Construction Accountants & Advisors
MBK understands the specific challenges of the construction industry and offers a comprehensive list of expert services for professionals on all sides of the business.
Business Strategy From The Ground Up
The construction industry may be cyclical and highly competitive, but it is also the industry that builds America and enhances the quality of our lives in so many ways. The business of construction requires steady oversight of costs, profit margins, liability and exposure. It is also uniquely impacted by the IRS’s ever-changing tax code. Whether you are a general contractor, subcontractor, site developer, a residential home developer or commercial builder, or in the related trades, you need an accounting firm that understands the end-game in this industry — profitability, and that has the tax, accounting and business strategy capabilities to help you build a sound financial future.
MBK provides specialized accounting and financial services tailored to the needs of construction businesses in Western Massachusetts and beyond. Our expertise in job costing, cash flow management, tax planning, and financial reporting ensures that contractors, builders, and developers maximize profitability while staying compliant with industry regulations.
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Construction Professional Services
Construction-Specific Tax Planning & Compliance
Reduce tax liability with industry-specific deductions and credits.
Work-in-Progress (WIP) Accounting & Financial Reporting
Maintain clear financial insights on ongoing projects.
Contractor Financial Statement Preparation
Secure financing and bonding with lender-ready financials.
Tax planning, multi-state taxation, sales and use issues
Navigate complex tax regulations, minimize liabilities, and ensure compliance with multi-state tax and sales tax requirements.
Cost segregation studies
We work with trusted partners to accelerate depreciation on construction-related assets to improve cash flow and reduce tax burdens.
Cash Flow Analysis
Identify cash flow trends and implement strategies to maintain financial stability and fund ongoing projects.
Industry benchmarks
Compare financial performance against industry standards to identify areas for growth and efficiency.
Job costing and analysis
Track labor, materials, and overhead costs accurately to improve profitability and bidding strategies.
Contract evaluations
Review contract terms to optimize financial outcomes, mitigate risk, and ensure profitability.
Financial forecasting and budgeting
Develop data-driven projections to plan for future growth, manage expenses, and secure financing.
Operational assessments and internal controls
Strengthen financial and operational processes to reduce risk and improve efficiency.
Compilations, reviews and audits of financial statements
Provide reliable financial reporting to meet lender, bonding, and regulatory requirements.
Employee benefit plans
Ensure compliance with benefit plan regulations while optimizing offerings for employee retention.
Succession planning
Develop a structured transition plan to secure the long-term future of your construction business.
Cash flow analysis
Identify cash flow trends and implement strategies to maintain financial stability and fund ongoing projects.
Why Choose MBK for Your Construction Accounting Needs?
MBK understands the unique challenges construction businesses face. Here’s why contractors trust us with their financial needs:
Industry-Specific Expertise: We specialize in construction accounting, job costing, and tax planning.
Proactive Tax & Financial Planning: We help businesses navigate complex tax regulations to minimize liabilities and maximize profitability.
Personalized Support: We work closely with you to develop
customized financial strategies.
Why do construction companies need specialized accounting services?
Construction accounting is more complex than traditional business accounting because it involves job costing, progress billing, contract revenue recognition, and compliance with industry-specific tax regulations. At MBK, our construction accounting experts may help contractors and builders maximize profitability, manage cash flow, and stay compliant with tax laws.
What is job costing, and why is it important in construction accounting?
Job costing is the process of tracking all expenses associated with a specific project, including labor, materials, and overhead costs. Accurate job costing can help construction firms estimate future projects, improve budgeting, and build upon profitability. Our CPAs help businesses implement efficient job costing systems to track expenses and optimize financial performance.
How can construction companies improve cash flow management?
Cash flow is a critical concern in the construction industry due to project-based revenue cycles and delayed payments. Our team at MBK provides strategies such as optimizing billing schedules, structuring contracts effectively, and managing accounts receivable to help construction firms maintain steady cash flow.
What are the tax benefits available to construction businesses?
Construction companies can take advantage of various tax incentives, including the Research & Development (R&D) Tax Credit, Section 179 expensing for equipment purchases, and cost segregation studies to accelerate depreciation. MBK’s tax specialists ensure that contractors leverage all available tax-saving opportunities.
How does the percentage of completion accounting method affect construction businesses?
The percentage of completion method (PCM) recognizes revenue and expenses as a project progresses, rather than waiting until completion. This method is often required for tax and financial reporting purposes for larger construction companies. MBK helps construction firms navigate the complexities of PCM to ensure compliance and proper financial reporting.
What financial reports are most important for construction companies?
Construction businesses rely on financial reports such as work-in-progress (WIP) schedules, profit and loss statements, balance sheets, and cash flow statements. These reports provide insight into project profitability, financial health, and overall business performance. Our CPAs assist construction companies in preparing and analyzing these reports to make informed financial decisions.
How can MBK help construction companies secure financing?
Lenders and lending companies often require financial statements, job-costing reports, and cash flow projections before approving loans, lines of credit, or bonding. Our accounting team helps construction firms prepare accurate financial documents and develop strong financial strategies to improve their chances of securing financing.
What payroll challenges do construction companies face?
Construction payroll can be complicated due to prevailing wage laws, union regulations, multi-state tax requirements, and job-specific labor tracking. MBK works with internal or external payroll providers to tailor solutions for construction businesses.
What are the benefits of working with a CPA firm that specializes in construction accounting?
A CPA firm experienced in construction accounting understands industry-specific challenges, from tax strategies and financial planning to risk management and compliance. MBK has a dedicated team that provides tailored financial solutions to help construction businesses grow and thrive.
How can I get started with MBK for my construction accounting needs?
Contact MBK today for a consultation. We’ll assess your current accounting and financial situation and develop a customized plan to support your business’s success.
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Construction Accounting Insights
Real People. Real Stories. Real Results.
MBK Construction accounting firm customer testimonials.
"The firm is by far the most credible that I have dealt with in my career. They do a difficult job well and with the highest concern for professional courtesy, fairness, and above all, integrity."
Joseph M. | Marois Construction
Construction Accounting Firm Industry Leaders
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