Construction CPA Firm in Phoenix & Scottsdale

Once in place, it will not only help you ensure your original estimate was correct but confirm you’ve accurately captured the scope of the project based on what you’ve bid. And we’re here to not only help you make ends meet, but also help you achieve financial freedom by pointing you in the right direction and avoiding mistakes that keep your business stuck in the rat race. Whether you need assistance with tax preparation or financial management, Foster Financial is here to guide you every step of the way. As a leading construction CPA firm, we provide a wide range of services to protect your business and enhance productivity. Phoenix, also known as the Valley of the Sun, is the 5th largest city in the U.S. and the largest city in Arizona.

Building a Stronger Cyber Defense for Your Construction Business

Construction company owners and managers face challenges with regulation changes, hiring dependable subcontractors, and sourcing materials necessary for each job while effectively managing cash flow. Thriving in an industry with many highs and lows requires sound advice and strategies from a trusted partner who truly understands what you do. While regular accounting focuses on day-to-day financial operations, remediation addresses deep-rooted financial problems. We specialize in uncovering financial inconsistencies, streamlining processes, and improving financial controls to get your business back on track. We help contractors of all types improve cash flow, reduce taxes, improve their lend-ability & make their life much easier. Whether the economy is strong or weak, our professionals have worked beside contractors.

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Significantly reduce time (and money) in dealing with accounting and taxes, so you can leverage your expertise and focus on the things that matter the most to you and your business.2. Make better financial decisions for your business long-term–whether that’s hiring an employee, moving office spaces, or figuring out https://www.merchantcircle.com/blogs/raheemhanan-deltona-fl/2024/12/How-Construction-Bookkeeping-Services-Can-Streamline-Your-Projects/2874359 the best strategies for investment.3. BeachFleischman provides tax, audit, and advisory services to construction companies and contractors in Phoenix and across Arizona.

Construction CPA firm in Phoenix

• At RedHammer, we understand the importance of establishing a baseline for future success.
• Phoenix, also known as the Valley of the Sun, is the 5th largest city in the U.S. and the largest city in Arizona.
• However, not every company can use it.Basically, a contractor using the cash method of accounting reports cash receipts as income when received, according to the IRS, and deducts expenses when paid.
• We help contractors of all types improve cash flow, reduce taxes, improve their lend-ability & make their life much easier.
• This team has an experience of working with some of the biggest clients in the market.
• Specialized Tradesmen or companies handling specific tasks like plumbing, electrical, or framing within a project.
• You can manage your personal finances at your home, but you need an expert to handle it for your organization rightly.

We provide high levels of business bookkeeping so your financials are perfect & always up to date. We specialize in helping small to mid-sized commercial contractors, residential contractors, and construction subcontracting companies of all sorts. We’ll handle all the books, tax & payroll so you can focus on your business. As a small team of dedicated professionals, our commitment to excellence and attention to detail ensure that your financial records are accurate, up-to-date, and in compliance with industry standards. Learn more about using WIP reports for effective construction management.

• In this post, we will explore the most common types of small business loans and how they can support your business’s growth strategy.
• You can now use this percentage to calculate the amount of revenue to recognize for a specific project milestone or pay period.
• RedHammer’s expertise is broad, spanning the finance and accounting sector in both public and private capacities.
• We’ll finish the accounting in a fraction of the time it takes your team, and we’ll save you from hiring more employees than necessary.
• Whether you need assistance with tax preparation or financial management, Foster Financial is here to guide you every step of the way.
• 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.

Cyclical real estate development, the increasing demand for LEED-certified buildings, and many other economic factors make the construction industry one of the most challenging. Hence, the need to monitor & maintain the financial health of your construction business. We know how to build the perfect chart of accounts, and how to help your contracting business scale, while reducing taxes and the effort required to operate. Efficiency is one of the main goals we have for our contractors, to help them accomplish more with less, and reduce the amount of tasks they have to do to run their business. Of course, if you want to make your life easier, construction accounting software like CrewCost will do a lot of the heavy lifting for you.

If you have questions or would like additional information about our services, complete the form below and a team member will follow up shortly. RedHammer has extensive experience How Construction Bookkeeping Services Can Streamline Your Projects with industry-leading software applications tailored to construction companies, including QuickBooks Desktop, QuickBooks Online, Sage 300, CMiC, Sage 100, Foundation Software, and more. We ensure the software you use is optimized to meet your business requirements and assist with setup, configuration, and training.

A small business taxpayer is a taxpayer that (a) has average annual gross receipts of $25 million or less for the 3 prior tax years and (b) is not a tax shelter. 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. The accounting and tax rules governing the construction industry are intricate and unique. Our accountants and tax professionals have an intimate understanding of the rules. Additionally, our attorneys have designed and defended asset protection structures for some of the most successful builders in the Phoenix Valley.

• We are getting our financials on time, and we get weekly job cost information.
• Consider this resource a jumping-off point — we’ll outline the basics and point you toward more in-depth guides on each topic covered so you can keep your construction company moving forward.
• Make better financial decisions for your business long-term–whether that’s hiring an employee, moving office spaces, or figuring out the best strategies for investment.3.
• You guys are like my best subcontractor–I can focus more on the opportunities now and even have a better idea of how fast we can move and the risks we can take.
• Yes, “Red Hammer” is a common misspelling of our company name, which is correctly spelled as RedHammer (one word, no space).
• We can also optimize your software to handle job costing efficiently and integrate it with other financial tools.
• Our tailored services are designed to streamline your financial processes, giving you the peace of mind to focus on what you do best—running your construction business.

For example, instead of a fixed 10% holdback on each progress billing, you might negotiate terms that reduce that rate to 5% once the job reaches the halfway point. The better you’re able to integrate all the elements that affect your profitability, the better you’ll become at project management, estimating future jobs, and controlling costs on and off the job site. If you want to grow sustainably, this is a construction accounting principle you have to master. Because construction is project-based, you need a way to see how well individual projects are performing at a granular level, instead of trying to get a grip on your company’s financials from five miles above. This is where job costing comes in, allowing you to make sure each new construction job you take on is hitting all the marks.