Construction Accounting Services Tailored for Contractors & Subcontractors
Specialized job cost accounting, certified payroll, and tax compliance for construction companies across New York and beyond.
Our Services
Our Core Construction Accounting Services
At StoneCore, we provide construction-specific accounting solutions designed for General Contractors, Subcontractors, and Project Developers. Our services are built around job costing, revenue tracking, payroll compliance, and tax planning, all tailored to the complexities of the construction industry.
1. Job Costing & Project Accounting
- Track labor, Insurance Costs, materials, subcontractors, and other overhead costs/
- Allocate indirect costs appropriately.
- Compare actual vs. estimated costs for profitability analysis
2. Progress Billing & Revenue Recognition
- Use percentage-of-completion (POC) or completed-contract accounting methods.
- Create and submit AIA pay applications based on milestones or work completed.
- Monitor contract retainage (amount withheld until project completion)
3. Accounts Payable (AP) & Subcontractor Payments
- Verify and process invoices from vendors and subcontractors (Review subs submitted AIA)
- Ensure lien waivers are collected before payments
- Track retainage payments for subcontractors
4. Accounts Receivable (AR) & Collections
- Invoice project owners based on contract terms
- Follow up on payments and manage cash flow
- Track change orders and ensure they are properly billed
5. Payroll & Certified Payroll Compliance
- Process payroll for employees, including prevailing wage rates if applicable
- Submit certified payroll reports for government projects
- Track union dues, benefits, and multi-state tax withholdings
6. Equipment & Depreciation Accounting
- Track costs related to owned or leased equipment
- Allocate depreciation to projects appropriately
- Monitor maintenance expenses for cost control
7. Financial Reporting & Compliance
- Prepare WIP (Work in Progress) reports for financial tracking
- Generate profit & loss statements per project and company consolidated P&L
- Ensure compliance with GAAP, tax regulations, and bonding requirements
8. Budgeting & Forecasting
- Develop financial projections for cash flow management
- Track estimated vs. actual project costs
- Adjust forecasts based on project progress and change orders
9. Tax & Compliance Filings
- Handle sales and use tax for materials purchased
- File payroll taxes and workers' compensation reports
- Manage corporate income tax and deductions related to construction
10. Contract Management & Risk Assessment
- Review contract terms for financial risk to ensure profitability & compliance
- Ensure proper documentation for change orders and claims
- Work with legal teams on disputes related to payments or performance
3. Accounts Payable (AP) & Subcontractor Payments
- Verify and process invoices from vendors and subcontractors (Review subs submitted AIA)
- Ensure lien waivers are collected before payments
- Track retainage payments for subcontractors
4. Accounts Receivable (AR) & Collections
- Invoice project owners based on contract terms
- Follow up on payments and manage cash flow
- Track change orders and ensure they are properly billed
5. Payroll & Certified Payroll Compliance
- Process payroll for employees, including prevailing wage rates if applicable
- Submit certified payroll reports for government projects
- Track union dues, benefits, and multi-state tax withholdings
6. Equipment & Depreciation Accounting
- Track costs related to owned or leased equipment
- Allocate depreciation to projects appropriately
- Monitor maintenance expenses for cost control
7. Financial Reporting & Compliance
- Prepare WIP (Work in Progress) reports for financial tracking
- Generate profit & loss statements per project and company consolidated P&L
- Ensure compliance with GAAP, tax regulations, and bonding requirements
8. Budgeting & Forecasting
- Develop financial projections for cash flow management
- Track estimated vs. actual project costs
- Adjust forecasts based on project progress and change orders
9. Tax & Compliance Filings
- Handle sales and use tax for materials purchased
- File payroll taxes and workers' compensation reports
- Manage corporate income tax and deductions related to construction
10. Contract Management & Risk Assessment
- Review contract terms for financial risk to ensure profitability & compliance
- Ensure proper documentation for change orders and claims
- Work with legal teams on disputes related to payments or performance
StoneCore Accounting & Tax Services LLC specializes in construction accounting, providing industry-specific expertise to ensure compliance and maximize profitability. We manage all financial tasks with precision, delivering fair, accurate, and comprehensive reports tailored to our clients' needs.
Client Process
Our Simple 5-Step Client Process
Step 1: Free Discovery Call
- Purpose: Understand the client’s business and needs
- Duration: 15-30 minutes (via Zoom or phone)
Step 2: Custom Proposal & Agreement
- Send a detailed proposal with pricing, scope, and deliverables
- Have them e-sign a contract and make an initial payment
- Set up automated recurring billing for monthly clients
Tools to use: Quickbooks, Sage 100, Sage50cloud, & Jobber.
Step 3: Onboarding & Chart of Accounts Setup
- Collect necessary financial documents (bank statements, tax returns, payroll info)
- Set up their chart of accounts in QuickBooks or Xero
- Provide a client portal for document sharing (Google Drive, Dropbox, or ClientHub)
Automation Tip: Use an onboarding checklist to streamline this step
Step 4: Monthly Bookkeeping & Reporting
- Perform bookkeeping, reconciliations, and financial tracking
- Provide monthly reports (P&L, balance sheet, job costing)
- Offer quarterly strategy calls for premium clients
Delivery Method: Email reports + scheduled Zoom meetings for financial insights
Step 5: Tax Filing & Strategic Compliance
- Ensure proper tax planning throughout the year
- File business & personal taxes (if included in package)
- Provide clients with a year-end tax strategy review
Goal: Help maximize deductions and avoid IRS penalties
Our Pricing
Transparent Monthly Accounting Packages for Contractors
Choose from flexible packages tailored to your construction business size and complexity.
Basic
Bookkeeping (up to 100 transactions), Bank Reconciliations, Monthly Financial Reports
$500 - $750/ month
Standard
Everything in Basic + Job Costing Reports, Payroll Processing (up to 5 employees), Tax Preparation
$1,000 - $1,500/ month
Premium
Everything in Standard + CFO Services, Budgeting & Forecasting, Unlimited Support