[CROYDON, 25/10/2022] The construction industry is vital to the global economy, and accurate accounting is essential to its success. Construction companies need to track spending and revenue accurately to make smart decisions about where to allocate their resources. Good accounting practices also help ensure that projects are completed on time and on budget.

With that, accounting executives from this essential industry always encounter difficulties unique to construction. In a recent set of interviews conducted by Construction Executive, an online publication focused on the construction industry, executives from around the world shared their insights to help construction firms improve their accounting practices.

Here are a few key takeaways:

Succession Planning

Companies need to plan carefully to ensure the future success of their business. This includes identifying key leaders and developing a plan to coach and groom them for future roles.

A realistic assessment of their current state and identifying areas that need improvement will help them be more prepared. Companies must also plan to protect their investments during a succession so that the process is smooth and seamless.

Cost Management

Every company wants to save money, and construction companies are no different. One way to do this is by using technology to stay on budget without micromanaging every aspect of the project.

By using the right accounting software, construction companies can better handle their finances and make sure they spend wisely. Additionally, accurate valuation of assets is crucial to sound decision-making about allocating resources.

Tax Returns

Taxes are necessary for doing business, but they can be complicated for construction companies. Hiring a qualified tax professional will ensure that all necessary paperwork is filed correctly.

Finding a qualified tax accountant can save construction companies time and money in the long run, so Bryden Johnson, a chartered accountancy firm, offers services to help construction businesses reach their goals.

About Bryden Johnson
Bryden Johnson is a trusted firm of chartered accountants and business advisers, helping businesses in Croydon since 1975. They offer a full suite of accounting and advisory services for startup and growing UK businesses. Bryden Johnson is committed to providing the highest quality service to support its clients with practical and professional business advice.

Learn more about their services at www.bryden-johnson.co.uk