Construction

Shrinking profit margins. Material cost increases. Labor shortages. The mounting financial and regulatory issues construction companies face can be demanding, with each economic and regulatory shift affecting your bottom line.

That’s why it’s critical that you work with proactive accounting professionals who understand the specific business needs of your company and help you achieve greater profitability. Lumsden McCormick’s knowledgeable certified public accountants have years of experience supporting the diverse needs of the construction industry. From initial incorporation and establishing job-costing systems to procuring bank financing, bonding, or obtaining state certifications, our team has the expertise to help you in every phase of development.

Subspecialty Expertise

Our construction experience includes collaborating with general and subcontractors in various specialties, including bridge and highway, electrical, specialty roofing structures, demolition, homebuilders, and land development. Drawing on this experience, we are able to consult with you in many critical areas, including bonding cost certifications, Federal Acquisition Regulations (FAR), and cash flow management.  

Our accessible construction services team is active in regional and statewide industry associations and receives specialized training each year to stay abreast of current industry developments. To minimize your tax burden, we continuously evaluate the best options for reporting taxable income on long-term contracts, ensure all available tax credits are taken, and make sure you are in compliance with complex sales tax issues. Our membership in the BDO Alliance USA means that when needed, we can tap the resources of our partners and their resources on a national and global level.

Our construction contractor services include:

Audit and Assurance Services

• Audits, reviews, and compilations of financial statements
• Accounting systems, policies, and procedures
• Employee benefit plan audits
• Federal Acquisition Regulation (FAR) audits
• Forecasts and projections
• Operations and internal control audits
• Program-specific audits

Tax Services

• Corporate taxation
• Cost segregation studies
• Federal and state tax audits
• Individual taxation
• International taxation
• Sales tax reporting and compliance
• State and local tax issues
• Tax credits and incentives
• Tax planning

Consulting Services

• Business valuations
• Cash flow and projections
• Costing systems
• Financing options
• Forensic accounting and investigations
• General ledger consulting 
• Mergers and acquisitions
• Strategic planning
• Succession planning

Firm Resources

• American Institute of Certified Public Accountants (AICPA)
  • AICPA Employee Benefit Plan Audit Quality Center
• BDO Alliance USA
• Construction Financial Management Association (CFMA)
• New York State Society of Certified Public Accountants (NYSSCPA)
• Public Company Accounting Oversight Board (PCAOB)

For more information about our accounting and consulting services for construction companies, contact Miche Needham or complete the form below.