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Most new businesses, especially in the construction industry, focus only on construction aspect of the business.
However, construction alone is not enough to take your construction company to the next level.
You need Business Infrastructure.
Joseph Faulisi, Esq., CPA has spent over 10 years in the real estate and construction industry, auditing and reviewing financial statements and internal controls for private and public clients.
Formally of Ernst and Young, LLP, Joseph was instrumental in conducting reviews and audits.
Now he is using the same skills to create the Business Infrastructure you need to grow your business.
The three most important steps in Business Infrastructure are:
Each will be discussed in detail below:
1. Financial Reporting
Financial Reporting is more than producing a financial statement. It involves keeping a comprehensive general ledger that reflects your true business activities.
However, keeping a general ledger is not enough. Financial reporting includes controls, tax forecasting, and general housekeeping.
For all intents and purposes, this is how the business’s back end lives and breathes.
Joseph Faulisi has the experience necessary to implement the financial reporting process for businesses of all sizes. Call Joseph today at (718) 709-9823.
The most common misconception is that financial reporting is only for public companies. This is simply not true. Even the smallest of new construction companies requires financial reporting processes. The best time to implement these processes is at the company’s inception.
If you have a construction company and are seeking an audit or a review of a financial statement, let us know.
2. Tax Preparation
Tax preparation is the process of preparing taxes – sounds simple. Most construction companies view tax preparation as something they do in March or April of every year. If you are one of these companies, you are wrong.
The financial reporting process should feed into your tax preparation; it should encompass tax preparation as well as tax forecasting.
Joseph Faulisi utilizes his knowledge as a lawyer and a CPA to help individuals and small businesses with tax forecasts that are necessary for any new construction business.
3. Internal Controls
Internal controls are the processes that a company puts in place to ensure the integrity of its financial and accounting information.
During his time at Ernst and Young, LLP, Joseph was involved with the issuance of opinions on the effectiveness of the company's internal control over financial reporting in connection with compliance for: