Construction
We are your construction partner.
Our team of industry experts works with general contractors, subcontractors, specialty trade contractors, and materials suppliers. We get to know and care about your business like it were our own.
This approach allows us to build a collaborative relationship that leads to valuable insights and enhanced services.
Tax & Audit Services
Financial Planning and Analysis:
We help construction businesses to create budgets, analyze financial statements, and forecast future cash flows.
Tax Planning and Compliance:
We help construction businesses to navigate complex tax laws and regulations, ensuring that they remain compliant with all applicable tax laws. We also leverage our knowledge to help minimize tax liabilities and take advantage of tax incentives and credits.
Fraud Detection and Prevention:
We help detect and prevent fraud, which is a significant risk in the construction industry, we work with you to implement internal controls and conduct audits to identify any fraudulent activity.
Financial Reporting:
We prepare and review financial statements, which are essential for obtaining financing, complying with regulatory requirements, and ensure that financial statements accurately reflect the financial position and performance of the business.
Business Valuation:
We provide business valuation services, which are essential for construction businesses that are considering mergers, acquisitions, or sales. Our valuations help businesses to determine the value of their business and negotiate favorable terms.
Outsourced Accounting Services for the Construction Industry
Benefits of partnering with Bowers include cost savings, scalability, timeliness, and improved compliance.
We provide these valuable services to our construction industry partners:
Preparation of Monthly Financial Statements
Account Reconciliation
- Ensure accurate entry of all items into the accounting software
Assistance Preparing:
- WIP & completed contract schedule
- Projected cost reports with PM’s
- Workers comp & general liability audits
- EEO & MWBE reports
Proper Contract Value Tracking
- Ensure all contract values are being recorded correctly, including change orders and allowance authorizations
Change Order Input
- Monitor entry of change orders into accounting software to ensure that future projections do not get skewed
Job by Job Cash Flow
- Reporting to determine cash flow of each job
- Avoid negative cash flow on projects by examining line-
item billings related to schedule of values
AIA Billing
- Proper AIA billing processes to ensure timely monthly submissions
- Produce pencil copies with target billings to ensure billing remains on track with percent complete
- Notary services
Accounts Receivable Management
- Establish timely billing procedures
- Improve collection of outstanding AR
- Improve company cash flow
Quarterly Payroll and Sales Tax Returns
- Bowers will handle deadlines allowing office staff to focus on project completion and obtaining new projects.
“Bowers came highly recommended through a mutual business partner and we unanimously knew it was going to be a perfect fit right from the initial meeting. We were seeking an accounting firm to bring a new perspective into our construction business, after being with our previous firm for decades. Specifically, we had a requirement for a firm with partners having a CCIFP certification, as we felt we needed industry-specific knowledge due to the unique nature of our business entity. Not only does Bowers have the accreditation we were looking for, but they also have an entire sector of their firm solely dedicated to construction companies. The transition from our prior firm and was very quick, efficient and seamless. Between recommending changes to our corporate entity and accounting methods, to taking an initiative to research additional tax credits that we may qualify for, we are thankful with each point of contact that we have worked with. Not only has Bowers found us savings that we wouldn’t have been aware of otherwise, they have exceeded our expectations with their commitment to being proactive and staying on top of tax laws and updates that will best benefit us. We are confident that we made the perfect choice in partnering with Bowers to assist us with our needs now, and in our future growth and expansion.”
Michael Petcosky, President/CEO – Petcosky Companies
