Managing the finances of a construction business is no small task. The complexity of the industry, with its project-based accounting, fluctuating costs, and regulatory demands, can make financial management a challenge. This is where our construction accounting specialists can step in to support you.
Our specialist team understands the unique demands of contractors and construction businesses, and we’re here to help you navigate your finances with confidence.
Here’s how our Construction Accountants can Make a Difference for Your Business
1. Bespoke Job Costing Solutions
One of the cornerstones of successful this type of accounting is job costing. Without accurate tracking of costs by project, it’s nearly impossible to maintain profitability. Our local accountants at Chandler & Partners can:
- Help you set up an efficient job costing system.
- Track expenses across categories like labour, materials, and equipment.
- Provide detailed reports to give you a clear view of profitability for each project.
With our support, you’ll have the tools to control costs, identify inefficiencies, and bid more competitively.
2. Revenue Recognition Made Simple
Choosing the right revenue recognition method is crucial for construction businesses with long-term contracts. Whether you opt for the percentage of completion method or the completed contract method, our Worcester accountants can:
- Evaluate your contracts to determine the best approach for your business.
- Ensure compliance with accounting standards and tax regulations.
- Provide clear financial reports that reflect your business’s true financial position.
We make revenue recognition easy, helping you avoid UK tax complications and implement accurate financial reporting.
3. Cash Flow Management
Healthy cash flow is a key aspect of a construction business’ success. At Chandler & Partners, our construction accounting experts will work with contractors to maintain smooth financial operations. For example, we can:
- Create detailed cash flow forecasts aligned with your project schedules.
- Assist with managing payment terms with clients, suppliers, and subcontractors.
- Monitor cash flow regularly to identify potential challenges before they arise.
Our proactive approach ensures you’re always prepared to meet your financial obligations.
4. Navigating VAT and CIS Compliance
The construction industry comes with its own set of tax rules, including VAT reverse charge regulations and the Construction Industry Scheme (CIS). Staying compliant can be time-consuming and stressful. Let us handle it for you. We can:
- Ensure accurate VAT reporting and compliance with reverse charge rules.
- Help you register and manage CIS submissions.
- Identify opportunities to optimise your tax position.
With us by your side, you can rest assured that your tax affairs are in order.
5. Tailored Financial Advice for Growth
At Chandler & Partners, we don’t just focus on day-to-day accounting—we help you plan for the future. Our team can provide:
- Strategic advice to improve profitability.
- Insights into industry trends to keep you competitive.
- Growth planning to take your business to the next level.
Why Choose Chandler & Partners for Construction Accounting?
At Chandler & Partners, we pride ourselves on our industry expertise and commitment to client success. Here’s why contractors trust us:
Specialist Knowledge: Should you choose an ordinary accountant to help you? Having a specialist construction accountant by your side makes all the difference as we have a deep understanding of the differences in the construction world.
Personalised Service: Our solutions are tailored to the specific needs of your business.
Proactive Support: Here at Chandler & Partners, our specialist construction accountants don’t just react to problems; we help you prevent them.
Contact our Trusted Construction Accountants Today
Mastering construction accounting is essential for the success of your business, but you don’t have to do it alone. At Chandler & Partners, we’re here to simplify your financial management, improve your profitability, and help your business thrive. Whether you need help with daily accounting services like bookkeeping or something bigger like financial planning for your construction business, we’re here to help.
Contact us to learn more about our construction accountancy.