Articles
Executive Insights - from leaders in construction accounting
“Electronic payment of many taxes and fees will soon become mandatory. What should contractors and CPAs be doing now to ensure compliance?”
Bill Tobia
CFO Maxwell Systems, Inc.
It is time-consuming to follow the trends in state and government regulations. It’s even more complex to manage and comply with evolving rules and changing conditions for multiple municipalities.
To keep pace with accelerating changes, many construction companies are using software that allows them to efficiently handle government updates and automate processes to easily meet all critical tax deadlines. Software also ensures contractors store data properly, which is vital to submitting accurate payments with ease and essential in building important audit trails.
With today’s advanced accounting software solutions, customers can create e-files suitable for filing with local, state or federal agencies, as well as accurately comply with regulations and save time. Owners obviously value having timely compliance with federal and state requirements, which limits potential liabilities and financial penalties for the organization. Furthermore, leveraging software makes payroll taxes quick and painless by automatically filing returns, calculating deposit schedules and making payments.
Contractors should talk with their software vendors to stay current with tools that help manage accurate and timely compliance.

