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 to you when you need it? At HORNE, we work with you to find the answers you need to succeed and keep your business compliant.
Our audit and assurance team can transform financial statements into actionable strategies for pursuing opportunity. We look beyond the numbers and help you find meaningful ways to build your business.
Financial Statement Preparation
Whether you’re preparing to bid a job, tax planning or stakeholder reporting, having accurate GAAP financial statements are crucial for ensuring an optimal outcome.
HORNE can compile every detail you need for an accurate snapshot of financial status. 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 payment is received; it can also be recorded when work is completed. 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 revenues can have an impact on taxes and operating capital. At HORNE, we can help you utilize basic principles of Revenue Recognition to help establish a consistent revenue reporting methodology and ensure a more predictable cash flow.
In 2016, the FASB issued an update affecting companies that lease assets such as real estate, vehicles and other equipment. 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.