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The Ultimate Guide to Retainage in the Construction Industry

• You can avoid a fair bit of cash flow problems by negotiating more favorable retainage rates/terms with project owners.
• We’ve helped all types of general contractors and subcontractors in the North Dallas area grow their businesses with strategic tax planning and industry-specific accounting services.
• If you want to succeed, you can’t approach construction accounting from a conventional perspective.
• From construction to the service industry, we provide a full range of expertise and work with you to understand the unique needs of your company and industry.
• North Dallas CPA firm Rex Draughn CPA can help your construction business establish a cash flow management system and regularly prepare financial statements so you always know where your money is going.

Collectively, this team supports your company and carefully monitors each account. Would you like to focus on your business and not stress about the books? There are many options to save you time each month and keep your books up-to-date. The practice of retainage, aka retention, has a tremendous impact on the construction industry.

Client Advisory Services

Joe Rodriguez (CPA) is an audit manager that focuses on accounting for construction companies. Sanderson & Scheffer, PLLC specializes in the commercial construction industry. After all, they aren’t consistently recommended by the top members of the financial and surety bonding community for no reason.

What is Overbilling? Construction Industry Accounting

If you’re in the Lone Star State and you’re considering hiring a construction accountant to keep your business on track, here’s a quick How to Use Construction Bookkeeping Practices to Achieve Business Growth list of the best construction accountants in Texas. Forming solid construction accounting processes is absolutely critical if you want to grow your contracting business. The problem is, construction accounting is entirely different from accounting in other industries.

• We have regularly scheduled touch points with relevant team members and continuously seek efficiencies in our processes.
• The first step to building more accurate accounting processes is recognizing that construction accounting is different.
• We specialize in audit, tax and business consulting to construction companies of all sizes.
• Thanks to our vast experience, we understand the hassles of construction companies, such as dealing with insurance, bonding, labor, and an abundance of contracts from project to project.
• When it comes to filing taxes, we understand the unique challenges construction companies face.

At John G. Robinson PC, we understand the special needs of the industry and go above and beyond to meet your accounting needs while you’re on the go. At John G. Robinson PC, we are experienced in construction accounting. Our family-owned and operated business started in 2010 with a focus on construction companies in the Dallas, TX area. Rely on our team of accountants to provide comprehensive accounting services for all your needs.

• An accountant or bookkeeper with construction industry knowledge can take over the burden of monitoring your company’s finances as closely.
• Many construction firms juggle multiple construction projects at once.
• Collectively, this team supports your company and carefully monitors each account.
• If you’re an emerging contractor still wrestling with the unique challenges of construction accounting, this guide will make sure you’re equipped with the tools to make sound financial decisions.

Our Accounting Firm’s Plano, TX Office

Maintaining a healthy business also means learning how to correctly recognize and report your revenue. There are four revenue recognition methods, but for the sake of this guide, we’re going to focus on the percentage of completion method (POC), which is what most contractors end up using. Once we decide that the relationship is a good fit, we’ll have an initial meeting. In this initial conversation, we begin to learn about your business and how you are currently handling your bookkeeping and accounting. We also gather your materials, such as bills and reports and take note of your current accounting systems. Discover options for getting immediate help and solving your current financial problems.

Steve Avis, CPA

• We understand you have your hands full working hard to achieve a successful outcome for your clients, so we take care of all the finances of your construction company to ensure your peace of mind.
• We understand that accounting can add layers of pain and complexity to any business, which is why we make it “EASY” at Jones Square.
• Having this kind of system for every construction contract you take on is essential.
• We start with a business analysis and business valuation to determine the best version of Quickbooks to meet your bookkeeping, accounting, and tax needs.

We specialize in audit, tax and business consulting to construction companies of all sizes. Running a construction business can be difficult – especially when you can’t find the time to https://www.merchantcircle.com/blogs/raheemhanan-deltona-fl/2024/12/How-Construction-Bookkeeping-Services-Can-Streamline-Your-Projects/2874359 keep your bookkeeping and taxes in order. In order to maintain a sustainable business, you need to have an up-to-date understanding of your income and overhead expenses. North Dallas CPA firm Rex Draughn CPA can help your construction business establish a cash flow management system and regularly prepare financial statements so you always know where your money is going. Put simply, job costing is about tracking a specific construction project’s direct and indirect costs, revenue, and profit margin. The construction industry is unique, and you’d be hard-pressed to find a generalist accountant who can manage a construction company’s finances.