Everything You Can Expect
Do you need an accountant for your construction business? If so, surely you can just choose a qualified accountant and that’s it? While any accountant is going to be able to offer you amazing advice and support, you really should search for a specialist construction accountant. Here is what you can expect from working with a team who don’t just know their stuff when it comes to accountancy but also understand your industry.
They’ve worked with clients just like you
A construction accountant will have plenty of experience working with clients just like you. Whether you are just getting your construction firm off the ground or you have been in business for many years, they will have worked with clients dealing with the same challenges. This means that they can not only come up with solutions that they have seen work before, but will also be able to anticipate problems and lay the groundwork to prevent them.
Knowledge of the construction industry scheme (CIS)
Running a construction firm means that you will have slightly different tax obligations. You’ll need to comply with the Construction Industry Scheme (CIS for short). This is a tax deduction scheme that is specific to the construction industry and was developed to regulate payments to subcontractors. You’ll need an accountant who knows how to verify subcontractor status and manage your tax deductions.
Working with an accountant who doesn’t fully know how the CIS works could land you in hot water, even if any non-compliance was accidental.
Cash flow concerns
Cash flow is a different ball game in the construction industry. From soaring overheads to keeping on top of payments for temporary workers, there are so many things to worry about. An experienced construction accountant can keep an eye on things like project expenses, revenue streams and the timing of your payments. This will help you to avoid any cash flow gaps that could see you having to delay or even halt your operations. They’ll work with you to ensure that you have the funds you need and can also offer advice on optimising your cash flow.
Handling your payroll needs
Payroll can be challenging for any business, but it’s even harder to grapple with in construction. This is because your average conation site is made up of full-time employees and subcontractors, both of which have different payroll requirements. It’s easy for things to get overly complicated, and this is where errors are made. An experienced construction accountant can handle payroll for you, making sure that everyone is paid on time and correctly, while ensuring that you are in full compliance with regulations. This leads to a happy team and much less stress for you!
What to do next
What we have discussed is just the tip of the iceberg, and there will be many ways that a construction accountant can help you specifically. Why not get in touch with a trusted team to find out more today?
