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Our Contractor Accountants Could Save You $100K to $1M in Taxes
That’s how we’re helping the American builder build the American dream.
As your Contractor Accountants, we could potentially minimize your tax burden by $100k – and often millions – and can help to grow their profits.
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How One Home Builder Unlocked $1M in Capital
Frustrated with Your Current Accountant?
If you’re reading this page right now, then you’re probably:- Your accountant retired
- Fed-up with your accountant failing to return your calls
- Concerned that delinquent financial reporting will jeopardize your financing
- Aware that your accountant has dropped the ball with the IRS, your bonding company or insurer
- Uncertain what your accountant is or isn’t working on
Why Most Accountants Under-Serve Contractors
Most accountants are “generalists”. They work with anyone in any type of business. They will work with lawyers, doctors, manufacturers, restaurateurs, etc.
They are “jacks of all trades and masters of none.”
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We Are Your Home Builder & Contractor Accountants.
We exclusively work with home builders, contractors, and construction companies. We know the building industry better than most.
When you speak with us, we can quickly share with you whether:
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4th Generation Home Builders & Accountants
My grandfather was an Accountant and my other grandfather was in the insulation manufacturing industry. Doing great accounting work is in my blood.
Since 1989, my father (Kevin Niedoba), a CPA of 30+ years founded our family contractor accountant Firm. A few years back, I decided to split my time as a custom home builder and join him because I’m passionate about both accounting and construction. I hope one day my son, William, will also join the business (if he wants to, he’s only 2 years old).
We’ll treat your business like it’s our own, by taking advantage of every possible legal tax minimization and profitable growth opportunity we can, all the while minimizing risks.
On behalf of my family and our amazing team at NB Advisors, I look forward to working with you to grow your home building and construction business.
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Ryan Niedoba | NB Advisors
Managing Partner
Kevin Niedoba, CPA | NB Advisors
Managing Partner
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Trusted by American Contractors
How We’re Going to Build Your Profitability
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Tax Minimization
We’ll look at all aspects of your business to identify tax minimization opportunities.
We’ll extensively review the tax laws, deductions, and deferrals to identify missed and underutilized home builder opportunities to minimize your tax bill by $100k to $1M.
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Profitability Benchmarking
As Certified NAHB Instructors for Cost Accounting, we’ll evaluate your profitability and compare it to the rest of the home building or construction industry.
We’ll advise you on innovative strategies to increase your profits.
Game Plan
We have the exclusive North American license to “Game Plan” software.
With this tool, we’ll quickly analyze 100s of financial data points to determine the maximum amount capital you can allocate to maximize your revenue growth while minimizing risk.
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Awesome 8
Annually, we’ll a perform a firm-wide “Awesome 8” review on your business, on how to:
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- Minimize taxes paid
- Increase growth, profitability, cash flow, and asset protection
- Plan financial retirement, succession, and legacy/estate
Our focus is on making your home building business better, faster, and stronger.
We Are Contractor CPAs Who Strive for World Class Service
Our Claimed Awards
2018
NJBA:
Best Online Interactive Tool Award
2016-17
SNJBP:
Readers’ Choice Award
2016
NJBA:
Sales and Marketing Excellence Award
2015
Thomson Reuters:
The Rookie of the Year Award
Photo Credit:
Thomson Reuters. Ryan Niedoba (middle) and Kevin Niedoba (right).
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Our Claimed Awards
2018
NJBA:
Best Online Interactive Tool Award
2016-17
SNJBP:
Readers’ Choice Award
2016
NJBA:
Sales and Marketing Excellence Award
2015
Thomson Reuters:
The Rookie of the Year Award
Switching Accountants Is Easier Than You Think
Switching accountants only seems like a major pain in the butt…
But in reality, it’s a brief communication with your current accountant:
“It’s time for a new direction. Please send my books over to Kevin & Ryan at NB Advisors. Thank you for your service.”
Your accountant is professionally mandated to provide your books to whomever you request they go to. It’s really that easy.
Book Your Free Consultation
If you’re looking to save on your taxes and grow your business, then we’re your trusted Contractor Accountants.
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The Only CPA Firm with a Pricing Guarantee
Our pricing guarantee is simple: If we don’t quote you upfront for the work, we don’t expect you to pay. Whether that’s in our first engagement with you, or it’s in 20 years from now.
