Why You Should Hire a Construction CPA (and How to Find One)
To keep your construction company running as efficiently as possible, it’s essential to work with a construction CPA. Not only does a construction CPA have all the knowledge and certifications required to work as a CPA, but they have an in-depth knowledge of the construction industry.
This allows them to better manage your financial information so that you can make the right decisions for your business. Here’s what you need to know about hiring a construction CPA.
Construction-Specific CPAs Can Offer In-Depth Skills
Most people think of a CPA as someone who prepares your taxes, generates financial statements, or monitors your cash flow. While construction CPAs handle conventional tasks, they can also offer services unique to the construction industry.
CPAs with construction knowledge can prepare your work-in-progress reports or assist with controlling costs or conducting risk management. If you need to implement a new inventory or accounting program, your CPA will offer helpful suggestions to ensure the program is right for your needs.
A CPA may also assist with your banking and insurance tasks. They can review your current bank accounts and insurance policies to confirm that you’re utilizing the best options for your company.
CPAs Well-Versed in the Construction Industry Can Improve Your Profits
As a construction business, it’s essential to know how many labor hours a project takes, as well as the associated expenses. If you’re underestimating the cost and resources required for a job, you’ll lose profits or even suffer a loss.
A construction-specific CPA will assist you with deciding how to properly assign costs to your projects. They help you determine what types of projects are the most profitable. Construction CPAs also go over financial documents and make suggestions that are right for your situation.
If new laws and regulations are in your future, your CPA will make sure that your business adjusts its operations accordingly so that’s in compliance.
How to Locate a CPA with Construction Experience
There are a few resources you can use to find a CPA with knowledge of the construction industry. Ask peers and professional connections if they have any recommendations.
You can also see if the vendor that distributes your accounting software has any local partnerships. Or, you may conduct a search for CPAs in your area and seek out individuals well-versed in the specific demands of the construction industry.
Ready to connect with a construction CPA? Contact us today!
