This sector is still booming and financial management is the key to success for this sector as it requires investment and planning. Check out what tools we can offer to assist you with managing your construction business.
If you are a new business of an existing business you need to know the type of business entities that are available and their advantages and disadvantages.
- Sole Proprietorship
- Limited Partnership
- Limited Liability Partnership
- Joint Venture
Day to Day Operations
There is a host of information that you require on a daily basis to keep your business performing at optimal levels. You need to know who owes you money, who you owe money to and when these amounts are due. You need to know all of your assets and liabilities. You need to be able to measure your performance. You need to know which jobs make you money and which jobs do not.
The construction industry has requirements that differ from other industries. They have holdbacks receivable and holdbacks payable. There are different accounting methods to report income, these differences can drastically effect your tax bill. For larger jobs you will require bonding.
Taxation and Reporting
The reporting for taxation and other bodies include, personal tax, corporate tax, Worksafe reports, GST reports, employee deduction and payroll reports, T4’s T5’ T5018’s. The completed contract versus the percentage of completion methods of reporting must be analysed.
How we can help
- First of all, we can help you select the business form to use in your business. We will evaluate your needs and recommend the right form keeping in mind the current operations and the projected operations.
- We can provide you cash flow data to help you determine your requirements for working capital. We can assist you in obtaining bank financing. We can assist in preparing budgets to guide your growth.
- We can prepare financial statements and tax returns as required and on time, including information bonding companies require.
- We can analyze your requirement for computer systems and software. Alternatively we can prepare the information you require in our offices. Our professional personnel are always happy to help.
- We can provide you with job costing information, payable and receivable management.
What to do
Call our office for an appointment for a free initial consultation or we can arrange to go to your office. If you are a new business, we can help you with required registrations and provide you needed advice. If you are an existing business, a second opinion can never hurt.