We Offer Tailored Solutions for Construction
At Outline Unicorn, we specialize in offering invaluable accounting for construction companies, ensuring their financial success through our unique CCA approach—Clear, Concise, and Accurate financial records. Understanding the complexities of construction finances, our experienced team provides tailored bookkeeping solutions and job costing and project accounting that truly reflect your financial health, empowering you to make informed decisions. Whether you’re a general contractor, commercial builder, home renovation company, electrical contracting business, plumbing and HVAC specialist, roofing firm, or part of the civil engineering sector, our expertise spans the entire construction industry.
By leveraging automation and thorough analysis, we streamline your financial processes, helping you save 25-40% of your time and 35-50% of your costs compared to in-house staffing. As your multi-function financial partner, we focus on maximizing your return on investment, while you concentrate on building the future.
Major Accounting Challenges in Construction
The construction industry faces a unique set of accounting and bookkeeping challenges that can impact profitability and project success. From complicated cost tracking and project budgeting to strict construction tax filing compliance, contractors must overcome specific financial obstacles to keep their business running smoothly. Below are some of the major accounting challenges that construction companies regularly encounter.
- Managing Job Costing Accuracy: Tracking direct and indirect project expenses can be complex, with costs spread across multiple jobs. Inaccurate job costing leads to profit loss, poor budgeting, and unreliable financial reporting, impacting a contractor’s ability to bid and plan effectively.
- Handling Change Orders: Project changes frequently occur, requiring updated contracts and invoices. Improper or delayed recording of change orders can create gaps in revenue recognition and cost management, leading to cash flow issues and client disputes.
- Dealing with Retainage: Retainage is a portion of payment withheld until project completion, complicating revenue recognition and cash flow. Accurate tracking is essential, as poor retainage management can result in missed payments and financial strain on ongoing projects.
- Managing Subcontractor Payments: Coordinating and documenting multiple subcontractor invoices, lien waivers, and tax forms is time-consuming. Errors or delays in payments can disrupt project timelines, damage relationships, and create risks for non-compliance during audits or tax season.
- Navigating Project-Based Tax Compliance: Construction projects often span tax jurisdictions and require careful tracking of sales tax, payroll taxes, and deductions. Construction tax filing and proper tax management are vital to avoiding penalties, audit issues, and increased administrative burden for construction firms.
Need Expert Financial Assistance for Your Company?
Discover how Outline Unicorn can transform your construction financial management with our specialized services. Contact us today to learn more about our CCA approach and see how we can save you both time and money. Reach out via phone, email, or our website for a personalized consultation and take the first step towards financial clarity and efficiency.
