Menu

Construction Accounting is Tough!

by David Huff on September 18, 2012

Businesses in the construction industry face challenges every day that most other type of companies do not. Construction contractors have complicated accounting rules when reporting long term contracts and spec homes. In addition to the complicated income tax reporting that is sometimes required there are many other factors effecting things day to day like subcontractors, payroll, job costing, and estimating new jobs. State boards of contractors also have financial reporting requirements that often mandate financial statements that are prepared by a certified public accountant.

These things and more make it very difficult for the construction company owner to do everything himself.

Now more than ever, construction company owners need to spend their time in the field doing the things that make money and get help with financial reporting through outsourcing or hiring qualified accounting staff. In spite of advertising that makes accounting seem easy enough for anyone to do using âہ“off the shelf” accounting programs, we have found this simply is not the case when you factor in things like improper software setup, and lack of time to perform necessary bookkeeping tasks on a daily basis. Programs like QuickBooks and Peachtree are limited by the technical ability of the end user.

Person Huff CPA Group specializes in setup and use of accounting software available to small business.

Programs like QuickBooks can provide most of the information and reports you need to run your business BUT, only after proper setup, daily use, and regular review by experienced consultants.

Person Huff CPA Group is uniquely equipped to provide the support your construction company needs to grow and prosper in this difficult economic environment. We are active in the New Orleans Home Builder Association and attend regular continuing education in topics to help construction company owners make good business decisions.


David W Huff, CPA, PFS, MS is a partner at Person Huff CPA Group. He provides clients with tax preparation and consulting services, accounting services, retirement plan and benefit consulting, accounting software technical support and training, and management advisory services. His specialty is helping new businesses organize their operations to maximize tax savings and move quickly from start-up to profitability.  You can reach David by email at: david@personhuffcpa.com

 

 

 

 

 

Share

Previous post:

Next post: