Construction Accounting Services
Tax accounting has become extremely complicated and time consuming for construction businesses due to the numerous changes that have taken place since 1986. construction businesses is a kind of business in which many players in the industry are confronted with challenges like an up-front investment, multiple contracts, progress billings, labor and material cost, cost overruns, a drastic drop in demand, premium interest charges on loans, slow and sensitive transaction by owners, and market volatility.
Odoni Partners is a firm that understands the unique structure and challenges of the construction industry and the reporting requirements affected by it. Our firm has a well-designed approach to identify and solve various risks that may affect the financial and compliance reporting of your construction businesses. The risks that have previously been identified as major challenges in construction businesses include revenue recognition, receivables, estimates, manufacturing cost, and long-term contracts.
Our team of professionals solves these risks through the use of special accounting methods such as the accounting method, cash method, accrual, completed contract method, and lots more. These are safer methods that will not pose any threat to the progress of your construction businesses. These methods that are in use by our certified professionals help players in the construction businesses to figure out their taxes based on the progress made in completing their ongoing construction contracts, choose to either postpone income and tax until the construction project is completed or not.
The professional staff in Odoni partners are certified accountants and advisors that will also identify financial techniques, perform operational review per time and give valuable suggestions on ways to improve the profitability of your construction businesses while tax advantages are being maximized.
Areas we serve
- General Contractors: General contractor also known as the main contractor is responsible for the provision of all the labor, equipment, materials, and services that are necessary for the proper execution of construction projects. A general contractor can hire subcontractors. The subcontractors those that specialize in certain areas of the project for quality service delivery. When handling contracts like this, Odoni partners staffs will offer the needed expertise by deploying specific accounting method that will best fit your construction business and assist you in maximizing profits with better tax advantages. We will also assist you in organizing, sharing and securing information at all time and implement effective collaboration methods.
- Specialty Subcontractors: Specialty contractors are contractors that are directly responsible for the execution of a specific job that is involved in the completion of a construction project. They are contractors that perform their major labor duties on construction sites. Their job is a flexible one in that a peripheral task maybe perform in their private workshop before moving massively to the construction site. Workers in these sectors include the painters, plumbing workers, alarm installers, and so on. Odoni partners understand the risk of prompt fund release to the subcontractors by the general contractors. Therefore, our team of outstanding professionals will ensure that tax and profits are being maximized between the general contractors and the subcontractor by providing updated general financial statements, reduce errors, cost-effectiveness and managing inconsistent cash flow to facilitate the speedy completion of the construction site.
- Real Estate Companies: Real estate companies are companies involved in the buying, selling, and management of properties consisting of land, the buildings on it, natural resources and other immovable properties for generating income. Odoni partners understand the viability of the real estate industry; therefore, when consulted the team of qualified professionals provides valuable assistance that will assist the real estate companies in managing the profits and taxes. This we do by evaluating the operational efficiency, draw and effective request process and establish competitive prices with better profit.
- Architectural Firms: architectural firms are important firms in society. They comprise of a sole proprietor, which is an architect that shares the ownership interest of the firm with other architects in the firm. They may either be partners or shareholders of the architectural firm. Odoni Partners is fully aware of the importance of maximizing profits generated by the architectural firm and therefore, when consulted, they assign a team of competent professionals with full expertise and experience to provide a good method to manage income generated at the expense of the taxes to be paid in order to maximize profit to the shareholders of the firm and its staffs.
- Engineering Firms: Engineering firms are firms consist of professional engineers that specialize in various engineering sectors. These engineers act as consultants for both private and public organizations. The firm offers product design, fabrication, mechanical, civil, electrical, environmental, chemical, structural, and technical services to its customers that patronize them. These services they render in order to generate profits. Odoni partners know the importance of profit and tax management to the engineering firms. When consulted by engineering firms, they have a team of certified accountants and advisors that specializes in managing financial challenges of the engineering firms that will effectively handle all issues with utmost priority.
- Heavy Highway: A large number of roads lead to various destinations. Odoni Partners is established to provide a quality project and field management solutions in order to make your project lead to productivity and also maximize profits. We have a team of qualified professionals that are enthusiastic about giving you the best services when it comes to finance and accounting. We do these by streamlining the duties performed between the field and offices and working out an effective collaboration between the project teams involved in real-time.