Too many people treat accounting services as a vending-machine-type interaction. Insert money, tell it what you want, and out pops a completed tax return or structured investment portfolio. These services are undeniably valuable and important, but getting the most out of your accounting relationship means being able to hold a two-way dialogue rather than just waiting for your final product to plunk out.
For the most successful businesses, their CPA Firm serves as an ongoing consultant on their financial health in much the same way a physician is a consultant on your personal physical health. Many accountants become trusted advisors outside of tax season, helping businesses practice leaner, more efficient accounting practices while hedging against risk and taking advantage of savings opportunities. Their clients would never hesitate to call them for an answer to a question or for advice on a particular issue.
If you are not getting this level of value out of your current CPA Firm, it is time to look for a new one. You can learn more about how to find the right firm and how they can help you by reading on.
Find a CPA Firm with Construction Company Experience
Your first step is to find a CPA with expertise related to your area of business as well as a tendency to share it. They should have not just a regular involvement with the construction industry, but also an interest in it.
Substandard accountants will have to read up on regulatory changes after-the-fact, for instance, while those engaged with their client base will have devoured every news story as the new came down the pipeline. Through continually improving knowledge like this, your CPA Firm should be able to answer industry-specific questions and provide timely advice based on your current situation as well as your industry’s.
A properly functioning CPA relationship enables your accountant to act like an ongoing resource. They should be capable of guiding your corporate strategy in light of revenues and capital holdings, crafting financial plans that protect existing assets while growing them, making recommendations on how to reduce tax burdens while improving profits, and also opening doors to relationships with top-rated bonding agents, banks, contract lawyers and more.
In short, a great CPA relationship enables your accountant to become even more than a critical member of your staff; they can act like a tremendous asset and a competitive advantage, promoting the future success of your business.
How to Vet a Construction Specialist CPA Firm
You can identify promising candidates for your CPA relationship in the following ways:
- Ask if they are willing to prepare quarterly or six month statements
- Ask if they assist with tax planning so that your accounting practices can reduce your tax burden all year long instead of just once a year
- Look for specific industry knowledge, including “CCIFP” designation and involvement in construction-related financial groups
- Look for generous consulting policies where they never charge for phone calls or put themselves “on the clock” for simple questions
- Find someone who you feel could help you form a friendly and productive relationship with frequent monthly or even weekly contact
- Ask difficult questions related to accounting regulations or practices you have encountered in the construction industry, and gauge their reaction
These tests are not bulletproof, but they will help you formulate your own criteria and get a feel for how an accountant can be so much more than just a tax-filing machine.
Finding a surety bonding company that can advise you on the latest products and industry changes is a great first step towards more deliberate financial management. You can contact us today with any questions you have about surety bonding or for recommendations on CPA Firms that can meet your specific needs.