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We provide a full range of accounting services from self-employed construction workers to limited company sub-contractors, main-contractors and professional advisers and consultants.
Accounting and Construction Accounting
What’s the difference?
If you’re in the construction business, you may be wondering if you need to get a construction accountant or if a regular accountant will suffice. After all, accounting is accounting, right? Well, not quite. Construction accounting is a specialized field that takes into account the unique aspects of the construction industry, from job costing to progress billing to lien releases.
Construction accounting is the process of tracking all the financial details associated with running a construction business. This includes everything from invoices and purchase orders to employee hours and material costs. In short, construction accounting is designed to help construction businesses run more efficiently and profitably.
Years Of Experience
HOW DLR ACCOUNTING CAN HELP
Accounting For Construction
The process of tracking and managing the finances of a construction project.
Track the direct and indirect costs associated with a specific job or project.
invoices issued to the customer at predetermined intervals during a project.
upfront payments in order to secure their spot on a company’s project schedule.
specifies changes to an existing contract between a company and its customer.
money held back by the customer at specified intervals during a project
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DLR Accounting for construction
key areas of Construction Accounting
It is essential to have in place effective business and financial management systems
We can offer advice on how to structure your business, cash flow and tax planning so that you are able maintain the smooth running of your business. By working closely with our clients’ teams we ensure they remain compliant in order for successful growth
Work in progress (WIP)
Work in progress is a concept that’s often difficult to understand. It represents the value of work done but not billed, and it can be recognized through various means such as financial statements or tax forms for companies who must report this information with their other finances going forward – which will help them determine how profitable (or unprofitable) an upcoming period might turn out once all factors have been considered.
construction industry scheme (CIS)
The Construction Industry Scheme (CIS) is a complicated tax scheme for contractors and subcontractors. It requires monthly reporting to make sure that all deductions are being made appropriately, as well as an explanation of who can receive payments in certain ways based on their eligibility under CIS rules!
Domestic reverse charge
Went into effect in October 2019 and requires the customer receiving a specified service to pay VAT due on its value directly back home – not just at your local shop but instead all across Europe. This legislation has implications for construction companies because now they can’t charge anything extra if there’s no tax imposed within their own country.
Construction firms have a difficult time with their cash flow. This is because they are often tied to WIP for construction projects, which can lead them into unforeseen complications and delays in payments from customers or creditors–not only does this affect the business’ ability get paid but also what it spends on labour (and materials).
Grow Your Business with us
cost-effective accounting advice for the Construction Sector!
At DLR Accounting, we understand the unique challenges that construction industry clients face. From self-employed construction workers to limited company sub-contractors, main-contractors and professional advisers and consultants, we provide a full range of accounting services to meet the needs of our clients. We can help with everything from tax planning and compliance to financial reporting and business advice. With our knowledge and experience, we can provide valuable insights into how to improve your business and drive growth. If you’re looking for an accounting firm that understands the construction industry, contact DLR Accounting today.
Construction Company Layout