You’ll never receive an unpleasant surprise in our invoicing.
Schedule your one-on-one call with one of our Partner-Level Accountants today.
We proudly serve American home builders out of the following locations
Construction Accountants New Jersey
20 E. Taunton Rd. Suite 100
Berlin, New Jersey
08009
1(856) 263-2626
Map
Construction Accountants Philadelphia
100 N 18th St. Suite 300,
Philadelphia, Pennsylvania
19103
1(215) 201-4646
Map
Construction Accountants Tampa
100 S. Ashley Drive, Suite 600,
Tampa, Florida
33602
1(407) 809-7474
Map
Construction Accountants Orlando
9100 Conroy Windermere Rd.
Windermere, Florida
34786
1(407) 809-7474
Map
Case Study: How One Home-Builder Saved $1M in Taxes
Last updated October 2019
By Ryan Niadoba, President at NB Advisors
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Case Study: How One Home-Builder Saved $1M in Taxes
I first met Jim Lupinetti of One Creation Construction on his job site, while he was in the midst of framing a 2,600 square foot cape cod in an idyllic New Jersey neighborhood across from the park. Guys were running around, lumber was laying everywhere.
Jim had several homes actively being built and dozens more on the horizon. He proceeded to tell us how his business was doubling in size every year. How his team was handling the growth, but how he couldn’t stand that his accountant would never return his phone calls, especially with pending tax returns.
See, Jim’s accountant used to be good. He would call back immediately. Jim always knew when his work was getting done, he understood what the accountant did and why he did it.
Unfortunately, Jim’s accountant became more focused on his own retirement than on helping Jim. Despite being very loyal, Jim had grown frustrated and the time to make a change was now.
Sound familiar?
What Good Accountants Do…
So we asked Jim.
Our CPA firm’s policy is to return all customer phone calls/emails within 24 hours, with no exceptions. Is that something that would put your mind at ease?
“Yes.”
And every single project we do for a customer has a known completion date, in advance, approved by you, the client. Would you like that?
“Yes.”
Also, we price all of our services upfront so you know exactly what our bill will be and can make a decision on if you want us to proceed with the work. Does that sound fair?
“Absolutely!”
So are you interested in making the transition to our plumbing accounting firm?
“I am.”
At this point, we requested the prior two years of tax returns and access to his books, so that we could evaluate what exactly needed to be done for us to help One Creation Construction.
$1M in Tax-Savings PLUS $1.2M in Profits
Once we dove into Jim’s records, we unearthed a mountain of opportunity! Specifically:
- We felt that we could substantially reduce his tax liability (assuming no growth) by nearly $250k over a decade. If he continued to grow at half of his current rate, we would be able to save in excess of $1M.
- We identified a significant opportunity for risk reduction. Certain corporate structures are considered “high-risk” to be audited by the IRS. By restructuring his company, we were able to reduce his audit risk by 90%.
- As specialists in the home building space, we identified areas for increased profitability that would increase his income by nearly $70,000 in year one and would result in an additional $1.2 million in profits over the course of a decade.
But you’ll be surprised by Jim’s response…
Accountants Miss This All The Time!
As we met with Jim and reviewed these opportunities, we could see he was growing a bit upset.
Upset?!
We took the opportunity to ask him why.
To which he replied: “I just do not understand how my accountant could have missed all of these things for so long. I am so happy I met you guys, but so pissed that I never knew all this!”
We explained to Jim that this is something we see all the time because:
- Most accounting firms are “generalists”. They work with anyone in any type of business. They will work with lawyers, doctors, manufacturing, restaurants, websites, etc. They are “jacks of all trades and masters of none”. We are a 4th generation plumbing accounting firm and exclusively work with home builders or plumbing companies. We know the building industry better than most. Plus, we never get stretched thin by having to “keep up” with IRS tax law for other industries (professional services, manufacturing, etc).
- Many accounting firms feel their job is to “do your taxes”. It is a lazy business model. They never look for ways for you to improve. One of our core values as a business is to always seek ways for our customers to improve.
- For the accounting firms that do find ways to improve. They often do a poor job of explaining why changes should be made and what the benefits are. As builders ourselves, we know what is important to you and can explain in plain English why to do it.
- Many accountants never propose new ideas because they are afraid that you will not want to pay for these changes. As I mentioned to Jim in the field, all these changes will be priced upfront and it is “ok” for Jim to say “no”. We will never make that decision on his behalf.
