Construction and Manufacturing Companies must deal with many industry-specific accounting issues which require a strong accounting and back office systems. Accurate and efficient Job Management, AIA Billing, Inventory Management and Cash Flow Management are key elements for ongoing business success. Lescault and Walderman understands these unique challenges and has the experience and knowledge necessary to develop the systems, policies and procedures that will allow for strong back office operations and accounting for construction companies .
A Bethesda, Maryland based accounting firm, we offer specialized accounting for Construction Companies in the Maryland, Washington DC, and Northern Virginia regions. Our extensive knowledge of local accounting rules and regulations and our experience of ideal construction accounting procedures allow us to offer the most comprehensive Bookkeeping and CFO services for Construction Companies.
No matter what construction trade you are in there is a predefined process you utilize to manage your jobs from bidding to completion. Due to the fact that every businesses is slightly different, there is not just one construction accounting system that fits all firms. It is our job to review and analyze your business and recommend solutions that will fit your current business model. We look at your need to schedule resources, manage subcontractors, track vehicles, and so much more.
Many construction companies are required to submit progress billings to the General Contractors they work for. In most cases it is required for our clients to submit their invoice using an AIA (American Institute of Architects) form G702. We offer construction bookkeeping management services for this process; utilizing proprietary software we are able to create your AIA invoice, store it electronically, and automatically update new AIA forms on a monthly basis.
In many cases construction firms are at the mercy of the General Contractor and are under a contract that is on a “Paid When Paid” payment term. This requires our clients to manage their cash very stringently. We work with our clients to implement “Best Practices” needed to maintain a healthy cash flow. Also, it is necessary to track all financial data for the contracts you perform. We help put processes in place that help track all income and expenses per job so you know whether you are making money or not.
In addition to our specialized accounting services, we also offer complete Accounting for Construction Companies and CFO Services for Construction Companies to ensure smoother and more transparent operations. To learn more and schedule a free consultation, contact us at 866-496-2042.