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Construction

Like many industries, construction companies face myriad challenges in the form of new government regulations, trade disputes leading to higher costs and a decrease in skilled labor. The Ericksen Krentel team is experienced in a variety of accounting, taxation, financial administration, management issues and procedures relevant to the construction industry, including heating and air conditioning, electrical, plumbing and landscaping.

Like many industries, construction companies face myriad challenges in the form of new government regulations, trade disputes leading to higher costs and a decrease in skilled labor. Competition has lowered profit margins, and other issues, such as new revenue recognition standards and succession planning, are impacting operations. Contractors need accurate financial statements now more than ever.

As back-of-house talent becomes less affordable or unavailable, the solution may be outsourcing your accounting or CFO duties to save time and money so you can focus on growing your business. Other solutions include taking advantage of the Work Opportunity Tax Credit or turning to benchmarking to uncover increased operational efficiency and profitability.

While looking to the future, it’s also important to begin succession planning now to minimize the tax bite while optimizing value.

As service providers to businesses within the construction industry, the Ericksen Krentel team is experienced in a variety of accounting, taxation, financial administration, management issues and procedures relevant to the construction industry, including heating and air conditioning, electrical, plumbing and landscaping.

Our services include:

  • Job costing litigation/arbitration support
  • Audit and accounting services
  • Financial reporting compliance
  • Cash management tax planning and preparation
  • Revenue recognition joint ventures
  • Financing risk management
  • Credit and collections business valuations
  • Computer information technology merger/acquisition and succession
  • Employee retirement plans personal and financial planning
  • Strategic planning services bonding
  • Buy-sell agreements
  • Contracting and contract change management

The Ericksen Krentel team provides local, personalized and responsive service by creating actionable strategies that provide growth and focus on future goals. Our team can provide cash receipts and cash disbursements transaction processing, such as electronic payment of bills using Bill.com or online transactions through your bank, physical check writing and recording all cash receipts and cash disbursements in your general ledger software, such as Intaact, QuickBooks or another cloud-based application.

We also offer vital compliance services including payroll processing, whether it’s outsourced to a third-party provider or performed in-house, and period-end closing services including:

  • Maintenance of fixed asset records and depreciation schedules
  • Reconciliation of all bank accounts
  • Recording of general and adjusting journal entries in general ledger software
  • Preparation of schedules to support significant general ledger balances
  • Preparation of monthly or quarterly financial statements under SSARS 21 standards

Those services extend to businesses in the following construction segments:

  • Residential building construction
  • Nonresidential building construction
  • Utility system construction
  • Land subdivison
  • Highway, street and bridge construction
  • Other heavy and civil engineering construction
  • Foundation, structure and building exterior contractors
  • Building equipment contractors building finishing contractors
  • Other specialty trade contractors
  • Lessors of real estate
  • Offices of real estate agents and brokers
  • Real estate property managers
  • Homeowners associations

The Ericksen Krentel team is ready to help position you for continued financial growth, and our services don’t stop at construction accounting or tax planning. Our team can also attest to the financial performance of your business and beyond to provide assistance in merger due diligence, reviews of internal controls or performance reporting.

Our experienced business advisors have provided timely, accurate and comprehensive assurance, advisory and accounting services for businesses of all sizes for nearly 60 years. Our goal is to truly understand your business to help you economize your operations and develop strategies for minimizing future liabilities.

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