Contractors do themselves a great disservice by refusing to use a certain CPA firm because it works for competitors and do not want their company information being shared. CPAs have a code of ethics that keeps the relationship between CPAs and their clients confidential, so contractors are actually better served by a CPA firm that works for as many contractors as possible.
A CPA who handles many contractors is well-versed in the nuances of construction accounting, including the numerous and recent pronouncements issued by the Financial Accounting Standards Board (FASB). This is more important now than ever due to the many changes in financial statement presentation. Lack of knowledge of these changes will be evident to the users of the company’s financial statements and could affect the contractor’s credit status. Continue »