Shannon & Associates specializes in construction accounting. We provide crucial assistance to builders and developers by identifying their true costs of doing business, advising them as they make informed decisions, and maximizing the use of construction accounting software in order to attain a better bottom line.
We know job costing
Whether you’re a commercial or residential developer, you have to know what your costs really are so you can make an accurate bid—and make an adequate profit. We act as both your accountants and management consultants to help you do just that. For example, we had a client who was not allocating enough overhead to their large jobs. As a result, when they looked at their gross profit on the sale of a home, it was a bogus number. We helped this home builder identify the costs that should be allocated.
Make informed decisions
We can help you make informed capital investment decisions. If your business has outgrown your space, for example, we’ll consider the things you need to make a financially sound choice about moving—whether you should lease or buy, for example, or what time of the fiscal year works best for your accounting system. Or perhaps it’s time to invest in a major piece of equipment: What’s the best way to finance it? Will the timing impact the financial ramifications of a purchase? By looking forward and investigating every possible outcome, we can help you make smarter financial decisions now to improve your profitability in the future.
We’ll advise you on complicated transactions too, such as mergers and acquisitions, buy/sell agreements, and even how to structure your business to manage your risks and tax liabilities: whether to choose a corporation or LLC, for example.
Construction accounting software
Construction accounting software can deliver a huge benefit to your business, if you’re using the right system for your setup. Shannon & Associates has the accounting software expertise to ensure you choose the best software and get it configured to fit your specific needs.
For more about our construction and development experience, read our client spotlight:
While performing an annual review of a construction client’s financial statement, we recognized the need for more accurate job costing information. We helped this client understand their existing costing system and implement a more effective one. This enabled them to generate management reports that more accurately identify the profits and costs on each job. They now have the tools to analyze their profitability more comprehensively to identify and address the specific areas that need improvement for cost savings.
To learn more about our new Red Flag Fraud Hotline, click here. This is a new service designed to protect organizations, their people, and minimize financial losses.
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