Laying the Foundation for Growth
Growth-oriented construction companies need industry-specialized accounting and tax guidance to enable sound decision-making and achieve their goals.
Issues such as the rising cost of materials, project delays, labor availability, cash flow concerns, shrinking profit margins, regulatory compliance and other concerns make it difficult for contractors to identify the best course of action for continued success.
A leading construction accounting & tax consulting firm, Bennett Thrasher can help your firm meet your objectives and continue your growth by providing sound financial, tax and strategic advice based on our decades of experience serving the construction industry’s unique needs.
Financial Statement Audits
Many lenders, sureties and governmental entities require construction contractors to provide audited financial statements before approving a loan, bond or project. We can provide U.S. and consolidated global audited financial statements upon which financial institutions, sureties and regulatory bodies can rely.
Construction contractors can take advantage of a variety of tax strategies, including selecting the right accounting method, maximizing depreciation and working with federal tax credit consultants. We help clients minimize their global tax burden through tax-efficient structuring of their businesses and related entities.
The construction industry faces several challenges in the changing landscape of international, federal, state and local taxes. Our construction accounting team will work closely with you to ensure worldwide tax compliance with regulatory bodies.
With the rapid pace of work and tight profit margins, it’s easy to let certain tax credits and incentives slip through the cracks. We ensure our clients take advantage of all available incentives, including qualified business income deductions and transferable tax credits.
State & Local Tax Planning
Navigating the web of state and local tax (SALT) rules can be overwhelming. Our construction accountants can help you plan for SALT implications and comply with multi-state income and sales tax requirements.
Complying with contract requirements helps ensure your projects stay on schedule and on budget – and keeps clients happy. We can audit contract costs to identify gaps in internal controls over contract costs and purchasing.
As your company continues to grow, it can be difficult to stay on top of your financial and operational processes. Our outsourced accounting services help enable financial and operational visibility and control through managed construction accounting and technology.
Increasingly, general and specialty contractors in the United States are following project owners across international borders. Between unique building codes, labor force issues and a maze of regulations and cultural nuances, expanding internationally can be overwhelming. Too many contractors enter new markets unprepared, resulting in costly mistakes while negotiating and bidding on contracts.
For contractors already working across borders, maintaining the firm’s reputation requires delivering a consistent, high-quality product in each market. Staying on-time and within budget is no easy feat when you’re managing dozens or even hundreds of projects simultaneously on multiple continents.
Bennett Thrasher’s international accounting consultants partner with you to ensure you enter the global market well informed and prepared, keep a close eye on construction costs and avoid control flaws and inappropriately billed costs. Working with our construction accounting and consulting firm ensures you have the resources available to continually scan the horizon for new opportunities to expand your footprint.
Wherever your construction firm operates, competitive pressures and project owner demands drive the convergence of design and construction. To deliver more efficient and cost-effective design-build services, architectural, engineering and construction companies are consolidating. This move often represents the most significant event for an owner. Careful structuring of mergers and acquisitions ensures the transaction maximizes value for both parties.
Bennett Thrasher can also provide value acceleration and exit planning for contractors and construction company owners. Whether you want to transfer ownership to a family member or sell, we can help create and preserve your business’s maximum value.
Meet Our Construction Accounting Experts
Bennett Thrasher believes in serving our clients by building trust through insight and involvement.
If you’re looking for strategic construction tax consulting to navigate financial reporting, international growth and business transactions, we can help. Contact Scott Hazy or Aaron Scale to schedule a consultation.