From contractors to construction empires, investing in expert accounting can help track each job and the impact it will have on the business as a whole. Although there are some similarities when compared to general accounting, there are also many distinct and important features that must be kept in mind due to a project-based approach, long-term contracts and decentralized production methods. Ultimately, every construction company needs a way to control costs and ensure they are bidding intelligently. This is where expert construction accounting plays a crucial role.

A great virtual CFO and accounting team for construction should be able to focus on job costing, contract revenue recognition, contract retainage specialized construction billing and the impact payroll has on finances. By taking a holistic view of these factors, the accounting team should be able to create a financial plan that actively promotes growth while also maintaining previous progress. Additionally, expert accounting for the construction industry should ensure compliance reporting is being supported with accurate numbers to accommodate both federal and local requirements.