- Construction is a highly labor- and capital-intensive business, posing unique cash-flow, tax, and management issues.
- Both residential and commercial construction are closely tied to the overall health of the economy. Given the recent economic fluctuations, remaining competitive is especially challenging.
- For companies operating in New York State, (which in a recent poll by Chief Executive Magazine ranked as the second most difficult state to conduct business), onerous legislation such as Wickes Law and Labor Law s.220 s.221 create a bevy of operational issues.
In this climate, astute, well-informed, forward-thinking business and financial advice and strategies are crucial to overcoming challenges and operating a successful contracting business.
At Dermody Burke and Brown, our experience in the industry ensures our construction clients of knowledgeable, responsive service and resourceful tactics. Because we understand the operational nuances of the construction industry, as well as the trends, challenges and opportunities facing our clients, we can help you make the right decisions which will ultimately translate into improved profitability.
DB&B's Construction Services Group is a team of dedicated, expert personnel—including certified Construction Industry Technicians (CITs)—who work together to deliver focused financial and consulting services to our construction clients. Our Construction Services Group acts as a "think tank" to develop new, innovative ways to help our clients overcome challenges that are unique to construction, but can also provide all the "meat and potatoes" services necessary for smooth day-to-day business operations. DB&B's comprehensive approach to serving the construction industry includes each of our service niches.
In the event that an unusual or particularly challenging issue arises, DB&B's affiliation with the Allinial Global allows our team to tap into a wealth of experience of other top tax and accounting practices. Allinial is an association of legally independent accounting and consulting Firms that seamlessly share training resources, best practices, information and expertise. DB&B routinely partners with other Allinial Firms to work on a variety of projects and accounts around the world. Allinial allows DB&B to offer resources typically offered by national accounting firms – without their associated overhead costs and billing structures.
Our Firm is a member of the Construction Financial Management Association (CFMA).
WE HELP OUR CLIENTS ANSWER SUCH CENTRAL QUESTIONS AS:
- What are my true overhead costs?
- Is our bidding process competitive?
- What is the value of my company?
- Am I maximizing profits on my jobs?
- Are my employees properly trained?
- Am I properly accounting for my job costs?
- Have I included all costs in my bid?
- How can I plan for the future of my company?
- Do my financial statements show a true picture of my company?
- Am I minimizing my income tax costs?
TO ANSWER THESE QUESTIONS, DB&B OFFERS A RANGE OF DISCIPLINES AND SERVICES, INCLUDING (BUT NOT LIMITED TO):
- Cash flow analysis
- Contract reviews specifically related to accounting and cash flow impact
- Budgeting for a profit
- Job costing systems
- Post-project review analysis
- Internal control systems review
- Tax planning related to revenue recognition for long-term contracts
- Fixed-asset accounting and depreciation calculation
- Tax credits, alternative minimum tax issues and state and local tax issues
- Estate and gift tax planning
- Assisting with financial projections for outside sources
- Improving construction productivity
- Valuations of construction companies
- Ownership transfer and management succession planning
- Capital budgeting including lease vs. buy decisions