Construction
What’s your blueprint for success? As the construction industry adapts to the evolving market, securing plans is more important than ever. Working with experienced construction accountants on everything from business succession and wealth management strategies to cash-flow planning and improving construction accounting processes allows you to begin paving the way for your business’s future.
Who We Help
- Heavy Highway Contractors
- Commercial Specialty Trade Contractors
- Solar Power and Renewable Energy
- Landscapers, Recyclers and Landfills
- Suppliers, Manufacturers, Dealers and Distributors
- General Contractors & Construction Managers
- Environmental Contractors
- Residential Home Building Industry
Construction Industry Challenges and Trends
Top Priorities and Needs for Construction Businesses
Our team provides comprehensive advisory services to contractors to help protect, grow and manage wealth throughout every step of their entrepreneurial career. And when the time comes to transition your construction business to the next generation of leadership, we develop robust plans for effective and profitable exit strategies for construction owners that minimize tax liability and uphold owners’ legacies.
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.
Our tax specialists operate on the leading-edge of developments in regulations and policies, applying the latest insights to clients’ tax strategies in order to optimally reduce tax exposure and increase construction business cash flow. We advise on tax incentives, manage year-end tax planning and ensure compliance with government provisions, allowing clients to reap maximum benefits
From expanding access to credit and securing bonded work for top line growth, to ensuring multi-state regulation compliance, risk management and resource optimization, your business’ goals are our team’s priority. We guide you through all aspects of the audit process, providing a clear road map for a smooth and effective audit and leaving you with strategic insights to improve operational efficiencies.
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.
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
- Transaction Advisory
Insights
From Voice Message to Action: AI’s Role in Construction Efficiency
If you’ve ever worked in construction or property management, you know how quickly a small miscommunication can snowball into a costly delay. A missed phone call or an unclear email […]
Case Study: Bridging the Cybersecurity Knowledge Gap – A Construction Company’s Journey to Enhancing Cyber and Information Security
Download a PDF of this case study. Case Brief A construction company was facing a growing phishing email problem. This can lead to data breaches, financial losses, operational disruptions and […]
Accounting Software Vulnerabilities: A Wake-up Call for Construction Companies
A recent alert from Maryland-based cybersecurity firm Huntress highlights a concerning vulnerability for construction companies using on-premise accounting and project management software with default login credentials. According to their report […]
Why Withum
As a top 50 construction accounting firm, Withum’s Construction Services Team helps construction-based companies navigate complex business challenges, whether tax, accounting, advisory or technology-driven. Our team of construction accountants, which includes six 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.
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.
Louis Sandor III, Practice Leader, Construction Services
Serving a Diverse Construction Community
Withum’s construction accountants are experienced in providing tailored services to Women Business Enterprise (WBE), Minority Business Enterprise (MBE), Disadvantaged Business Enterprise (DBE), and Small Business Enterprise (SBE) companies in the construction industry, empowering them to thrive in today’s competitive market.
Women in Construction
Each year, Withum’s Construction Services and Architecture & Engineering Services Teams celebrate Women in Construction Week and our 20+ dedicated professionals in the AEC industry.
Contact Us
For more information or to discuss your business needs, please connect with a member of our team.
