Construction accounting is unique due to complex rules and accounting methods like contract revenue recognition, job cost accounting, estimates of costs to complete, change orders and allocation of indirect costs.
Fortunately, outsourced accounting professionals can help ease some of that burden.
What is outsourced accounting for construction?
When you outsource accounting services, you can delegate various financial, accounting, and strategic tasks to a team of professionals. This arrangement allows you to focus on your core operations, like project bidding and estimating, project scheduling, construction execution, client communication, and closeout, while your financial records and processes are maintained by professionals with experience in accounting practices.
What outsourced accounting services does LaPorte offer to the construction industry?
Our Client Accounting Services Group is a well-rounded team with decades of experience. We take the knowledge that we’ve gained working with industry leaders to help you streamline operations, reduce costs, and provide you with timely reports, analysis, and insights on your financials and project profitability to enable you to make critical decisions for business growth.
LaPorte can assist all types of construction businesses — industrial & nonresidential, heavy highway, and specialty trade companies, including both general contractors and subcontractors — through each phase of the companies lifecycle. We provide the following services:
- Transaction advisory services
- Business valuation and net asset value analysis
- Attest and assurance services (audits, reviews, and compilations)
- Process reviews
- Workflow setup and management
- Outsourced operational accounting, including outsourced controller and CFO roles
- Forecasting and planning
- Software consultations and help with implementation
- Entity and transaction structuring
- Tax credit consultations and certifications
- Capital gain strategic planning
Why might outsourcing be the right move for your construction business?
When you’re deciding whether to outsource work or perform tasks internally, there are a few things to think about. Outsourcing can help in some of the following ways.
Save time.
If you’re an active owner, management of your ongoing projects can take up most of your energy, leaving little time for tax or accounting compliance, and even less time for strategic planning. Delegating your accounting to us can free you up to work on your business instead of in your business. We can help with many accounting functions including bookkeeping, accounts payable management, and monitoring cash to name a few.
Establish best practices.
With our extensive experience in the industry, we know what works and what doesn’t. We can offer suggestions for how to improve your current procedures and help make your existing processes more efficient.
Improve internal controls.
Our team can provide advice on how to strengthen internal controls so that your investment is better protected from both fraud and negligence.
Flexible solutions that save you money.
Our tailored approach ensures you only pay for the support you need—no wasted time or unnecessary costs. Unlike hiring full-time employees, you won’t incur benefit expenses. Whether you need near full-time help with daily tasks, targeted support for a complex purchase, or a sounding board for strategic goals, our solutions can scale up or down to meet your needs. This flexibility allows us to focus on your pain points efficiently and cost-effectively.
In the fast-paced world of construction, having a reliable accounting partner can make all the difference in achieving your business goals. At LaPorte, we understand the unique challenges of the industry and are here to provide tailored solutions that save you time, improve your operations, and give you peace of mind. Contact us today to learn how we can assist you in navigating the complexities of construction accounting and take your business to the next level.