Is your CPA helping build your bond capacity or hurting your bond program?

If a contractor has established some form of bond capacity with its construction business, the bonding agent may have suggested the contractor consider working with a construction-oriented CPA.

“My CPA has saved me thousands on my taxes every year, why would I consider working with someone else?” You might ask.

A contractor’s current CPA may be helping to avoid paying Uncle Sam but, believe it or not, saving money on taxes and building bonding capacity aren’t always in sync.

Below are some common questions from contractors surrounding their finances and building bonding capacity.

• Q: WHY DO I NEED TO USE A CONSTRUCTION-ORIENTED CPA?
• Q: THE LAST BOND I GOT WAS UNDER $1 MILLION, AND ALL I HAD TO DO WAS PROVIDE A TAX RETURN/QUICKBOOKS FINANCIALS. CAN’T I JUST PROVIDE TAX RETURNS FOR BONDING?
• Q: MY INTERNAL ACCOUNTANT IS ANXIOUS ABOUT OUR GROWTH AND NEED FOR ADDITIONAL SERVICES; ARE THEY STILL THE RIGHT FIT?
• Q: MY CURRENT CPA CAN PREPARE A GAAP BASIS REPORT; IS THAT GOOD ENOUGH?
• Q: WHAT ARE SOME ACCOUNTING PITFALLS TO WATCH OUT FOR AS I WANT TO GROW MY BOND CAPACITY?
• Q: HOW MUCH IS THIS GOING TO COST?