Construction Accountants

Construction Accountants You Can Rely on

When you hire our team of accountants for your construction firm, you’ll benefit from a service you can rely on.
We offer our clients a tailor-made service to help manage project finances and timelines.

Help Manage Cash Flow

As accountants that specialise in construction projects, we help you manage your costs and cash flow so that you can operate smoothly without worrying about where the next cash injection is coming from. Professional financial management takes the admin tasks away from you, leaving you to focus on the project at hand.

Assistance In Project Management

Our team takes on more than simply managing the finances of construction projects. We lend a helping hand in managing project timelines and milestones from a financial perspective, giving you insights into project progression and key deliverables. Insights into your project’s financial state can tell you a lot about the project’s status as a whole.

Risk Management

Hiring a team of accountants specialising in construction also means that you get dedicated risk managers. When assessing project feasibility with accurate financial projections and budgets in mind, accountants can help you identify and mitigate risks associated with the relevant job. We integrate seamlessly into your team with our collaborative approach to accounting.

Industry Insights

As accountants specialising in the construction sector, we have access to information about industry trends. Our knowledge and experience allow you to gain insights into factors such as market trends, supply and demand insights, and information surrounding materials and employee costs, allowing us to offer advice accordingly.

Your Advisory Partners

The world of construction finance is changing, with new regulations and laws constantly coming into play. As accountants, it’s our duty to stay updated with compliance and regulatory changes. Having our team of accountants on board allows you to focus on your clients while we worry about the intricate, legal side of the construction industry.

Better Transparency

Our team can act as the go-between for your company and other key stakeholders. As your dedicated financial team, we are trained to provide accurate and insightful reports about the specific project and carefully consider external factors that may affect your construction work.

Domestic Reverse Charge, effective since October 2019, requires the customer receiving a specified service to pay VAT due on the value of that work directly to HMRC, not the service provider. The customer can claim this payment back, however, this legislation has implications for construction companies.

The CIS (Construction Industry Scheme) sets out how your business must pay self-employed workers and make deductions towards their tax and NIC contributions. It is particularly complicated where there is a contractor and subcontractor relationship. CIS requires monthly reporting and a detailed breakdown of deductions and the eligibility of subcontractors to receive payments in certain ways.

Work in Progress (WIP) is one of the more complex areas within the accounting sector. It represents the value of work done but not billed. The value of WIP is often recognised in numerous different ways, although there are strict regulatory rules involved in the process. A Company’s cash flow is also critically linked to WIP, and the invoicing of costs incurred

Cash flow. Fee billing and stage billing affect cash flow and are often tied to WIP for Construction firms. Construction is a complicated industry and cashflow is often put under pressure, due to complications arising with projects and delayed payments. Firms often face these difficult situations, which are compounded by the fact they still have to pay for labour and materials, perhaps long before they get paid by the client.

Another construction accounting challenge for companies is the management of fixed assets. As a construction business, you’ll have high value machinery and on-site equipment as well as general assets such as vans and computers.

And looking ahead, construction firms need to plan for possible disruption in the availability of skilled labour. An ageing workforce, fewer younger people entering the industry and the effects of Brexit could see construction firms having to adopt new technologies to stay competitive.

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