{"id":16246,"date":"2015-02-05T18:38:12","date_gmt":"2015-02-05T23:38:12","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/02\/business-report-cpas-are-valuable-to-contractors.html"},"modified":"2015-02-05T18:38:12","modified_gmt":"2015-02-05T23:38:12","slug":"business-report-cpas-are-valuable-to-contractors","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/02\/business-report-cpas-are-valuable-to-contractors\/","title":{"rendered":"Business Report: CPAs Are Valuable To Contractors"},"content":{"rendered":"\n
\n
\"wdr\n<\/div>\n
Harman is a CPA with Whittemore, Dowen & Ricciardelli LLP\n<\/div>\n<\/div>\n

BY MICHAEL M. HARMAN, CPA<\/p>\n

The look on the subcontractor’s face was priceless
\nas he was forced to reckon with the fact the man
\nsitting across from him not only knew the job site,
\nbut also the contract and the business. Many of the
\ntrades were not prepared to have the accountant
\nturned superintendent running the job site, but
\nin the end we all managed to stay on schedule, on
\nbudget and deliver an award-winning, great product.<\/p>\n

It is seldom that your CPA has actually built a
\nhouse, rehabbed a historical building in a blighted
\narea, developed acreage into a community or known
\nthe struggles of shoveling snow before starting
\nconstruction for the day.<\/p>\n

How can a CPA help a contractor? Many ways.
\nWe are schooled in organization, budgets, controlling
\ncosts and business processes. Often times a
\nfew questions about your business can improve the
\nbottom line. <\/em><\/p>\n

How can you make the project or process better?
\nWhat project did you complete which you are most
\nproud of? I still think of the time I finished my first
\nhouse and closed on it without creating a punch
\nlist. We had no items to correct from the customer’s
\nwalk-through. It was not unusual for the customer to
\ncome through and pick apart the house and look for
\nmissing options, paint touch-ups and other cosmetic
\nissues before the house closed.<\/p>\n

However, we made a commitment on our job
\nsite to finish the home 100 percent and not have
\nany open items. This shaved three days to a week
\noff our construction time frame because it was difficult
\nto get the customer to come back timely and
\nit also helped the house close on time. Each house
\ncost us roughly $300 a day to finance, so through this
\nprocess we were saving a minimum of $900 just in
\nfinancing costs of construction. I was very proud of
\nthe first house I completed in this manner and it
\neventually became our norm.<\/p>\n

What project is your most profitable? Sometimes
\nthe project you complete that you are most proud
\nof is also the most profitable but not always. A
\ncontractor was selected for some larger commercial
\njobs about an hour and a half away from their
\noffice. Normally their jobs were within 20 minutes
\nof the office.<\/p>\n

They ended up not making very much money
\non the job. For one, they were subject to the drawn
\nout payment schedule of the general contractor.
\nSecondly, the employees would leave the job early
\nto get home at a decent time, but still record a full
\nday’s work. Thirdly, the owner was not as present on
\nthe job because it was further away. The jobs they
\nmade the most money on were close to home, with
\ngeneral contractors they were used to working with
\nand where he was on site most of the time managing
\nthe project.<\/p>\n

How big do you want to get? This is a question
\nfew truly ask. How big of a company can you lead
\nand manage? Fewer still ask this question and give
\nan honest answer.<\/p>\n

The answer to both of these questions will fuel
\nyour strategy, market, profit and business life. This
\nis where a CPA can be invaluable. A CPA builds relationships
\nwith bankers, insurance agents, real estate
\nagents, lawyers and many other professionals and
\nbusiness owners through normal everyday activities
\nthat are a resource to help you grow. Accounting
\nis truly understanding every facet of business and
\nfinding a way to quantify it.<\/p>\n

A CPA has the resources to help you grow and
\nthe insight to help you determine if bigger is really
\nbetter. When you are ready, the CPA can help you
\npass a successful business to the next generation.<\/p>\n

How? A CPA can show you how to control the
\nmoney that goes out to pay bills and help set up
\nsystems that protect you from theft and fraud. They
\ncan train you, your family and company how to
\nlook at your income statement, balance sheet and
\nstatement of cash flows to understand the overall
\nbusiness.<\/p>\n

We can help setup job costing and per job profit
\nand loss statements. For the small contractor, the
\nCPA is your personal chief financial officer, guiding
\nyou through financing, helping to determine pay
\nscales and plan for the future.<\/p>\n

Did you know, depending on the size of your business
\nand structure you can create a retirement plan
\nfor yourself and deduct it as a business expense?
\nHave you evaluated the cost effectiveness of using
\niPads or tablets in business as an accounting, sales,
\nestimating and time tracking tool?<\/p>\n

There are so many daily challenges in building,
\nrepairing and installing in the construction industry.
\nIt can be difficult to take a step out of the intense
\nday and look at the items from a business perspective.
\nYour CPA can help you do that and make more
\nmoney. As we enter the fall and winter season, now
\nis the time to decide how much money you want to
\nmake next year.<\/p>\n

Harman is a CPA with Whittemore, Dowen &
\nRicciardelli LLP with offices in Queensbury and
\nSaratoga Springs.<\/em><\/p>\n

Photo Courtesy Whittemore, Dowen & Ricciardelli LLP<\/p>\n","protected":false},"excerpt":{"rendered":"

Harman is a CPA with Whittemore, Dowen & Ricciardelli LLP BY MICHAEL M. 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