Home CPAs who know Construction

Heather N. Sellers, CPA/CFE/CFF, is a partner at GMP, having worked in accounting for more than 15 years. She has extensive experience in the construction industry, in both accounting and tax matters. She’s also a member of the Construction Financial Management Association (CFMA) and the Construction Industry CPAs and Consultants Association (CICPAC).

Bryce Stewart has been helping construction companies achieve their financial goals for the past 6 years. CICPAC members are dedicated to bringing the latest resources to our construction industry friends. Check out our bookkeeping austin published resources below by clicking on the image, by visiting our Construction Industry Resources page for a detailed description of each publication, and/or locate your local member firm for further guidance.

Track many things with bookkeeping

The Work In Progress (WIP) schedule is an accounting schedule that’s a component of a company’s balance sheet. I am reviewing a schedule of value for a project that does not have a % of the project total assigned to project closeout. I have heard the industry standard is 10% of the overall project is given to project closeout.

• Contracting companies get jobs and projects under contracts and tenders, where the tender gets won, and the one who offers the best offers and accordingly accountants and bookkeepers must be well-versed in it.
• It is independent of other projects in the same company, so the same share of expenses, revenues and profits cannot be recorded in the records.
• With a strong commitment to serve over 13,000 construction clients, 77 accounting firms across the nation collaborate to focus on the contractor’s unique financial needs.
• There are generally accepted ways to keep track of rents, payments, salaries, and petty cash.
• Ronnie L. Darden is a construction accountant in Texas with experience working for a variety of companies within the construction industry.
• Construction projects are usually won and allocated through the bidding process, where companies compete with each other to provide high-quality services at reasonable prices.

Construction accountants not only keep track of each transaction and compile reports on a project-to-project basis. They can also use their knowledge of the construction industry to help put your business on an upward financial trajectory. The work of the bookkeeping team in construction companies is different from the rest of the other companies. Construction and contracting businesses usually do retail jobs or manufacture products only in very few cases, which may affect the financial book records. For contractors, using a construction accountant allows you to focus on what you do best. An accountant or bookkeeper with construction industry knowledge can take over the burden of monitoring your company’s finances as closely.