The construction business today is more than the simple concept of bricks and mortar. There are many potential risks to consider, such as market timing, cost overruns, material and labor shortages; as well as potential opportunities like, better cost allocation, improved cash flows, careful tax planning; all of which can have a substantial bearing on the profitability of your company.
BST understands the dynamics and the unique challenges of the construction industry, and has the experience, dedication, and expertise to help you maximize your growth and earnings potential. We have provided accounting, tax and consulting services to the construction industry for more 55 years, serving emerging market contractors, large ENR 400 contractors, specialty contractors, general contractors and heavy/highway contractors. Our services include audit, review, and compilation of financial statements; tax preparation and proactive tax planning to meet your financial objectives; and internal control studies to assess your current accounting processes and advisory services.
BST also offers a wide range of services specifically geared toward the construction industry to help you control costs, increase efficiency, productivity, and cash flow, such as:
Surety Advisory Services
- Continually monitor financial results to gain a clear understanding of your projected financial results before the end of the year, in order to address any potential problems or issues, beforehand
- Create internal financial reporting systems that provide critical and timely information
- Identify and implement state-of-the-art, tax-efficient accounting strategies throughout the year to minimize your tax liability and avoid issues at the end of the year
- Periodically measure your company’s performance against its peers and “best-in-class” contractors in your particular segment of the industry, to highlight strengths and weaknesses, and enhance financial performance
- Business Succession Planning
- Develop a comprehensive succession plan to reduce risk, and increase the value of the enterprise
- Utilize wealth transfer techniques to avoid devastating estate taxes to family, after death
- Create compensation incentives and other techniques to retain key employees
- Develop cost accounting systems to help you track and manage direct costs on projects
- Analyze and control overhead costs that can drain profits
- Ensure proper use of information technology to help control costs, increase productivity, and cash flow
- Review your current bidding process to ensure that all appropriate costs are reflected and your bids are competitive