First Floor specializes in accounting and tax monitoring of construction companies.
Construction companies accounting is a unique form of accounting and financial management. It is specially designed to help contractors monitor each project phase individually and how it affects the project as a whole.
We emphasize on monitoring all costing data per project and per phase of completion. The cost of a project is divided into three categories. The first concerns direct costs, ie the cost of labor, materials, subcontracting and land. Then we record the indirect costs that include fees for other supervision, certification, tools, equipment costs, supplies, insurance, and support costs.
The basic characteristics of a construction accounting system depending on the needs of the project and the size of the business, include:
- Accounting management of project cost data per completion phase and per project portion
- Monitoring of material supply contracts and subcontracting
- VAT Management
- Tax compliance (monitoring and completion of procedures, withholding taxes)
- Labor and insurance compliance (monitoring and completion of procedures)
- Budget and financial management.
- Completion of accrual and actual budget and accounting cost reports