Owning and managing a construction business can be both rewarding and challenging. Operating in a competitive market poses strong risk and increasing pressures to be profitable while dealing with rising costs, small margins, compliance and bonding capacity and financial requirements. We can help you to ease the risk by assisting with proper planning and solid advice to have your business thrive.
Our excavation contractor client, who primarily works with various government agencies to maintain and restore natural habitats, required accurate monthly internal financial statements to be used by their banker and surety.
We worked with our client in educating them on how to account for their long-term contracts in accordance with Generally Accepted Accounting Principles (GAAP) using the percentage of completion method. They were then able to decipher the true profitability of their contracts and provide the “snap-shot” of the health of their business at the end of each month.
Moving forward, we now work with our client to set goals to improve profitability and to help them implement strategies to improve working capital. By instructing them on how to access up-to-date and accurate information at their convenience using GAAP, they’re able to produce quality financial information whenever and how often they need it.
As a result of all of our efforts, their banker and surety know that the financial information produced by our client on their in-house financial statements is trustworthy and accurate, so our client is now spoiled for choice on the type of work they can bid on.
“Barrett and Co. taught us new skills in using financial tools that have been invaluable in our ability to pick and choose the opportunities we want to work on. The expertise shared and our understanding in how to take advantage of the information accessed through Barrett has changed the way we do business and who we choose to do business with. The investment we have made with Barrett and Co., and in turn their investment in us, is helping us grow and plan for our future.”
Our firm knows the ins and outs of financial reporting required by sureties and financial institutions. Sureties acknowledge Barrett and Company to be one of top construction related accounting firms around. It’s no coincidence that our reputation has benefited the people we serve; our clients.
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