still benefit from accounting services. In fact, Copeland Buhl has been helping countless Twin Cities construction contractors improve their business operations with the following benefits:
If you operate as a small general construction contractor, it’s unlikely that you have a dedicated accounting team. That means that you’re left to handle all of your own tax accounting when you finish up on a job site. Not only does that require more of your time, but it also leaves you at risk for time-consuming errors. When you outsource your accounting to professionals, you can save yourself all of that hassle!
Improve Cash Flow
As a commercial construction contractor, you know how crucial your cash flow is. When you have money going out for subcontracted labor, materials, and warehousing, it’s easy to find yourself low on cash. With professional accounting solutions, you can better manage your cash flow and get paid by clients on time.
Simplify Tax Time
You can make tax time simple and easy when you use construction management software for builders and contractors. When you operate under a construction contractor license, taxes immediately become more difficult than a basic sole proprietorship. You never have to worry about making a mistake or missing out on a deduction when you hire Copeland Buhl to manage your taxes.
Perfect Your CRM
Our accounting experts can help you manage your client relationships with ease. With our services and software for CRM, contractors can focus on building structures while we build their success. You no longer have to stress over optimizing your budget or project schedule. We can even assist you with bids and, working with suppliers, and so much more.
Make Better Decisions
If you don’t have time to calculate the unique expenses and profits for each individual project, you may have trouble making decisions. At Copeland Buhl, we can help every general construction contractor evaluate projects with thorough reports. From there, you can better choose which projects to take on and which to avoid.
Construction Contractor License Services
In order to operate as a construction company, you must obtain a construction contractor license. From there, you are responsible for renewing it regularly. Without it, you cannot bid, contract, offer, or negotiate any projects in the Twin Cities.
How do you get a construction contractor license?
You must go through your local construction contractors board. They require that you submit an application along with several other documents. You must also provide payment and prepare for a review. We suggest that you contact your construction contractors board to learn more about the specific items you must provide.
How can Copeland Buhl help?
Though we can’t do much in the way of helping with your exam and references, we can assist you with the financial statements. Our in-house accounting professionals can provide you with all of the financial records you need to submit to the construction contractors board, including an audited balance sheet.
Ask Copeland Buhl About Accounting Services for Construction Contractors
Are you interested in learning more about how our accounting services can benefit you as a general construction contractor? If so, we recommend that you contact Copeland Buhl right away.
We have several friendly service representatives ready to answer all of your questions. You can get in contact with us by calling our Wayzata office. We also have a simple online form that you can submit with details of your Twin Cities construction company.