Managing a construction company is demanding, often requiring management’s continuous consideration to every facet of the business. Construction companies must create successful relationships with bonding companies, banks, and clients; comply with special tax regulations that apply to the construction industry, implement complex job cost accounting and reporting systems, display expertise in personnel issues, and make difficult financial and business decisions.
RotenbergMeril’s construction practice reflects the major segments of the industry including general contractors, specialty trade subcontractors, building material suppliers, and architect and engineering firms. Our experience with construction contractors has given us a unique insight into the issues impacting this industry. From percentage of completion accounting and alternative minimum tax calculations to assisting clients in securing financing and bonding, we provide the full scope of services to this complex industry.
RotenbergMeril professionals are, or have been, members of the Construction Financial Management Association, New York State Society of CPA’s Construction Contractors Committee and Central Jersey Builders Association. Being a part of these organizations keeps us current on all operational, accounting and tax issues related to this industry.
The services we provide the construction industry include:
- Assistance in obtaining bonding and maximizing bonding capacity
- Preparation of compiled, reviewed or audited financial statements conforming to presentation preferred by sureties and banks
- Assistance in obtaining financing, including compiled forecasted or projected statements of income and cash flow and personal financial statements
- Job cost systems evaluation and design
- Assistance in selection and implementation of construction software packages
- Valuation of construction businesses
- Business succession planning
- Tax planning services designed to minimize income taxes using various tax methods specifically available to contractors
- Preparation of all business tax returns including corporate, partnership, and fiduciary filings
- Preparation of accounting and tax “physical” to determine if appropriate and most advantageous accounting and income tax guidelines are being utilized
- Cost segregation
“We are very pleased that we hired RotenbergMeril to be our accounting firm. Two years ago, we had hired another CPA firm that was supposedly an expert in our field. The accountants they sent to work on our account had no idea about our industry and caused us a lot of distress with our bonding company. It’s a much better story with RotenbergMeril. The RotenbergMeril partner and staff assigned to our firm were really professionals and you could tell that they had the expertise to handle the complexities of our accounting. Needless to say, our bonding company is now very pleased with our financial reporting.”
-Construction Contractor Client