The 5 Keys to a Great Business Relationship with Your AccountantOctober 31, 2019
Maintaining success in the A/E/C industry requires more than simply delivering on projects. Owners have tax planning, compliance, cash flow management, employee benefits, and many other financial controls to put in place alongside estate and succession planning. You need more than number crunching from your accountant, including:
Your CPA should invest in learning how your business works in order to identify and meet your needs. Who are your key employees? What sets you apart from your competitors? If the onboarding feels time-consuming, take it as a sign that you are working with a true professional who will serve as a trusted advisor and not just a tax preparer.
There should be constant interaction between you and your accountant throughout the entire year, not just at year-end and tax season. A dedicated accountant will proactively check-in regarding upcoming deadlines, regulatory changes, and new developments in your business. These touchpoints are typically included in their base fee so that you are not getting billed for, “Hello, how goes it?”
It takes a complete finance team to manage the many moving parts of a construction business. Ask your accountant to connect you with a banker, attorney, insurance agent, investment manager, and other industry professionals who can help your business grow and thrive. If you already have these team members, introduce them to your accountant so that they can collaborate and complement each other’s efforts.
For many A/E/C owners, accounting is among their least favorite tasks. While an accountant can take the work off of your shoulders, there will still be paperwork to provide, processes to implement, and people to train. Encourage your accountant to hold you to these homework items and see that they are completed in a timely manner. When you are setting and meeting goals together, the momentum builds, and your business continues to perform more efficiently from the inside out.
Hiring an accountant who truly understands your industry will set you on the right path from the start. The dynamic is different when you have a CPA who is staying up on relevant news and trends, passing along articles of interest, and keeping your business in mind at all times. The Curchin Group prides itself on delivering all of the above to position A/E/C businesses for sustained financial health. Learn more.