Financial management

As a contractor, you have to pay employees, maintain equipment, meet project budgets and acquire new property – all while maximizing your company’s profits. Achieving balance in these areas is critical to reaching your financial goals. At Watkins Meegan, we’ll help you implement sound financial policies and procedures to turn your financial challenges into opportunities.

Managing cash flow
In the construction business, you can avoid employee layoffs and other drastic cost-cutting measures by improving your cash flow during slower months. By reassessing your billing practices and negotiating the amount and timing of billings, Watkins Meegan will help you see significant improvements to your cash flow – especially during those harsh winter months.

Additional methods of improving cash flow and managing finances include:  

• Managing vehicle fleet and other equipment costs
• Planning for yearly tax requirements
• Reviewing insurance and bonding policies to check for overlap
• Crafting effective employee benefit plans
• Analyzing, designing and implementing budgeting and forecasting models
• Managing assets, including property and equipment
• Providing lease vs. buy considerations
• Developing and reviewing indirect costs & rates
• Preparing loan and financing packages

Benchmarking against the competition
When you understand the state of your competition, as well as the industry, you can see more clearly where your business stands and where you need to make improvements. Unfortunately, contractors, even with timely and responsive internal accounting information, may not know where they stand related to the competition. Watkins Meegan can provide third-party benchmarking measures not only to identify where you rank amongst your competitors, but also to improve your standing.