Construction Accounting Services

The U.S. construction industry is more dynamic than ever. Demand for new homes and commercial space is increasing as the marketplace becomes more competitive. Construction professionals find themselves facing a unique set of opportunities and challenges that will undoubtedly change with future economic cycles. Working with a tax specialist who understands your business’s goals and desired outcomes is the first step toward profitability, growth, and long-term financial success.

At Barton, Walter & Krier, we understand the dynamics of the industry and provide guidance on issues such as working capital, cash flow, profit fade, cost analysis, and accounting systems. As your dedicated partner, we have the experience and resources to ensure your business reaches new heights now and in the future.

• Tax planning
• Budgeting and forecasting
• Cash-flow management
• Financial projections
• Construction audit, review, and compilation
• Choice of entity type
• Outsourced accounting

Learn more about how Barton, Walter & Krier can help your construction business. Contact us today to speak with an accounting or tax specialist.

From revenue to payroll and costs across the board, all matters of construction companies must accurately track their finances from job to job, not just in general. New and growing companies find out quickly that this can be a complex and daunting task to add onto an already demanding business. Hence the need for a dedicated accounting service to go alongside them.

BWK provides reliable, responsive accounting and bookkeeping for a wide range of construction businesses, both in the small and middle markets. Our construction CPAs help you ensure a solid accounting foundation so you don’t have to get bogged down by the details and you can focus on the projects ahead.

Distinct from general business tax, construction tax planning involves multiple financial layers that must be accounted for. Revenue recognition, equipment depreciation, and worker classification are just a few of these variables that shape a contractor’s tax position from year to year.

• Revenue recognition: The method you choose will determine when income is taxed. In other words, your cashflow and timing may be affected by how you set this up.
• Equipment depreciation: Expensing your equipment strategically can potentially reduce taxable income.
• Worker classification: If not done correctly, this can have negative ramifications on your taxes. Misclassifying employees as subcontractors, for example, creates payroll tax liability or audit risk.
• Entity selection: New and aspiring contractors beware. How you structure your business directly affects how profits are taxed and what you can deduct in your expenses.
• Sales and use tax: Buying materials across state lines can create tax obligations that may not always be obvious right away. Then you have compliance gaps.

BWK’s construction CPAs work through each of these variables with clients to make sure nothing is missed and money’s not left on the table.

Having a clear grasp on cash flow is among the most persistent challenges for construction businesses. Payments from clients can be delayed while subcontractors’ and suppliers’ invoices demand immediate payment.

Tracking draw schedules, retainage, and payment timing across multiple active projects requires a level of financial visibility a basic accounting solution cannot keep up with.

However, Barton, Walter & Krier understands that builders constantly deal with the chaos of project timelines, where construction cash flow isn’t exactly predictable, and we help you adjust accordingly.

As your construction business grows, so does the demand from lenders and owners for well-organized, verified financial statements. That way, you can qualify for larger loans, better financial terms, and—if all goes well—bigger projects.

BWK provides:

• Financial statement audits 

• Reviews and compilations

• Agreed-upon procedures engagements

For a full breakdown of what BWK offers for construction audits, visit our Audit & Assurance page. 

From residential home builders to growing commercial contractors, BWK has experience supporting construction businesses across the Twin Cities. Based in Maple Grove, our accounting team understands the demands of the local market and the complexities of maintaining operations in the metro area.