Construction & Real Estate

Construction

The construction industry is like no other – demand is cyclical, cash flow is uneven and safety is always on the forefront of your mind. You may be facing labor and land shortages while battling something you can’t control – weather. HK can assist contractors with these issues with our deep understanding of how you are profitable through accurate bids, secure contracts and controlled costs, while also keeping an eye on future opportunities such as the aging infrastructure in the U.S. and trends toward energy efficiency. Here are some sample ways in which we serve the construction industry:

Real Estate

If you choose to partner with HK for your real estate business needs, you will be choosing a firm that has first-hand experience with commercial and residential real estate ownership. We truly understand the real estate business, and we monitor trends through our multiple resources.

HK can consult and assist you with:

Cash flow and rate of return analysis
Documentation for like-kind exchanges
Income tax consequences from the sale of real estate
Asset allocation and classification on purchased real estate
Cost segregation services on existing and purchased real estate
Entity selection
The estate stepped-up basis
Energy credits and deductions
Rehabilitation tax credits available for real estate
Compliance on new repair regulations

Construction & Real Estate Practice Leader

Steve Campana, CPA, ABV, CFF®, Partner

Construction & Real Estate Blog

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Testimonials

“I am a good judge of support quality, and HK definitely delivers. I joined Baker during the busiest time of year with no experience with Sage, which was a challenge. However, the support I’ve received from HK has made the experience much easier. I’ve used many software systems, and I am good at teaching myself, but there simply isn’t always enough time. I have been impressed with HK’s entire team and the support and resources they provide across their many service offerings.”

Barb Leistad, Controller
Baker Concrete & Excavating

“The HK staff is very professional, helpful and knowledgeable. I appreciate the fast turn-around time when requesting help. I never have to wait for a response and always feel like I am a top priority. I definitely feel comfortable knowing that I am working with the experts in their field, whether it is accounting, audit or tax. Their knowledge of the construction industry is exceptional, and they consistently bring new ideas on ways to improve our business that I find invaluable.”

Tia Yager, Marketing/Human Resources
Baxter Construction

“When we purchased the business in 2011, we made the switch over to Honkamp Krueger after hearing great reviews from their clients and about their strong reputation in Iowa. Since then, HK has become our partner in business, trusted advisor and consultant on so many levels. I have complete confidence in our HK team of rock stars.

As a young business owner, I am always looking for savings, and HK has gone above and beyond to help find savings and protect our cash flow. HK helped us recently transition to a hybrid accounting method and it has been a great find for us.

Our partnership with HK is stellar, and we look forward to a long-term relationship.”

Jason Gassman, Owner
Bell Brothers Heating and Air Conditioning, INC.

“HK’s responsiveness is hard to beat and is just one of the reasons we enjoy working with HK. We appreciate the new solutions and ideas HK offers our operation when it comes to our tax strategy and audit experience. The team we work with are excellent and knowledgeable at what they do.”

Stacy Steffen,
Connolly Construction

“Our company has had a great relationship with the staff at Honkamp Krueger, and we have a high level of comfort with each of the team members we have worked with.

HK really understands our industry and our markets. The versatility in the variety of services the company offers is valuable to us. In addition to traditional accounting, we receive strategic planning, long-term transition planning, business advisory, HR consulting, and buy-sell reviews. We value their in-depth knowledge and understanding of the financial aspects of our business as it helps us make more informed decisions.

We recently invested time and resources through HK’s guidance in the Form 3115 review. It paid off, and the return on investment was worth the burden it relieved on our business. We appreciate their expertise in this area and identifying these opportunities for savings.”

Ian Frink, Owner
Crawford Company

“What we value most about doing business with Honkamp Krueger are the relationships we’ve formed over the past 15 years with several employees and partners. Each of them is a trusted source for all of our financial questions, both business-related and personal. And, we feel as though they are a true advocate for our business.”

Jodi Infield, President
Epic Construction

“The deep knowledge Honkamp Krueger has of the construction industry helps to make our audit more efficient on their end and effective on our end. That knowledge goes beyond assurance services as they provide value-added consultative services year-round. They are highly recommended for anyone looking for specialists in the construction industry.”

Kent Pilcher, President
Estes Construction

“At HK, you are not just a number. We have been doing business with HK for over 20 years, and they treat us like their number one client every day. No matter who we are working with across the firm, everyone is responsive to our needs and questions.

HK suggested we transition to a hybrid accounting method and not only did it save us a ton of money, but we appreciated that HK was proactive rather than reactive in helping minimize the amount of tax dollars we owe and maximizing our profits. It’s that kind of personal attention that we’ve come to appreciate and expect from HK.”

Chris Frommelt, Owner
Frommelt Equipment Company, Inc.

“We value the comfort in dealing with team members with whom we have an established relationship. Connection, trust, collaboration, friendship; these things are important to our company, and they exist in regard to our relationship with Honkamp Krueger.

We value the consultation we receive on software for our construction business, as well as the insights on best practices in terms of accounting in the construction arena. Together, we work through situations and various outcomes that make our company stronger and more adaptable.”

Mary Mulgrew Gronen, Vice President
Gronen Restoration

“I really enjoy working with the associates at HK because everyone we work with is very personable, knowledgeable and responsive. And, I have learned a lot by attending the webinars offered by HK. In addition to substantial tax savings for our company, we have been using HK for training and have been very pleased with those services as well.”

Karen VanDeWostine, CFO
Hahn Ready Mix

“We really enjoy working with Honkamp Krueger, utilizing their accounting, tax and payroll services. Our teams at HK/HKP are always very responsive to our needs and willing to provide new ideas to help our company. We appreciate and value the high level of service we receive.”

Brea Flynn,
L&L Guttering Service, Inc.

“Honkamp Krueger is a true partner to us. They care as much about our company as we do, and really want us to be successful. Our partner, Mike Welbes does his due diligence and knows as much about our business as we do. From the managing partner to the whole staff, including HK Financial Services, everyone is really hard working and cares about us.”

John Leibold, Owner
Leibold Irrigation, Inc.

“We’ve had a longstanding relationship with the HK Family of Companies utilizing their tax, accounting, payroll and general consulting services. We are always very satisfied with the service and really enjoy the personal touch that we receive with working with HK/HKP.”

Mary Plummer, Owner
Plummer Concrete

“Honkamp Krueger has been an important part of my company since its inception. The knowledge, experience, and support that I have received from Nick Nauman over the years has been of great value to me as I have needed advice, perspective, and expertise…Especially during challenging times!

The thing I have valued the most from HK is that I have never had the feeling of being ‘talked down to.’ From the first day of meeting, my ideas of business and financial strategy have always been met with respect, support, and constructive criticism…I quickly gained a sense of trust between our companies that has, as I believe, helped the progress of my company and my own development as a business owner.

When relating the value that I have gained from HK specifically with respect to the construction industry, I would have to acknowledge the understanding of the nature of our industry and the challenges we face on a month to month basis with trying to keep a reasonable ‘pulse’ on our company financials. Due to the constant changes in the estimated vs. actual costs of a construction project and how it affects our month-to-month financials, I believe this understanding in how to deal with this comes from the long history of experience that has been gained through the years of handling many clients in the construction industry. It is a great value for my company to be able to use not only my accountant, but indirectly use all of the accountants and their experiences with their construction clients through HK, as a resource. It is this depth of reference that allows me greater comfort as a construction business owner to know that I have that experience supporting me.”

Jeff Bender, President
Prime Construction Services