Accounting for Construction
& Trades
Construction accounting is not standard bookkeeping. From job costing and progress billing to prevailing wage compliance and bonding requirements, your financials demand industry-specific expertise that general accountants simply cannot provide.
INDUSTRY CHALLENGES
Financial Complexities Unique to
Construction & Trades
Job Costing Accuracy
Every job has a different cost profile -- materials, labor, subcontractors, permits, and overhead. Without accurate job-level costing, you cannot tell which projects are actually profitable and which are bleeding money until it is too late.
Progress Billing & Revenue Recognition
Percentage-of-completion accounting, AIA billing, and retainage tracking create revenue recognition headaches. Mismanaged progress billing leads to cash flow gaps that can stall active projects and strain vendor relationships.
Prevailing Wage Compliance
Government contracts require certified payroll and prevailing wage rates that differ by trade and locality. Non-compliance results in back-pay penalties, contract debarment, and even criminal liability for willful violations.
Equipment Depreciation
Heavy equipment represents major capital investment, and depreciation strategy directly impacts your tax liability. Section 179 deductions, bonus depreciation, and cost segregation studies can save contractors tens of thousands each year when properly applied.
Subcontractor Management
Managing dozens of subcontractors means tracking 1099s, lien waivers, insurance certificates, and payment schedules. Misclassifying employees as subcontractors exposes you to back taxes, penalties, and potential audits.
HOW WE HELP
Construction-Specific Financial
Services That Protect Your Bottom Line
Job Cost Tracking
Real-time job costing that allocates every dollar of labor, material, subcontractor, and overhead expense to the right project. Know your actual profit margin on every job before the final invoice -- not months after completion.
WIP Reporting
Work-in-progress schedules that give you and your bonding company a clear picture of over-billed and under-billed positions across all active jobs. Essential for maintaining bonding capacity and accurate financial statements.
Contractor 1099 Management
We handle subcontractor onboarding paperwork, W-9 collection, payment tracking, and year-end 1099 filing. We also review your worker classifications to protect you from misclassification penalties and IRS scrutiny.
Bonding Support
Clean financials formatted specifically for surety companies. We prepare the CPA-reviewed or audited statements your bonding agent needs, and help you present your financial position in the strongest possible light to increase bonding capacity.
Equipment Depreciation Strategies
Strategic use of Section 179, bonus depreciation, and cost segregation to minimize your tax liability on equipment purchases. We plan the timing of equipment acquisitions to maximize deductions in the years you need them most.
Cash Flow Forecasting
Project-based cash flow forecasting that accounts for retainage schedules, progress billing timelines, and seasonal work fluctuations. Never get caught short on payroll or material payments due to billing lags.
WHY TODAY CFO
Why Contractors Choose Today CFO
Construction Industry Expertise
We understand percentage-of-completion vs. completed-contract methods, retainage accounting, change orders, and everything else that makes construction bookkeeping unique. No learning curve on your dime.
Aggressive Tax Savings
Contractors often overpay on taxes because their accountant does not understand construction-specific deductions. We proactively identify equipment depreciation, home office, vehicle, and retirement plan strategies that reduce your burden.
Bonding & Bank Ready
Our financial statements are formatted and presented specifically for surety companies and lenders. We help you build the financial track record needed to increase bonding capacity and secure project financing.
See What Proactive Financial Management
Means for Your Construction Business
Our calculator gives you a personalized estimate based on your revenue, entity type, and business complexity. Find out how much you could save with construction-specific tax strategies in under 2 minutes.
Calculate Your Savings