Construction CPAs in Las Vegas, Nevada CPA Firm Leave a comment

By implementing precise inventory tracking and expense management, they achieved very encouraging results. Additionally, XOA TAX ensured compliance with accounting principles and improved the client’s overall profitability through expert bookkeeping services. Our construction CPAs here in Las Vegas have assisted in locating hidden savings in all circumstances. We can provide any accounting service your construction company needs with the help of the latest tax code. While our achievements come from the knowledge we have accrued over 60 years in the accounting industry, Haynie & Company’s constant growth is a testament to our drive to always do better by our clients. Here at Haynie & Company, we understand as well as anyone that construction companies can bring upon owners and managers some of the greatest accounting challenges.

Financial Reporting

A well-thought-out tax plan helps you stay financially secure in the long run. By subscribing you agree to with our Privacy Policy and provide consent to receive updates from our company. Learn more about using WIP reports for effective construction management. You can now use this percentage to calculate the amount of revenue to recognize for a specific project milestone or pay period.

• Established in 2013, Vegas Construction Services (VCS), LLC is a fully licensed and bonded company per NRS.
• To properly record and track retainage, you’ll need to include an account for retainage receivables on your company’s Chart of Accounts.
• If you want to succeed, you can’t approach construction accounting from a conventional perspective.
• To actually be effective, your cost coding system needs to be used consistently by everyone in your company.
• Learn more about using WIP reports for effective construction management.
• In order to conduct an audit, we examine your company’s financial statements in accordance with auditing standards generally accepted in the United States.

Simple, straightforward pricing for everything your business needs.

• The problem is, construction accounting is entirely different from accounting in other industries.
• The first step to building more accurate accounting processes is recognizing that construction accounting is different.
• Each month, your bookkeeper organizes your business transactions and prepares financial statements.
• Schedule a free consultation today to see how we can transform your bookkeeping process and boost your business efficiency.
• Put simply, job costing is about tracking a specific construction project’s direct and indirect costs, revenue, and profit margin.

This ensures accurate and consistent data entry that will ultimately help you bid better on future projects. Keeping enough cash on hand is a serious challenge in our industry, especially on longer jobs. To maintain a positive financial position, you’ll want to use progressive billings (aka progress billings). Instead of a lump sum at the end, progress payments are made in regular installments (usually monthly) as a project progresses.

• Once we have everything set up, we’ll complete a month of your bookkeeping.
• It’s definitely a mindset shift, but the good news is, no matter what kind of contractor you are, your construction firm’s needs are going to look pretty much the same.
• Our construction CPAs will allow you to see a whole new side of your business—and knowledge is power.
• XOA TAX assisted a small business facing financial challenges, including inaccurate financial reporting and high tax liability.
• Complex finances, loan structures, and all the coverage requirements make for every day a new puzzle that has to be solved—particularly when it comes to accounting and filing taxes.

Get Success.

Essentially, WIPs work to combine all your job costing in one place, so you can get both a bird’s eye view of all open jobs, and a granular look into how each one is individually performing. If you want to be able to plan better, and proactively address problems before they eat into your profit, you need this document. A surefire way to lose out on project profitability is to do work you’re not paid for. An effective change order management system is your first line of defense against this.

Understanding Retainage

To properly record and track retainage, you’ll need to include an account for retainage receivables on your company’s Chart of Accounts. Next, make sure all retainage is accurately represented on your balance sheet. ‘Focusing on opportunities beyond the numbers’ is our corporate motto, meaning we focus construction bookkeeping on serving people rather than just working the numbers.

The construction industry is tough enough as it is—let alone the accounting side of things. All too many construction companies here in the Las Vegas area attempt to forgo their accounting responsibilities without the help of a qualified CPA. But, upon closer examination, it’s also true that the majority of these companies are allowing a lot of money to slip through their fingers, without ever being aware. That’s why your construction business needs the professional CPAs at Haynie & Company’s office here in Las Vegas. To actually be effective, your cost coding system needs to be used consistently by everyone in your company.