Construction accounting is not regular accounting. Between job costing, WIP schedules, retainage, certified payroll, and prevailing wage, a contractor’s books have to answer questions a general bookkeeper never sees — and getting them wrong costs you real money, bonding capacity, and sometimes an audit. Precision Accounting & Consulting builds construction financials that hold up with your bank, your surety, and the DOL.
Precision Accounting & Consulting is based in Melville, New York and works with clients nationwide.
What we do: full-service accounting, bookkeeping, and tax built specifically for contractors — job costing, WIP reporting, certified payroll and prevailing-wage support, and bonding-ready financial statements, so you always know which jobs make money and your financials are ready when a bank or surety asks.
Most accountants can reconcile a bank statement. Far fewer understand percentage-of-completion revenue, labor burden, committed costs, or why a job that “looked fine” blew its margin at closeout. We work with general contractors, subcontractors, and specialty trades — union and non-union — nationwide.
Costing labor at the base wage instead of the fully-burdened rate can make every job — and every bid — look 25–40% more profitable than it really is. A WIP schedule built on bad job-cost data misstates your profit to the exact people deciding your credit and bonding. A certified-payroll error on a public job can trigger withholding or debarment. These aren’t bookkeeping quirks; they’re the difference between a contractor that scales and one that stalls. We build the systems that keep them right all year, not just at tax time.
Based in Melville on Long Island, Precision Accounting & Consulting works with contractors nationwide — on-site where that makes sense, and remotely everywhere else. Where a contractor operates changes the compliance work, not the accounting: job costing, WIP reporting and bonding-ready statements are built the same way in any state, and the state-specific rules are simply part of the engagement.
New York work carries rules that out-of-state accountants routinely miss. Contractors pay sales tax on materials for capital improvement jobs with no credit back, while repair work is taxable to the customer, a distinction we explain in our guide to sales tax on construction in New York. Public work brings monthly electronic certified payroll filings to NYSDOL, and contractors who cross into New Jersey face a separate set of certified payroll requirements with much lower contract thresholds.
A construction accountant handles job costing, WIP schedules and percentage-of-completion revenue, retainage, labor burden, certified payroll, and bonding-ready financial statements — the industry-specific reporting general accountants typically don’t provide and that banks and sureties require.
Yes. We support NYSDOL certified payroll and Davis-Bacon prevailing-wage compliance, including fringe-benefit handling (cash vs. plan) and accurate filings on the schedule each agency requires for public and union work.
Yes. We produce surety- and lender-friendly financial statements with accurate WIP schedules, which are central to protecting and growing bonding capacity.
Yes — general contractors, subcontractors, and specialty trades, union and non-union, nationwide.
Yes. We regularly take on cleanup and catch-up engagements, rebuild the job-cost structure, and get contractors back to accurate, timely monthly reporting.
If you want financials that tell you the truth about every job — and hold up with your bank, surety, and the DOL — Precision Accounting & Consulting can help. Contact us to talk with a construction accounting specialist about your company.
Disclaimer: General information only, not accounting, tax, or legal advice. Consult a qualified professional about your company’s specifics.
Tell us what you need your numbers to answer — which jobs actually made money, a WIP schedule your surety will accept, or certified payroll that stops eating your week — and we will give you a straight answer about whether we are the right fit. Or call (631) 349-1661.
New York contractors carry a compliance burden that generalist firms rarely price correctly. Sales tax on materials is the clearest example: get the certificate wrong and the cost is permanent and unrecoverable. We break the rules down in our guide to Form ST-120.1 and contractor exemption certificates.
Contractors on commercial and institutional work bill through standard pay applications every month. We explain AIA G702 and G703 pay applications and the accounting behind them so the billing, the job cost and the work-in-progress schedule finally agree with each other.
Contractors who want the whole finance function handled rather than just the construction-specific reporting can read about our outsourced accounting services more broadly, which covers the bookkeeping, controller and CFO layers.
Method choice is a live decision with real cash consequences, particularly after the 2025 changes. We cover long-term contract tax method selection in detail, including the current gross receipts thresholds.
Contractors with an additional premium bill from a workers’ comp audit can have it checked independently through our workers’ comp premium audit review.