In our first year of working together, we were able to save Jim over $100k in taxes. We have restructured his business to reduce the likelihood that he would be audited.
How’d we do it?
Without going into all the eye-glazing details, here’s a high-level overview what we did for Jim:
- Corporate Structure. We reviewed the actual corporate structure that Jim’s business was set up with. There are many different kinds (sole proprietorships, corporations, s corporations, partnerships, UBO, etc) and they all have different tax treatments. Depending on the business, some are better suited than others. We elected to change his structure for significant tax and risk management benefits.
- Tax Minimization. We evaluated what tax laws, deductions, and deferrals could be utilized to minimize his tax bill. The US tax code is the second most complex in the world (#1 is Brazil). We have an extensive review process to identify missed and underutilized tax minimization opportunities.
- Benchmarking Profitability. As certified NAHB trainers we evaluate the profitability of all our customers and compare how they are doing to the rest of the home-building or construction industry. We commonly see new home builders with gross profitability of 10%-15% when they should be closer to 25% to 28%. There are many factors that can lead to this: lack of knowledge, confusing mark-up and margin, not tracking project costs, etc. We were able to determine that Jim (while very profitable) had room for improvement and have been advising him on strategies to increase profits.
We are now focused on helping him grow and look forward to seeing the results happen.
P.S. Is Now The Time For You To Switch to a Plumbing Accounting Firm?
You could stick with your current accountant, and potentially give $1Ms more to the IRS and lose even more in profits.
Book a free consultation now because fairly quickly, in plain English, I tell you whether:
- Your current accountant is dropping the ball by leaving $100K to $10M on the table for the IRS, your company structure is a high-risk for an audit, and you’re missing opportunities for profits. Or….
- In the rare cases, we discover your accountant is doing an awesome job with your taxes, company structure, and growth strategy.
If you’d rather not, I understand, I appreciate you reading this far!
About The Author
Do You Know Anyone Who Could Benefit From This Case Study?
Because I’d really appreciate you sharing this case study with your home-builder and construction industry colleagues, family and friends.
We Serve Construction Companies Across the USA:
New Jersey | Pennsylvania | Florida |
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Colorado | Alabama | South Carolina |
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Utah | Nevada | New Mexico |
Nebraska | West Virginia | Idaho |
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Rhode Island | Montana | Delaware |
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Washington D.C. | Vermont | Wyoming |
We Serve Construction Companies in Cities Across the USA as Construction Accountants: New York, Los Angeles, Chicago, Houston, Philadelphia, Phoenix, San Diego, San Antonio, Dallas, Detroit, San Jose, Indianapolis, Jacksonville, San Francisco, Columbus, Austin, Memphis, Baltimore, Charlotte, Fort Worth, Boston, Milwaukee, El Paso, Washington, Nashville-Davidson, Seattle, Denver, Las Vegas, Portland, Oklahoma City, Tucson, Albuquerque, Atlanta, Long Beach, Kansas City, Fresno, New Orleans, Cleveland, Sacramento, Mesa, Virginia Beach, Omaha, Colorado Springs, Oakland, Miami, Tulsa, Minneapolis, Honolulu, Arlington, Wichita, St Louis, Raleigh, Santa Ana, Cincinnati, Anaheim, Tampa, Toledo, Pittsburgh, Aurora, Bakersfield, Riverside, Stockton, Corpus Christi, Lexington-Fayette, Buffalo, St Paul, Anchorage, Newark, Plano, Fort Wayne, St Petersburg, Glendale, Lincoln, Norfolk, Jersey City, Greensboro, Chandler, Birmingham, Henderson, Scottsdale, North Hempstead, Madison, Hialeah, Baton Rouge, Chesapeake, Orlando, Lubbock, Garland, Akron, Rochester, Chula Vista, Reno, Laredo, Durham, Modesto, Huntington, Montgomery, Boise, Arlington, San Bernardino
“NB Advisors has been a great partner in taking a proactive look at our accounting. They present us with new ideas to help us grow and protect what we have worked so hard to build.”
Bruce Paparone
Founder & CEO of Bruce Paparone Communities
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FAQs
What type of accounting do contractors use?
Contractors often use job cost accounting, which tracks costs and revenues for specific projects. This method helps in managing expenses, forecasting, and ensuring that each project remains profitable by allocating direct and indirect costs accurately.
