Accounting services for construction companies help put in order both the day-to-day documents and the finer points - where an error in an invoice, in project accounting or in revenue recognition can cost more than the accounting itself.
Contact usOne of the most sensitive areas in construction is the reverse-charge VAT on construction services between VAT payers. Before issuing an invoice with reverse-charge VAT, you have to check whether the subcontractor is in the VID register of VAT payers, because failing to check can create the risk of an administrative penalty. So the question isn't only about stating the correct VAT rate on the invoice, but also about whether the company's chain of reasoning is in order - to whom the reverse-charge regime is applied, why it applies, and whether it can be justified if VID later asks questions.
In multi-stage construction projects, particular attention has to be paid to revenue recognition at the balance-sheet date. If a project runs over several phases, it isn't enough to look only at whether the client has already paid the invoice, because you have to assess the volume of work completed, the contract terms and how to reflect the project's actual state on the given date. Errors often arise exactly here - revenue is recognised too early or too late, while the costs have already been incurred and affect both the result and management decisions.
Advances and the retentions provided for in contracts must also be recorded separately in construction, so that the company's manager can see what has actually been earned, what is still an obligation to the client, and which part will only be received once the work is handed over or the warranty period ends. If material, labour and overhead costs are not allocated to a specific project, it becomes hard to tell which project is profitable, which only looks good in terms of turnover, and at which point the contract or subcontractor cost structure needs to be reviewed.
Accounting prices are split into tiers based on your company's activity and workload. So from the start it's clear what drives the monthly fee and how much service you actually need.
Day-to-day bookkeeping rarely stands apart from tax, so your accounting data, tax returns and the consequences of transactions are looked at together. That helps spot, in good time, the situations where a document needs not just recording but a proper look at its impact on the company.
They say a good accountant is one you barely notice day to day, because the returns are filed, the documents are in order and the State Revenue Service (VID) stays quiet. That's exactly how we see our work - the accounting routine should be organised so it doesn't demand your constant attention.
We provide accounting and tax support both in everyday bookkeeping and in situations that call for weighing up a transaction, a State Revenue Service (VID) matter or an uncertainty from an earlier period. Not every question is complicated, of course - but it matters that, when one comes up, there's someone to ask.