The very difficult conditions facing the construction industry in recent years may be improving, with new construction starts for 2011 estimated at $446 billion, an 8 percent gain over the prior year. However, the combination of fierce competition, rising building costs and bonding issues continue to cause price pressures affecting faster recovery.
BDO’s Construction practice understands the specific issues you face including ever-changing tax and reporting regulations, unstable surety and banking markets, labor issues, rising costs, and unrelenting competition. In an unpredictable industry, success can depend on swift management decisions and accurate predictions of future trends. You need advisors who have their ears to the ground and can understand business and technical issues in the U.S. and abroad. With access to our global network in more than 100 countries, BDO is there to serve you with proactive guidance, wherever in the world you do business.
A unique aspect of our service to the construction industry is our relationship with the Construction Accounting Network (CAN), a nationwide team of independent accounting and consulting professionals with diverse and deep construction experience. Drawing its members from the BDO Seidman Alliance, the CAN has more than 1,000 clients in all areas of the industry—from large heavy commercial and industrial contractors to a comprehensive range of specialty trade contractors and suppliers. Together we provide the knowledge and resources of a nationwide association of construction industry specialists to help you overcome these challenges with a strategic approach, services tailored to your needs and individual attention.
Beyond traditional audit, tax and consulting work, some of the specific ways we can help construction companies include:
- Job cost efficiency and profitability analysis
- Claims preparation, analysis, consulting
- Federal acquisition regulations (FARS) audits - contract compliance
- Maximizing bonding and credit capabilities
- Overhead analysis (corporate overhead rate allocation models – dual vs. single rate – and project overhead allocation)
- Project manager training – project manager impact on financial reporting
- Benchmarking and analytical review