At New Lyfe Accounting (NLA), we get a lot of the same questions from construction business owners who are curious about partnering with us. If you’ve been wondering about our construction accounting services, how we work, or what makes NLA different, you’re in the right place.
Here are the most common questions we hear:
What is the difference between traditional accounting and construction accounting?
Unlike traditional accounting, construction accounting involves industry-specific practices like job costing, cash management, complex billing processes, and unique payroll considerations. Traditional accounting firms may not be equipped to provide construction-specific services.
Do you only serve the construction industry?
We serve clients in a variety of construction fields, including (but not limited to):
- Commercial General Contractors
- Commercial Specialty Trade Contractors
- Residential General Contractors
- Residential Specialty Trade Contractors
- Highway and Heavy Contractors
- State and Federal Contractors
- Industrial Contractors
However, while construction accounting is our specialty (and priority), we’ve recently welcomed clients who’ve branched out into developing, manufacturing, and logistics.
What is a CCIFP, and why does it matter for my construction business?
Certified Construction Industry Financial Professional (CCIFP) is a designation that demonstrates a deeper expertise in construction accounting. With CCIFP-certified team members, NLA provides specialized financial guidance while staying on top of industry changes. By achieving these certifications, NLA goes beyond general finance, maintaining a high standard for construction-specific expertise.
What size companies do you typically work with?
While we typically help small to mid-sized construction clients, NLA has a service for everyone. If you’re an up-and-coming firm, start with a bookkeeping partnership customized to your goals and systems. If you’re more established, consider a Controller or CFO partnership. Our services are entirely customizable to suit your accounting needs and goals for growth.
Do you provide tax planning or preparation services?
As a construction accounting firm serving clients across multiple states, NLA does not currently provide tax planning or preparation services. However, we can help manage your relationship with your tax provider, gather documents to prepare returns, and offer ideas about tax opportunities. Additionally, if you have a tax plan that involves accounting pieces, we can help implement the ideas presented by your tax preparer.
Is NLA a fully remote firm?
Yes! The entire NLA team works remotely, allowing us to serve construction businesses throughout the U.S. without being limited by location. We operate through cloud-based tools, secure communication channels, and virtual meetings to provide seamless service wherever you’re based.
Do you ever conduct on-site visits?
As a remote firm, we put extra effort into checking in, following up, and ensuring your construction accounting engagement stays on track. However, if a circumstance arises where we fail to receive the necessary information, we may need to coordinate an on-site visit.
How do you ensure security and confidentiality with remote accounting services?
Through secure file-sharing platforms and internal protocols, we take strict measures to protect your financial information. We hold cyber security insurance, perform background checks before hiring, and work with a third-party IT service to ensure all protections are in place. Additionally, our team members undergo monthly cybersecurity training to stay aware of potential threats like phishing scams and understand the latest risks.
Do you have insurance to protect our financial data?
Yes – NLA carries cyber security and professional liability insurances to protect our clients and our firm. In the unlikely event of an error, this ensures that both parties are covered.
If we work together, do I have to change my accounting software?
Nope! We’re here to help you make the most of your current systems. However, your software must be accessible to our team, meaning we might require you to purchase additional licensing. On the other hand, if new software is what you’re after, we can also help you determine the right program for your needs and budget.
Do I have to outsource everything?
No – whether you’re looking for holistic financial management or consulting on a specific problem, our construction accounting services are completely customizable.
Will I work with one person or a team?
Depending on the type of engagement, you’ll have access to a complete team of construction accounting experts, including a CFO, Controller, Senior Accountant, and Staff Accountant.
What is the expected time commitment from me?
Outsourced does not mean out of mind. While it’s our goal to lighten and streamline your accounting processes, we operate on a partnership basis. To get us up and running, we expect your collaboration in gathering the necessary documents, licensing, and logins. From there, we’ll work together to find a consistent communication cadence. Our partnerships are the most successful when both parties are responsive and engaged.
What are your typical contract terms?
A typical long-term construction accounting engagement requires a six-month commitment to work through our initial onboarding process. After six months, engagements move to a week-by-week basis with no contractual obligation.
What’s the first step to working with NLA?
Start with a free Strategy Session and Diagnostic. This two-part complimentary service helps us gain a clear picture of your current financials.
Step 1: The Strategy Session
In this 45-minute meeting, we’ll get to know you, chat about your accounting challenges, and help pinpoint your goals. Ultimately, this is an opportunity for you to address your concerns with someone who understands the financial complexities of construction.
Step 2: The Diagnostic
After your Strategy Session, we’ll move to a high-level review of your actual financials through our Diagnostic service. You’ll receive a Diagnostic Report of our findings. Inside this report, you’ll find our suggested priorities and service recommendations for your accounting needs and goals.
Your Go-To Construction Accounting Firm
NLA is a specialty firm helping small to mid-sized construction organizations navigate the industry’s unique financial landscape. From customized bookkeeping services to holistic CFO partnerships, we’re more than just an accountant. NLA operates as an extension of your team, strengthening your organization with financial services suited to your operational needs AND your goals for growth.
