Sep 24, 2021
The Insider Threat
Every build starts with a plan to succeed. Your business is no different. In today’s volatile economy, construction companies are making it a priority to address succession and cash-flow planning to ensure the business’s health and longevity. Yet, new challenges such as embracing technology and cybersecurity preparedness are now top of mind. Construction companies of all sizes realize the need to ensure their plans for the future are concrete.
Withum’s Construction Services Team helps construction-based companies navigate complex business challenges, whether tax, accounting, advisory or technology-driven. Our team, which includes five Certified Construction Industry Financial Professionals (CCIFP®), services all segments of the industry. We will be a part of the blueprint for your success so you can dream it, build it and grow it.
Who We Help
- Residential and Heavy Highway Contractors
- Commercial Specialty Trade Contractors
- Landscapers and Recyclers
- Solar power and renewable energy construction companies
- Suppliers, Manufacturers, Dealers and Distributors
- General Contractors & Construction Managers
Construction Industry Challenges and Trends
As baby boomers prepare for retirement, business owners are faced with identifying and grooming their successors. Mergers and acquisitions, ESOPs, management buyouts, joint ventures, sale of business and family members are all important aspects of succession planning.
Adapting new technologies can help boost construction productivity and profitability, giving your company a competitive advantage. Cloud-based and security solutions, dashboard reporting and technology integrations will keep your team in the loop while collaborating on various projects in a secure environment.
Profit margins are tight in a competitive, saturated market. Identifying and addressing areas of operational risk, like inaccurate job costing, lack of timely information, poor collaboration between office and field, and turnover of key employees, can help you streamline operations and increase profits.
As jobsite locations change regularly, contractors are left with an array of costs ranging from travel time, equipment and jobsite expenses. Understanding the intricacies of construction specific accounting is crucial when looking to maximize profits and cash flows.
Blueprint for Success
Construction Accounting and Tax Services
- Financial Statement Preparation: Including audit, review and compilations
- Agreed upon procedure engagements
- Budgeting and forecasting
- Outsourced Accounting Systems and Services
- Internal control recommendations including assistance with policies and procedures
- Job costing and work in progress assistance
- Federal, Foreign and State and Local tax reviews and planning
- Calculation of overhead and burden rates, including FAR audits
- Cost segregation studies
- Fixed asset book and tax depreciation record keeping
- Tax reorganization and entity structuring
Construction Advisory Services
- Succession, estate and retirement planning
- Insurance investment review and benefits
- Private client services and wealth management
- Cyber and information security services
- Digital and technology transformation
- Software evaluations, consultations and project management
- Benchmarking and compensation studies
- Litigation support, divorce and forensic services
- Business valuations
Withum Ranks in The Top 50 Construction Accounting Firms™
“It is an honor for our team to be recognized in The Top 50 ranking. We have served the construction industry for over 40 years and have made it our mission to provide world-class service to all of our clients. We are proud to receive this recognition.”
Women in Construction
Overview:
It’s not a secret the construction industry is traditionally male-dominated. However, Bridget Davis is breaking down barriers running her own construction business. Tune in as Bridget shares her career journey, challenges and benefits of being a woman in the construction industry, and advice she would give her younger self.
Industry Involvement
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