The construction industry is hectic, with many projects and priorities to manage. You understand the impact that operations staff can have on your business, but are you missing out on the value that a solid accounting department provides? Investing in your accounting department can increase your success by enhancing business management, planning, and strategy.
Benefits of Experienced Leadership in the Accounting Department
Your accounting department is more than a cost center. Having leadership in the accounting department who is experienced at construction financial reporting and job schedules allows for reviewing reports and updating schedules in real-time to provide you with timely and accurate numbers to make the right strategic decisions as challenges arise, not months down the road. This is especially important as your business grows. While you may have been able to monitor these details initially, as your number of clients increases, it will quickly become too much to manage yourself. Finally, investing in your accounting team can improve your relationships with other partners and reduce fees. Banks, investors, and bonding companies feel more comfortable knowing a solid financial professional is looking out for a business, resulting in reduced fees or a reduction in the level of services necessary. If you are lucky enough to require a review or audit, this process will also be smoother, helping you save in the long run!
Finding and Attracting the Right Candidates
Recruiting the right candidate might feel daunting, especially if you’re not as familiar with the accounting industry. Luckily, there are many resources available to help you choose. Utilize your consultant group, who will be familiar with processes and best practices for the position. Going through a recruiter who can screen candidates and conduct background searches will save you time by weeding out unsuitable applicants. And don’t forget your CPAs. Your tax CPA is your advisor and is there to help. Tax advisors at PIVOT are happy to sit in on interviews and consult to help you make this decision.
Finding a good accounting financial reporting person is one thing, but once you identify a candidate, how do you recruit and keep them? Professionals in this industry have a wealth of opportunities to choose from, so it is important that you show a candidate why they will want to work with you! Here are some tips to help your recruitment:
- It all starts with your story. Share your organization’s mission and values with potential employees. If they connect with your “why” they will be likely to join your team.
- Invest in talent. Professionals are excited to work in a place where they will have the tools and support they need. Showing that you are investing in your accounting department will attract quality candidates.
- A winning culture can’t be beaten. Treating your accounting department as a valued strategy development resource, not simply a cost center, will help you secure and retain top talent.
It may seem like developing your accounting department is not the highest priority for your resources, but don’t neglect to invest in this area, which can save your business time and money. You will likely find the results pay for themselves!