As the effects of the Great Recession have faded during the past several years, construction is once again a booming industry sector. By the year 2023, the total value for new construction projects is forecasted to top $1.45 trillion in the U.S. alone, which is why it’s important for contractors in the construction industry to track and manage their business finances to increase their profits.
As a contractor in the construction industry, there are many hidden losses that can be associated when working on construction projects. But there are many ways that construction contractors can manage and maximize their earning potential. One way is by hiring an outside advisor like TP4 Advisors. Here’s how services from TP4 Advisors help construction contractors in Cincinnati increase their bottom line:
As a construction contractor, there are many challenges when it comes to your finances. The first step is to discover where your financial issues are so that we can evaluate your financial strategy. TP4 Advisors helps contractors by reviewing your profit and loss (P&L) statements, bids, invoices, payroll, and material and labor costs so that we can develop a roadmap that can help ensure you are on the right financial path.
Bookkeeping Tracking and Reporting
TP4 Advisors provides bookkeeping services to our construction industry clients by managing the accounts payable, accounts receivable, payroll and general ledger so you always know where you stand financially. By providing timely financial statements, our goal is to make sure your business has accurate data so you can make informed decisions for your long-term financial future.
One method to manage your accounting needs as you grow is through accounting controllership. TP4 Advisors has a team of experienced controllers who can manage all accounting-related matters such as reporting, analysis, forecasting and many other financial responsibilities to take the stress off the owners and management team and keep your company compliant.
After we have assessed your current financial status and developed a roadmap for future success, TP4 Advisors will help you manage your budget so you can accurately calculate your spending and job profitability. We educate our clients on how to track and manage budgets to make sure your profits exceed your costs.
Get Started with TP4 Advisors
If you are a contractor in the construction industry in the Greater Cincinnati area and want assistance managing your accounting, budget, bookkeeping and finances, the experienced team of financial specialists at TP4 Advisors can help. Through our detailed process-driven approach, we can pinpoint your specific financial challenges as a construction contractor. We’ll start with an initial conversation about your unique financial story, explore and evaluate your business needs and craft a customized solution for your finances. Contact us by calling 513-489-4874 or scheduling a free consultation today!