Accounting for General Contractors

Golden Apple Agency offers full-service construction accounting and bookkeeping for general contractors. As your trusted partner in financial management, we make sure you comply with all relevant labor and tax laws and improve the profitability of your construction business. 

Construction companies can lose tens or even hundreds of thousands of dollars to inaccurate records, unfavorable contracts, and over-taxation. Don't leave money on the table that could go toward your retirement fund or a family vacation. Leave it to the professionals at Golden Apple.

 

Accounting for Contractors

Our accounting services for general contractors take into account the complexities of project-based revenue and multi-state compliance issues. We apply the U.S. generally accepted accounting principles (GAAP) and can ensure that you meet ASC 606 revenue recognition standards for sub-contractors. 

Improve the accuracy of your rates, job costing method, and profitability with our accounting services for contractors in the construction industry. We can:

  • Calculate depreciation schedules for equipment

  • Calculate overhead allocation

  • Calculate contract value

  • Perform profit and loss analyses

  • Undertake profitability benchmarking

  • Assist with proactive tax planning

  • Calculate tax deductions

  • Make estimated quarterly tax payments

  • Compare billing methods (unit price, time-and-material price, fixed price: hard bid vs. fixed-price negotiated, AIA progress billing)

  • Advise on business structures and transitions, such as taking on a business partner

  • Help you choose an accounting system: cash-basis method or accrual method (either percentage of completion or completed contract method)

  • Advise on retainage percentages

  • Determine which projects are more profitable

  • Calculate labor costs, job costs, and project costs

  • Improve the accuracy of quotes

  • Calculate and reduce your tax liability

  • Handle compliance reporting

 

Bookkeeping for Construction Contractors

Our meticulous day-to-day financial management ensures that your financial documentation is always in order and ready for client reporting and audits. We apply your chosen method for recognizing revenue and make sure you never miss an eligible charge. Our bookkeeping for construction covers everything from accounting software to invoicing and everything in between. 

A Golden Apple bookkeeper can:

  • Follow up on late payments

  • Process construction payroll while ensuring compliance with multi-state, union, and prevailing wage requirements (as well as your contract revenue recognition method)

  • Generate financial statements, including the balance sheet, cash flow statement, and profit and loss statement

  • Reconcile bank accounts

  • Provide QuickBooks setup and training

  • Set up a chart of accounts

  • Track the expenditure for each job, applying the correct codes to every purchase

  • Log revenue and business expenses

  • Manage cash flow

  • Handle accounts payable 

  • Handle accounts receivable

  • Create invoices

  • Integrate QuickBooks Online with your existing project management software

Choose Golden Apple

If you're looking for experienced construction accountants, trust Golden Apple. With 15 years of experience, we have the tools and expertise to help construction firms and general contractors around the country maximize their income. 

Stop underquoting job costs to clients and overpaying on taxes. Call Golden Apple today.

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