I have had the wonderful opportunity to spend a few days in Nashville Tennessee at a Construction and Real Estate Conference.  I am learning that ya’ll is singular and all ya’ll is plural 😊.  One of the presentations was an economist that showed recent data and predicted economic times based on economic indicators.

Utah has led the nation in employment growth from 2018 to 2019.  Nevada, Arizona, and Idaho, states in our area, are in the top 5, which is a bright spot for our region.  The downside is finding quality staff/employees to continue the predicted growth for our area.  Other indicators show that there is a tremendous amount of competition for competent sub-contractors and related professionals.

Working with a good construction-oriented CPA firm gives the construction industry a competitive edge.  It also allows you to get larger bonds approved when you need them. Below are some reasons why you should hire a CPA firm with construction experience to help you grow your firm:

1. Construction accounting is specialized. Just as contractors specialize in different types of construction, CPAs specialize as well. A CPA with construction industry experience will understand your business and be able to help you navigate the potential financial pitfalls.  A specialized CPA also helps you understand your financial statements, manage cash flows, and identify cost-saving opportunities.  They also help you understand if each job is profitable, or if certain sectors of your business are more profitable than others. Most importantly, these CPAs understand how to prepare the financial statements you’ll need to submit for bonding.
2. Developing a relationship with a CPA pays off in expert tax and financial advice throughout the year. A good CPA is like a partner, advising you on cash flow, recognition of revenue and credit needs. Your CPA can help you understand your tax situation and how to navigate the complex tax rules and opportunities for tax reduction.  Identifying economic trends in your business will help you make informed, real-time business decisions.

It is important to have a great, specialized CPA in your corner to help you in your business.  Are you ready to take your business to the next level? Partnering with a CPA firm with construction experience is a smart first step.  Let us be your partner in your business.  We have teams specialized in the construction industry.  Our firm also has many cloud-based solutions to help you manage financial information as well as project and employee management.

Thanks all ya’ll.

Robert S. Cox, CPA