There are two things that occupy the attention of virtually all companies in the construction industry– the bonding process and how they are received by the banking community. After all, without secured funding, their projects can't proceed.
Satisfying the requirements and scrutiny of banks and bonding companies is often a complicated task. While the net worth of the company is a critical factor, it's also a balancing act. Too little on the books, and the company may not have the minimum required to qualify for a bond. Too much profit, and the tax consequences can be onerous.
At Edelstein & Company, we work closely with our construction clients to streamline the financial process.
Among the numerous activities we engage in on their behalf are the following:
• Address accounting system issues associated with job costing and progress, including calculating the total estimated costs of a particular job, the percent of completion at any point in the process and the profit they can expect in current and future years from each project
• Design and implementation of their retirement plans
• Succession planning