Accounting uses the same equation: what you have (assets), what your owe (liabilities), as well as what’s left. There are key differences between construction accounting and general accounting that you need to be aware of. We’ll be highlighting some of the top accountants in New York who are experts in building businesses.
Contractors should care about construction accounting
General accounting is for companies that operate in a fixed environment with consistent cash flow and regular invoicing. Construction accountants must serve companies in complex, project-based industries that face unique financial challenges. Construction companies must account for cash flow, changes orders, retainage, deposit (or lack thereof), job costing, retention, change orders, and other variables. This is all in an industry with an average delay of accounts receivables (A/R), of 83 days.
Construction accountants spend a lot time learning about the industry to ensure you make a profit. They can help you identify profitable projects, avoidable jobs, how to bill clients and how to bid on projects.
An accountant who specializes in construction will be able to explain the federal and state tax laws applicable to contractors. They can help optimize your financial records and even find ways to lower them.
New York’s Top Five Construction Accountants
The following criteria were used to determine which accountants and firms made it onto the list:
- They specialize in accounting for construction companies or focus on it.
- They are all members of trade associations in the construction industry.
- They are based out of New York.
Below is the alphabetical list. The rank of accountants is not given.
Anchin Advisors and Accountants
Anchin Accountants and Advisors recognizes that construction is an unpredictable and competitive industry and that every construction company has its unique challenges. They are experts in the industry and will help you.
Your team and Anchin’s team collaborate to produce:
- Financial reports improved
- Incentive plans to encourage employee retention and attraction
- Strategies for tax
- Succession plans
They are here to help you overcome obstacles and keep growing in the construction industry.
Anchin is also a member of BKR international, an association representing the top independent accounting firms around the world. BKR is known for providing exceptional accounting services and customer service, but above all else.
EisnerAmper LLP collaborates with a broad range of businesses in the construction industry such as general contractors and homebuilders, residential builders, heavy highway contractors, and a number of subcontractors.
They have a broad knowledge of the entire construction industry, which is evident in their many specialties. They work with GCs, heavy equipment and highway contractors, homebuilders and residential developers, and subcontractors/specialty contractors
The traditional construction accounting services are tailored to meet the specific needs of each company. These services include:
- Tax services
- Streamlined billing
- Custom bookkeeping
The positive effects of services that are customized to each client are more powerful and last longer. EisnerAmper can help with any goal, no matter how big or small.
VJN Associates CPAs
VJN Associate CPAs is a specialist in construction accounting. Cash flow problems come in the construction industry. VJN will analyze your financial situation to find effective solutions to make your business more profitable.
VJN’s team acts like an experienced CFO, combing through your books in order to optimize your receivables and prevent profit leaks.
VJN Services offers:
- Analysis and planning for construction taxes
- Benchmarking analysis
- Strategic planning
- Audit and review of financial statements
- Analyse of cash flow
- Implementation of QuickBooks
VJN is widely regarded as one of the most affordable construction accounting firms in New York. They back this up with Fortune 500 quality work at a fraction of the cost. They offer a guarantee of 100% satisfaction if they don’t meet all your requirements.
James Castaldo CPA & Associates
James Castaldo, CPA & Associates knows that small construction companies rely on professional bookkeeping and accounting services to ensure their continued growth and success. Also, they understand that construction accounting is more than managing cashflow.
James Castaldo CPA & Associates is a partner with small contractors such as electricians, masons and landscapers. It can help you reduce expenses and minimize tax liabilities in order to maximize your profits. I can also help you identify the most profitable projects and bill your clients accordingly.
Their expertise involves:
- Cash balance tracking
- Operational assessments and reviews
- Payroll Management
- Construction tax compliance
- Plan for tax reduction
James Castaldo offers a complete package when you combine this with a wide array of other services.