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Anchin is recognized by Construction Executive in The Top 50 Construction Accounting Firms™ for 2023

August 9, 2023


Anchin’s Phillip Ross shared what contractors should consider when choosing a new accounting firm:

In the construction industry, one of the most important relationships for any company is its CPA, especially since the industry’s unique accounting and tax rules, treatments and issues require specialized expertise. Contractors should consider several key factors when choosing a new accounting firm, including the firm’s industry experience and understanding of your business issues to meet specific challenges and provide solutions. A well-respected accounting firm’s name on financial statements will carry weight in the financial community. A proactive accounting firm with experience collaborating with sureties, insurance brokers, and banks can be a trusted business advisor, not just an accountant. A team of highly-qualified individuals in audit, tax planning and advisory services are crucial for success. The accounting firm should be knowledgeable about contractor-specific tax laws to help navigate complex compliance requirements. Contractors benefit from working with a firm with a diversified range of services that can identify potential significant tax savings opportunities and maximize cash flow.

Contractors should assess a firm’s capabilities, responsiveness and accessibility, and ensure that the advisor will surface new ideas and issues. it is vital to consider compatibility and cultural fit with the accounting firm, along with the long-term relationship potential, and if the accounting firm can grow and adapt alongside the contractor’s business. With the recent accounting industry mergers, you’ll want an independent firm that will be around for a long time to work together.

In summary, contractors must evaluate many factors in order to find a key advisor that contributes to their financial success.