Accounting Expertise For Construction Companies
Construction companies in the Minneapolis/St. Paul region deal with new challenges every day. From changes in zoning and regulations to shortages of materials and qualified workers, construction company owners and managers have their hands full just keeping the business running, let alone helping it to grow. Working with an expert Minneapolis/St. Paul accounting firm like Haworth & Company can help construction companies to not only ensure tax compliance, but to gain greater business insight and make smarter business decisions.
Construction Accounting Challenges
Working with a professional accounting company in St. Paul, Minnesota like Haworth & Company can save construction companies valuable time and resources. We provide clients with insight on the following areas that can be particularly challenging for construction companies.
- Financial Planning and Access to Capital: Owners must manage budgets, track costs, secure financing for projects, and plan for future capital needs. Access to funding options, such as loans, lines of credit, or investment partnerships, is essential for growth and expansion, and accurate, up-to-date records are one key to successfully securing the needed funds. Working with Haworth & Company helps ensure you have the information you need, when you need it.
- Cash Flow Management: Cash flow is a critical concern for construction companies. Balancing the timing of project expenses, invoicing clients, and collecting payments can be complex, particularly when facing delays or payment disputes. Managing cash flow effectively is essential to cover costs, pay employees and subcontractors, and invest in future growth.
- Payroll Management and Compliance: Handling payroll can be complex and time-consuming, especially when dealing with hourly wage rates, overtime, and union regulations. We help clients manage their payroll processes, ensuring accurate and timely payment to employees and compliance with federal and state payroll tax regulations. We also handle payroll tax filings, minimizing the risk of errors and penalties.
Specialized Accounting For Construction Companies
In addition to the standard accounting concerns of most businesses, construction companies have unique financial needs that require specialized accounting services. Some of the specific services that Haworth & Company assists construction companies with include:
- Accounting: Construction companies have complex account structures, record keeping, and reporting needs. Our team helps to ensure the information needed is readily available.
- Tax: Owners of construction companies need to focus on securing and managing construction projects, not looking for opportunities to maximize their tax savings. When they work with us, we make sure to identify all the ways that they can save, including on things like equipment depreciation.
- Payroll: Construction projects often have complex staffing requirements, employing subcontractors, direct employees, and affiliate specialist organizations. Correctly classifying and paying these various groups requires a thorough understanding of the business as well as financial regulations. We take that stress off your shoulders and empower your team with tools like Employer on the Go and HR on Demand.
- Consulting: Whether you need advice on growing, how a new state regulation may affect you, or whether to change your business structure, our Business Advisors are ready to help you.
- Succession Planning and More: We also help develop succession plans so that construction company owners can pass their business on, provide advice on stock and asset sales, and much more.