When selecting an accounting firm for your construction company, it’s essential to recognize that not all construction businesses are the same — and neither are accounting firms. The right firm should be able to understand the unique challenges you face, from job cost tracking to contract revenue recognition, and provide tailored solutions to improve your financial performance. Asking the right questions can ensure you choose a firm with the expertise to help your business thrive. In this post, we’ll explore key considerations to make when selecting an accounting partner, including their experience in the construction industry, their approach to internal controls, tax savings, risk management, and more. The answers you receive will help you determine if the firm is the right fit for your company’s financial needs.
- What is your experience with construction company internal controls?
Ensure the firm understands job cost tracking, contract revenue recognition, and work-in-progress reports. - Can you provide examples of construction clients and how you’ve helped them?
Look for specific improvements like cost reductions, tax efficiencies, or better financial reporting. - How did you resolve instances of material misstatements in financial reporting for previous clients?
Understand how they address and correct errors. - What is the balance between human review and accounting software in your process?
A good firm balances automation with manual oversight to ensure reliability. - What suggestions have you made to improve financial performance for construction clients?
Look for proactive, actionable recommendations that lead to better efficiency and profitability. - Can you share examples of tax savings for construction clients?
Inquire about specific tax strategies that resulted in significant savings. - Who will be assigned to my account, and what is the team structure?
Ensure the team has the right experience in the construction industry and understand their communication process. - What financial blind spots do you often find construction contractors unaware of?
A knowledgeable firm should identify common financial pitfalls like cash flow issues or project costing errors. - Do you offer outsourced accounting services?
Ask if they provide services like bookkeeping, payroll, or financial reporting and how they can benefit your company. - What is your approach to risk management and compliance with construction regulations?
A good firm should have strategies in place for managing risks and ensuring regulatory compliance.
At Sweeney Conrad, we have extensive experience helping construction companies optimize their financial performance and navigate industry-specific challenges. From job cost tracking to tax savings strategies, we offer tailored solutions to meet your unique needs. Reach out to us today to see how we can help your business thrive.