Welcome to JK Associates Construction Accounting
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JK Construction Accounting Services: Expert's You can Trust!
JK Associates Construction Consulting & Accounting Services
What's unique about the construction industry is the risks and demands associated with economic upturns and downturns. Because projects have longer timeframes, the impacts are not felt immediately but require planning to prepare your business for an increase or decrease in future projects. This can be a daunting task.
General contractors, subcontractors, and home builders should all focus on forecasts and projections, emphasizing the inherent risks for the business.
Construction Accounting Services
The construction industry is constantly moving. To keep pace with changing industry regulations and the accounting and tax implications that come with them, you need a strong financial partner like JK Associates. We have experience serving the accounting needs of builders and construction contractors. We’ll work behind the scenes to provide a clear view of how money is going in and out of your accounts so you always know where your jobs and your business stand financially. Our solutions will help keep your job costing accurate and make managing your expenses easier and more efficient. With us doing the heavy lifting on the financial side of your business, you’ll be free to focus on running your work sites so you can finish projects on time and in budget.
You can also count on us to form a tax strategy that will reduce tax obligations and increase profits. We’ll look for ways to control tax exposure throughout the year so when tax season comes around there won’t be any big surprises. And, when we prepare your tax filings, we’ll make sure you take advantage of all appropriate tax deductions, incentives, and credits available for the construction industry.
Accounting for Construction Businesses
Contact our Ft. Collins, CO firm now to learn more about how we can create a customized package of accounting services for your business.
- Full-service accounting
- Fixed asset accounting
- Job estimating and costing
- Tax planning and compliance
- Sales tax processing
- Month-end closings
- Cash balance tracking
- Bank reconciliations
- General ledger maintenance
- Operational reviews
- Payroll services
- Support for QuickBooks™ Software
What Should You Be Focused On?
Financial Outlook
Project Management
Project Management
Price increases, combined with supply and labor shortages, are the biggest challenges for the industry.
- Be diligent in reviewing your budgets, forecasts, and projections continually
- Attract and retain key staff with a combined approach of compensation models and critical benefits
- Develop a plan to ensure future projects by pursuing work in growing sectors
Project Management
Project Management
Project Management
Accurate estimates and project management tools will help you improve your operations.
- Invest in technology to help you document and track costs, which will give you a clear picture of your projects' profitability and help you with accurate estimating in the future
- Review past projects to determine operational changes to implement in the future
Contract Risks
Contract Risks
Contract Risks
Understanding contract penalties and performance obligations will help you manage your unexpected costs and challenges.
- Creating a competitive, yet profitable bid process requires accurate tracking of costs for each project. With that information, you can more accurately estimate costs for future projects which will help you plan for unexpected costs that might create risks in managing the contract.
Tax Strategies
Contract Risks
Contract Risks
Understanding the federal, state, and local tax incentives and obligations will help you minimize taxes and maximize your profits.
- Develop a comprehensive tax strategy with an advisor who has construction industry expertise
- Proactively plan for sales and use tax obligations, especially if you sell services in more than one state