Is accounting difficult for contractors?
Accounting can be challenging for contractors due to the complexity of tracking numerous projects, variable costs, and fluctuating income. The need to manage job-specific financial details and comply with industry regulations adds to the complexity, often requiring specialized knowledge and software.
What is the best accounting for contractors?
The best accounting for contractors typically involves using specialized construction accounting software. This software integrates job costing, project management, and financial reporting features, enabling accurate tracking of expenses and revenues for each project, thus improving financial management and decision-making.
What is the accounting method to report revenue from contracts in the construction industry?
The percentage-of-completion method is commonly used to report revenue from contracts in the construction industry. This method recognizes revenue and expenses proportionally to the project’s completion, providing a more accurate reflection of financial performance over the project’s duration.
1 Fun And 1 Interesting Fact About the United States!
![map-of-u.s.-coastlines-1-1 map-of-u.s.-coastlines-1-1](https://nbcpa.us/wp-content/uploads/2024/07/map-of-u.s.-coastlines-1-1.png)
![morning-glory-pool-upper-geyser-basin-wyoming-1-1-1 morning-glory-pool-upper-geyser-basin-wyoming-1-1-1](https://nbcpa.us/wp-content/uploads/2024/07/morning-glory-pool-upper-geyser-basin-wyoming-1-1-1.png)
The United States boasts the world’s longest coastline, stretching over 95,000 miles along the Atlantic and Pacific Oceans, the Gulf of Mexico, and the Arctic Ocean, offering stunning beaches and diverse marine ecosystems. Additionally, the United States is home to Yellowstone National Park, established in 1872, making it the world’s first national park. Yellowstone spans over 2.2 million acres and features geysers, hot springs, and diverse wildlife, including bison, bears, and wolves.
Contractor Accounting Resources
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What is the American Institute of CPAs?
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The American Institute of CPAs (AICPA) is the national professional organization for Certified Public Accountants (CPAs) in the United States. Founded in 1887, it sets ethical standards, auditing standards, and provides guidance for the profession. The AICPA also develops and grades the Uniform CPA Examination, a critical step in the CPA licensure process. It offers professional development, advocacy, and various resources to support CPAs in their careers. Additionally, the AICPA represents the profession’s interests before governmental bodies, promoting sound policy and maintaining the integrity and credibility of financial reporting and auditing standards.
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What is the Institute of Management Accountants?
The Institute of Management Accountants (IMA) is a global association for accountants and financial professionals in business, established in 1919. It focuses on advancing the management accounting profession through certification, education, and research. The IMA offers the Certified Management Accountant (CMA) credential, recognizing expertise in financial management and strategic planning. It provides members with professional development resources, networking opportunities, and advocacy for ethical business practices. The IMA promotes best practices in management accounting and serves as a platform for knowledge exchange, aiming to enhance the skills and careers of its members globally.
Top Contractor Companies in America
More About Contractor Accounting
A contractor accountant in the construction industry specializes in managing the financial aspects of construction projects and contractor businesses. To excel in this role, accountants must have a deep understanding of construction-specific accounting practices, such as job costing, project-based accounting, and the percentage-of-completion method. They need to track project expenses meticulously, ensuring accurate allocation of costs to individual jobs and projects. Additionally, proficiency in managing construction contracts, change orders, and retention accounting is crucial, as these elements are fundamental to the financial operations of construction companies.
Beyond technical accounting skills, contractor accountants must be adept at financial planning and analysis tailored to the construction industry. This includes managing cash flow, budgeting, and financial forecasting to maintain project profitability and financial stability. A thorough knowledge of tax regulations relevant to construction, including sales tax, payroll taxes, and labor laws, is essential for ensuring compliance and optimizing tax liabilities. Effective communication skills are also important, as contractor accountants must collaborate with project managers, contractors, and stakeholders to provide clear financial insights and guidance. By combining these skills, contractor accountants can help their construction clients achieve financial success and operational efficiency, ensuring projects are completed on time and within budget.
NB Advisors, LLC works with small businesses to minimize their tax burden and grow their profits. Offering tax planning and accounting services on the east coast, we work proactively for you. Our clients love our quick response time, fixed fees, and our innovative solutions.
Your Next Steps
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See how one business owner unlocked $1M in capital.
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