CMR Associates - Tax | Accounting

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Construction

Covington, Louisiana CPA Construction Industry Accounting

Accounting Services for the Construction Industry:

Effective business planning is essential to improve bottom line profitability, and build a more valuable construction business. Construction company executives require ready-access to reliable financial data, and must interpret this data at all stages of project management to run their businesses more effectively. We take a holistic and pragmatic approach when recommending and providing financial and consulting solutions for our construction clients.

We provide proactive tax and advisory solutions for construction companies, including:

TAX PLANNING & COMPLIANCE

  • Tax minimization strategies
  • Preparation of corporate federal and state tax returns
  • Integration with owners’ and/or executives’ personal tax situations
  • State and Local Tax (SALT) considerations
  • Compensation Strategies: Wages, distributions, or a combination of the two
  • Income leveling: Lower tax brackets through leveling
  • Deferral: Cash basis, completed contract, short term contract, retainage, less than 10% complete, and residential
  • Evaluate if you qualify for Domestic Production Activities Deduction (DPAD)
  • Continuous research and analysis of opportunities to maximize federal and state tax credits

PROFIT ENHANCEMENT SOLUTIONS

  • Work In Process Analysis: Understanding all the key drivers of profitability, including Customers, Geographic location, Project Manager Performance and Job Size
  • Benchmarking: Against competition and against your own performance
    • Key financial metrics analysis:
    • Working capital
    • Current ratios
    • A/R and A/P turns and days
    • Under billings to revenue
    • Revenue backlog and gross profit backlog
  • Key business development metrics:
    • Bid hit ratio
    • Proposals submitted per month
    • Leads generated
  • Estimating process evaluation: T
    • rue cost and risk-based pricing
  • Purchasing:
    • Process and vendor analysis/acceptance/prequalification
    • Competitive bid and vendor capability
  • Cost tracking: Assuring information is accurate and corresponds to job estimation process
    • Change order process: Clarity and timely customer acceptance
  • Budget to actual:
    • Project Manager coaching and estimating to evaluate job performance to plan
  • Insurance Options Review:
    • Contractor Controlled Insurance
    • Subcontractor default insurance
    • High deductible plans/self-insurance, captives
    • Contractor insurance credit, monitoring your experience MOD

The construction industry is richly diverse and dynamic, and our construction team has specialized insight and industry knowledge to help you reduce costs and improve profitability in a fiercely competitive market.

Tax Accounting and Business Consulting for Covington, Louisiana
Industry Specific Accounting for Covington, Louisiana
Covington, Louisiana CPA Services