Choosing an accounting firm is an important decision. Assessing the factors below is a good start to making an informed decision that is tailored to your business and your business goals. An accounting firm should be your partner and provide value to your business and its success.
- Seek a Firm With Extensive Experience in the Construction Industry
- Industry-specific knowledge is invaluable. The firm of the Contractor’s choice will understand the unique challenges and regulatory requirements of the industry.
- Research Firms in the Surrounding Area
- Contractors can keep track of the Construction Executive that shows the top 50 Construction Accounting Firms. This is a highly reputable publication that Contractors can rely on for valuable information.
- Contractors can also request references directly from the firm they are interested in to speak to past and present clients. This will give the Contractor a clear understanding of what to expect from the firm when it comes to responsiveness, expertise, and quality of service.
- Understanding the Range of Services the Firm Provides
- Ideally, you want to have a longstanding relationship with this new firm of choice, therefore you want to understand the services they provide because your business is not always going to stay the same. A contractor is going to face obstacles and new challenges with regulatory requirements, tax or bookkeeping issues.
- Another important topic that has been coming up the past year is the Sales and Use Tax and how it affects contractors. Firms that have a specific team that specializes in Sales and Use Tax would be very beneficial if this applies to you.
- Inquire about the firms use of accounting software and technological tools – this can help you with real-time problems and make real-time decisions.
- Most importantly, ensure the firm can provide services that are specific to your needs. Every client is different and having this option will get the most bang for your buck.
- Shop Around – Evaluate the Firm’s Pricing and Value They Can Provide
- Remember – cheaper is not always better! You get what you pay for. After you hit the 3 steps above, and a firm checks all of the boxes but is slightly more expensive than another firm, do not always go with the cheaper option. Quality over quantity! A higher fee can be justified if the firm offers more expertise and specialized services. This will help your business in the long run to have valuable experts and advisors that have your back always.
- If you have a firm that can better your financial processes and reduce your tax liability compared to another firm, can this justify the higher expense? The savings you get may outweigh the additional cost of the firm.
About Schneider Downs Audit and Assurance Services
Schneider Downs’ engagement teams are hand-selected by our shareholders based on skill sets and experience and are available around the clock for consultation. Each attestation engagement is subject to our comprehensive quality control and risk management system, providing an independent review of audit opinions, related financial statements and significant underlying working papers, to ensure that the highest levels of professional standards are met.
To learn more, visit our dedicated Audit and Assurance page.
