Construction

Providing your construction firm with expert accountancy services.

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The construction industry involves a wide range of careers – it is a unique industry with certain accounting and financial requirements. Although there are no laws stopping you from doing your construction accounting yourself, it can be difficult to grasp the ins and outs of construction accounting – whether it be regarding revenue, invoices, or paying taxes, suppliers, and wages.

Read on to learn more about how our dedicated team of construction accountants can help at LJS Accounting Services.

Why You Need A Construction Accountant

Working in construction can be demanding – and as a contractor, you most likely don’t have the time to deal with accounting as well as your job. Likewise, it can take a long time to learn the skills and expertise needed to sort out your construction accounts.

Government changes such as MTD (Making Tax Digital), VAT Changes, and CIS mean that there is even more to consider in 2022 – and hiring a construction accountant can take the stress off of your shoulders.

Construction accountants have access to accounting software – for example, ERP accounting software and other business management software/ business management CRM. ERP stands for enterprise resource planning and is a form of software that can manage day-to-day business activities – for example, project management, risk management, supply chain operations, and of course, accounting.

Hiring a qualified construction accountancy firm can ensure that all your accountancy needs are taken care of, whether that be taking care of your billing and invoices, or taking care of reports such as your cash flow statements or profit and loss sheets.

How LJS Accountants Can Help You

At LJS, we have vast experience with construction accounting and have worked with a wide range of clients across the sector. This has given us a deep understanding of the rules and regulations associated with construction accounts, as well as a knowledge of the risks that those in the industry face on a daily basis.

Our extensive knowledge of the industry means that we can work with a variety of clients – whether it be commercial or residential developers, civil engineers, contractors, professional services providers, or surveyors.

We can provide all the professional advice you need, whether you’re a start-up business or a household name. The economy is always changing, but we can help your construction business survive financially. After all, running a business can feel like an uphill battle if your finances are not in control.

At LJS, we can help with construction-specific accounting as well as everyday accounting – for example, bookkeeping, forecasts and projections, and of course, end-of-year accounts. At LJS, we’ve worked with subcontractors as well as large-scale construction companies and can provide you with the business advice to ensure that all your operations run smoothly.

After all, accounting can take up valuable time – so why not let us deal with it for you, and give you the time to deal with other important aspects of your business.

What Is CIS?

CIS, short for Construction Industry Scheme, covers the majority of construction work – whether it be electrical, plumbing, building, plastering, roofing, and many more.

If you’re a contractor and work in the construction industry, you should register for CIS and make payments to HMRC accordingly. However, if you’re a subcontractor, you won’t need to register (although deductions will be taken from your payments at a higher rate).

Our dedicated team at LJS can give you the guidance you need regarding CIS, and help you to make the right business decisions to ultimately boost both productivity and profitability. We can help to streamline your finances and reduce overhead costs.

What About WIP (Work in Progress)?

WIP, short for Work in Progress, is essentially the value of work that you have completed but haven’t invoiced yet. This means that if you’re halfway through a project that’s worth £5,000, then the WIP will be £2,500.

However, figuring out WIP isn’t always as easy as this, and numerous factors can come into play – which is where we can help. At LJS, we are expert qualified accountants for those in the construction industry and can calculate WIP and matchings costs with ease.

We can advise you on the best way forward regarding WIP, whether it be regarding costs associated with equipment hire or purchase, materials, other expenditures, or tax liabilities (and how to minimise tax!).

WHY LJS ACCOUNTING

We Take Pride In Our Work

We are expert accountants that offer bespoke accounting services to Liverpool, St. Helens and the surrounding Merseyside areas to help people grow their finances or business.

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Award Winning Service

We have been acknowledged for our high-quality work by being awarded 'Accountancy Firm Of The Year' by Liverpool Awards 2020.

Bespoke Accounting Services

We understand that everyone's situation is different - that's why we offer bespoke advice that will benefit you moving forward.

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