Construction and Contracting

Snyder Cohn Understands How to Build—and Keep—Relationships

Construction companies and contractors have their own unique set of business requirements and challenges—now more than ever. They need an accounting firm with specialized expertise to help optimize cash flow, reduce tax liabilities and finance projects.

Snyder Cohn understands key trends and challenges that are impacting construction firms, including:

• More and more, technology is becoming a vital tool in the industry. Even though the industry as a whole hasn’t embraced high-tech tools easily, portable PCs, including the iPad, have become increasingly popular on construction sites. Supervisors, workers, architects, and engineers say that the tablet and specialized apps for the construction industry are saving time and money. Tablet computers allow managers in the field to enter real-time information as the job progresses, giving financial managers real-time project information which leads them to make better decisions. Also, computer technology has reduced costs and mistakes in an industry that relies heavily on correct scheduling, coordination, and technical specifications.
• Given economic uncertainties, an effective and ever more common risk management technique is to add staff and lease equipment on a per-project basis. Again this requires accurate forecasting of revenues and costs as well as excellent project management expertise.
• Environmentally friendly (also known as “green”) building and construction materials and practices are showing increased demand. As a result, companies must adapt to and incorporate numerous certifications.