Construction Industry Experts
O’Connor & Drew, P.C. works with owners and managers of construction firms to provide business advice and technical assistance to improve financial operations, business processes and internal controls. Whether you are a general contractor, specialty trade subcontractor, building materials supplier, or an architect and engineering firm, our construction accountants, tax and consulting professionals can understand and customize services specific to your unique needs.
Financial Solutions Specific to Each Part of Your Firm
Owning and managing a construction company is quite challenging, requiring constant attention to every detail of the business. To be successful, construction companies must establish solid relationships with employees, clients, banks, financiers and bonding
companies; comply with state and federal tax regulations specific to the construction industry; demonstrate expertise in human resources; and make difficult financial and accounting decisions every day.
Our Construction Practice
O’Connor & Drew is committed to providing first-rate proactive services based on each construction companies’ complex needs. All construction engagements are closely supervised by one of our partners-in-charge who has the sophisticated knowledge and the
in-depth understanding of the construction industry. Partners work with a highly experienced and well-trained team of accounting, tax, and business consulting professionals who are also specializing in construction.
About O’Connor & Drew
O’Connor & Drew, P.C. is a full-service accounting firm that has provided its clients with the highest level of professional accounting, tax, and business consulting services for the last 70 years. We keep our clients apprised of current financial, tax and business issues that may impact their organizations. We provide guidance and solutions on changes needed as a result of those issues in a timely manner. All construction client engagements are closely supervised.
Services as Unique as your Organization
O’Connor & Drew, P.C. works with the construction industry on several levels. We provide audit services to large general contractors, perform tax planning for sub-contractors, and assist suppliers with their accounting systems. Our extensive knowledge and experience in providing advice to contractors goes back to the origin of the firm—over 60 years ago. Our client list includes several contractors who have been with the firm for over thirty-five years. Financial Reporting Construction clients require timely financial reporting in order to measure job progress and review contract bids against actual results. There are no guarantees in the construction industry with regard to job profits.
Timely updates as to the percentage of the job completed and cost overruns are critical. We can assist in reviewing the process utilized by the accounting department and its interaction with project managers. Timely billing and posting of job costs begin with a solid system of internal controls, discipline and prompt updates to financial contract schedules. Cash Flow All contractors face periods of peaks and valleys with regard to cash flow. We emphasize the need to project cash flow in order to determine capital requirements. This practice can assist in determining cash crunches such as: contract start-up, capital asset requirements or issues surrounding contract billing and processes. Our cash flow modeling can assist in spotting these trends and building a plan to maximize available cash and minimize borrowing against lines of credit. Tax Planning Tax planning has been a cornerstone of the tax services we provide. A “preview” of your tax situation involves a review of the interim financial statements, a projection of the taxable income and creative ways to minimize the total tax liability. A cash flow summary and personal tax projection are also part of this process. Understanding your future cash flow is essential to managing the business and ensuring adequate capital needed to fund construction projects.