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Heavy and Highway Contractors can operate as a prime contractor directly for a project owner or as a subcontractor. Clients of heavy and highway contractors can be either government entities or private businesses, which have varying contractual requirements. Providing a sufficient amount of skilled workers and equipment is a major challenge on each project. Contracts typically include severe penalties for delayed completion.
Heavy and Highway contractors typically manage an equipment yard, which is a significant operation in and of itself. Proper management and accounting controls are needed to capture and analyze cost elements and provide the right metrics for bidding and budgeting projects, as well as managing them efficiently.
Cash flow control is very important labor must be paid regularly and receipts of project funds through the various funding sources are sometimes slow. Consistent and disciplined operational controls are important so that project management, field personnel, and your support teams are working together to service clients while protecting the company.
Financial management challenges are abundant since projects have varying requisition, insurance reporting and labor reporting requirements. Overall company financial reporting can be challenging since a significant part of the financial statements involve estimating profits and costs to complete on projects. Sureties, bank, and other stakeholders need to be comfortable that financial reports include reliable estimates.
EisnerAmper approaches each engagement with a big picture perspective, working across our many specialties to provide heavy and highway contractors with a comprehensive service solution that works for their specific needs. We offer a wide range of specialized accounting, consulting and tax services to meet the unique challenges faced by these contractors, including cash flow analysis, internal control reviews, and specialized financial reporting.