Find the opportunities you’ve been missing.
Where can you improve performance? How can you evaluate job costs more accurately? What can you do to increase the chance that bonding is available when you need it? At HORNE, we work with you to find the necessary answers to succeed and keep your business compliant.
Our audit and assurance team can transform financial statements into strategies for pursuing opportunity. We look beyond the numbers and help you find meaningful ways to build your business.
Details matter, and our team can help identify and take advantage of opportunity and risk to help construction businesses do what they do best – build for a fuller tomorrow.
Financial Statement Preparation
Whether you are bidding for a job, tax planning or reporting to stakeholders, accurate GAAP financial statements are crucial for ensuring an optimal outcome.
With our assurance services, HORNE can instill confidence in your accounting records and provide an accurate snapshot of your financial position. We provide you with the information you need to respond to requirements and opportunities. Our services include:
- Audits, reviews and compilations
- Financial statement preparation
- Cash flow analysis
- Financial projections
In construction, recognizing income or revenue doesn’t necessarily depend on when customers are invoiced or payment is received; it also can be recorded when or as work is completed. But if you record revenues too early, your income statements may show more profits than were actually earned in that period.
Whether you work on a cash or accrual basis, how and when you declare revenue can impact taxes and operating capital. At HORNE, we can help you use and understand generally accepted Revenue Recognition principles to establish a consistent revenue reporting methodology and ensure a more predictable cash flow.
In 2016, the Financial Accounting Standards Board (FASB) issued a new accounting standard affecting companies that lease assets, such as real estate, vehicles and other equipment. Many lease agreements that were previously expensed will now be capitalized on the balance sheet. By creating new potential liabilities, these standards may impact working capital, bonding capacity, capital acquisition, debt covenants and lease-versus-buy decisions.
HORNE Construction can prepare your company for the new lease standards. We work with you to review existing contracts and lease arrangements and evaluate the potential impact on your bottom line and balance sheet.