What should you look for when choosing a specialist construction accountant?

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    If you run a construction business, are a self-employed construction contractor, or a tradesperson, managing your accounts can be challenging. With the ever-changing regulations in the Construction Industry Scheme (CIS), the VAT domestic reverse charge, and the transition to Making Tax Digital (MTD), it makes a difficult job even harder.

    But there is help at hand. By partnering with a specialist construction accountant, you can stay compliant, save money, focus on project management and claim valuable evenings and weekends back. But how do you pick a good accountant, and do you really need a specialist in your industry?

    As a trade business owner, seek a specialist accountant experienced in CIS. Check their credentials and reviews and ensure their fees are fair. Beyond the basic compliance tasks, choose one that offers more strategic accounting services, to help you be more tax efficient and grow your business.

    In this blog, we will guide you through the key things to consider when selecting the right construction accountant for your business.

    Whether you are a one-man band seeking a specialist construction industry accountant or you run a £2 million limited company, Jameco Group’s team of qualified accountants has you covered.

    Contact us today to find out about how we help limited companies and other small businesses turn their accounting around.

    How to choose a specialist accountant for your construction business

    Having your own accountant can make a world of difference to your construction firm, improving your profitability, efficiency and overall success.

    Here are some key points to consider when choosing a good accountant:

    Experience and expertise within the construction industry

    First and foremost, prioritise accountancy firms with expertise within the construction industry. Sure, any accountant can file a tax return, but can they handle the intricacies of the Construction Industry Scheme (CIS)?

    Do they understand the nuances of the VAT reverse charge and its impact on your cash flow? Can they forecast your project budget with laser precision, accounting for fluctuating material costs and unexpected delays?

    Look for firms with a proven track record of working with construction companies of all sizes. Specialised construction accountants have a deep understanding of the industry’s unique challenges and opportunities their advice will be invaluable.

    Compliance and assurance

    Choose an accountant who can implement strong financial controls, identify potential risks, and proactively keep you informed of your compliance status. Make sure they can provide accurate financial reports to help you make informed decisions.

    At Jameco, we ensure that all self-assessments are filed by October 31st, VAT returns are submitted within 14 days of receiving relevant information, and accounts are filed within 5 months of the year-end. This gives our clients enough time to plan their finances, pay their liabilities, comply with HMRC regulations, and avoid any fines and penalties.

    Construction accounting services

    Choose an accountancy firm that goes beyond basic tasks like bookkeeping and submitting tax returns.

    Choose a partner who offers a comprehensive range of services tailored to construction accounting, such as:

    • Cash flow management and budgeting
    • Advanced tax planning
    • Regular management accounts
    • Payroll
    • CIS Management
    • Business advisory
    • Virtual finance director

    Customer recommendations and reviews

    Always check the reviews of potential accountants. Head to Google and check out their reviews. What is their average rating? How many reviews do they have? Are there any red flags?

    Here at Jameco Group, we have a reassuringly high referral rate; 50% of our client base has come directly from word of mouth, which we think speaks volumes. We’ve also built an impressive collection of 5-star Google reviews.

    Fee structure

    Compare fees and payment terms from different accountancy firms to ensure you are getting a fair price. However – it’s important not to base your decision on price alone. Don’t just go for the cheapest option, as you will likely get what you pay for.

    You have found this blog because you are looking for the best accountant for construction companies. So it’s fair to assume that the best isn’t going to be the cheapest. Why? Good accountants invest in great software solutions, recruit the best staff and allow time for industry training, all of which is reflected in their fees.

    Consider the value you’re getting for your money and how your accountant can benefit your business growth and profitability. Jameco isn’t a budget firm, but we’re passionate about offering you the best possible service for a fair price. We provide great value and a decent return on investment, all on a fixed fee promise.

    Accessibility

    In this day and age, there’s no need to find a local accountant, thanks to technology. But be sure to choose an accountant who is approachable, communicative, and readily available to answer your questions and concerns.

    If you are Kent-based and appreciate someone to look in the eye, then Jameco will be glad to welcome you to our offices. But over 95% of our client base is spread across the UK. After all, we’re excellent at what we do, and it’s rare to find that on your doorstep.

    So how do we offer a high-quality service from miles away? Once onboarded, you can book a Google Meet anytime, drop us an email, or contact our landline call-back service. Busy on site? We’ll send you a Loom video to keep you informed, which you can watch on demand whenever it suits you.

    Their clients in the construction industry

    When looking for an accountant, it’s important to find someone who has worked with construction businesses before. They should know the ins and outs of the construction industry, whether you’re building homes, working on commercial projects, or doing smaller jobs. This experience helps them understand your business better and come up with strategies to manage risks and stay compliant with regulations.

    This information might not be readily available on their website, but check reviews and book a call to ask them about their experience and client base.

    Qualifications and accreditations

    Jameco Group is authorised and regulated for anti-money laundering and professional ethics with the AAT, our team also hold accreditations with a variety of chartered institutes.

    Look for accounting firms whose team members are recognised by professional bodies like the Institute of Chartered Accountants in England and Wales (ICAEW), the Association of Chartered Certified Accountants (ACCA), or the Association of Accounting Technicians (AAT).

    This ensures adherence to ethical standards and professional development. Delving beyond industry accreditations, check for certifications with software providers such as Xero.

    Specialist contractor accountants

    If you are a self-employed construction contractor, you have specific accounting needs, so it’s important to find a good contractor accountant. Contractor accountants understand the ins and outs of CIS from a contractor standpoint and can help keep you compliant.

    The right accountant can assist you with detailed record-keeping of income and expenses, and making payments to subcontractors. They will also be fully up-to-date with changing legislation, giving you great peace of mind.

    Why choose Jameco Group as your specialist construction accountant?

    At Jameco Group, our accounting experts bring more than just numbers to the table. With decades of experience in CIS, VAT, and MTD, we help ensure that your business complies with all the relevant regulations while also making the most of Xero’s capabilities.

    Our tailor-made services can help your construction company grow by providing you with frequent updates on your financial data, so you can concentrate on building your business.

    You probably haven’t got time to network either so you’ll be pleased to hear this; we’re not just about crunching numbers, we’re also passionate about the world of business and entrepreneurship. As part of an elite group of successful business owners, we have access to a wide network of businesses that could be of great benefit to you.

    Our diverse list of clients includes high-net-worth individuals, construction firms, marketing agencies, and other professionals in IT and beyond. Some clients have found tapping into our network very lucrative. Who knows, maybe you could be next!

    Partner with Jameco today and build a solid financial foundation for your construction business. Contact us today to get started.

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