Construction Accounting — NYC
What We Handle
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Job Costing — Tracking costs by project — labor, materials, equipment, subcontractors, overhead allocation — so you know the real margin on each job. Not just at completion, but as the work progresses.
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Percentage-of-Completion Accounting — For contracts over $10 million (or smaller contracts that span more than one tax year), the IRS requires percentage-of-completion revenue recognition. We calculate the lookback interest adjustments and handle the 10-year amended return obligations when final costs differ from estimates.
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AIA Billing & Pay Applications — We prepare and track AIA G702/G703 pay applications, schedule of values, retainage, and change orders — the documentation GCs and project owners require before they release payment.
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Prevailing Wage & Certified Payroll — Public works projects in New York require prevailing wage rates and certified payroll reports. We set up your payroll to track the right wage and benefit rates by trade classification and produce the reports the agencies demand.
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WIP Schedules — Work-in-progress reporting that shows overbillings, underbillings, and the true financial position of each open contract. Banks and bonding companies require this, and getting it wrong costs you borrowing capacity.
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Bonding Support — Surety companies want CPA-reviewed or audited financials, WIP schedules, and a clear picture of your backlog. We prepare these packages so your bonding capacity keeps pace with your growth.
Construction Finance in New York City
Cash flow in construction is never straightforward. You’re buying materials and paying crews before you get paid by the GC, and retainage means 5-10% of every payment sits locked up until the project closes out. NYC projects add another layer: the prevailing wage requirements on public and many private projects mean your labor costs are higher than in most markets, and the certified payroll documentation is non-negotiable.
The contractors who stay solvent are the ones who track their WIP schedule monthly and know their true position on every open job. If you’re overbilled on one project and underbilled on another, the net effect on your cash flow and your tax return can be misleading. We keep these numbers clean so you’re never making decisions based on bad data.
Ready to Get Started?
We’ll get your job costing, WIP schedule, and certified payroll sorted so you can focus on building.