Here at Camuso CPA, we offer a wide array of tax and accounting services for construction and trades businesses including tax preparation, tax planning, accounting, controller and CFO services. If you are interested in how this might specifically benefit your business, please don’t hesitate to reach out in detail today to schedule a free initial consultation regarding your specific facts and circumstances.
Maintaining records allows you to gain perspective on your company and provides a basis for business decision making and accurate tax reporting. The level of documentation and systems that you invest time and money into utilizing will depend on your level of business development and financial sophistication.
Business owners in earlier stages of business often do not keep records or have very poor record-keeping systems which exposes their business to an unnecessary level of financial and tax risk. The business owner or investor does not know how their business is performing throughout the year and they cannot properly substantiate deductions.
Automated accounting systems such as QuickBooks will increase your expenses but save you time and costly errors. As businesses expand, monthly revenue and expenses will continue to increase making it untenable to effectively manage your finances using a spreadsheet.
Additionally, business functions such as job costing and invoicing can also be streamlined using construction management software such as Builder Trend or other software options.
Choosing the right accounting software can have a large impact on your business operations and finances. Utilizing a proper accounting system will allow you to properly categorize and track your transactions for tax and business purposes. This will ensure accurate tax reporting, proper money management and better business decisions.
Making smart business decisions begins with having access to the right information. It is imperative to implement a proper system into your business early on to stay organized and on top of your business from both a financial and tax perspective.
Job costing is often considered one of the most difficult parts of the accounting process when it comes to construction. Job costing is an accounting method that is used to track the expenses of each unique project, as well as estimate how much money each job will cost.
Job costing is imperative because in construction each project will be different from the next. Job costing can help the contractor know how much money they made on each project. Accountants use this method to keep tabs on the expenses of each job in order to use that information for analysis and tax needs.
By using the job cost method, you can figure out which tasks take more time as well as better understand where you may be losing revenue.
It’s important that you can accurately predict, record, and control the cost of each job for both tax reporting and business decision making purposes.
Camuso CPA offers a series of services to develop and tailor a first-rate accounting system for your business needs. Reach out to our team regarding any questions about commingling funds or establishing a first-rate accounting system.