The Benefit of Year-Round Compliance

In this episode of the Mobile Workforce Podcast, host Mike Merrill speaks with Matt Smith and Dorrie Franzello Kurtz, both CPAs at YHB CPAs and Consultants.

They discuss the importance of year-round accounting compliance in the construction industry, highlighting how continuous collaboration between different departments can lead to stronger audit trails and better project outcomes.

The conversation also covers the critical role of technology plays in providing real-time data for informed decision-making.

Key Takeaways:

Year-Round Compliance

Maintaining accounting compliance throughout the year rather than just at year-end is essential. This proactive approach ensures that all regulatory requirements are continuously met, reducing the risk of non-compliance and associated penalties.

Interdepartmental Communication

Effective interdepartmental communication is critical for successful project management and maintaining financial health. Ensuring that different departments work together seamlessly helps in aligning goals and achieving better outcomes.

Using Technology

Leveraging technology for better data visibility and efficiency is imperative. Technological tools can enhance the accuracy and accessibility of data, leading to more informed decision-making and streamlined operations.

Understanding Financials

Educating project managers on financial implications is key to improving accountability. When project managers understand the financial aspects of their projects, they can make more responsible decisions that align with the company’s financial goals.

External Collaboration

Regular meetings with external financial statement users are necessary to prevent surprises. By maintaining open lines of communication with external stakeholders, companies can ensure that all parties are informed and can address any potential issues promptly.

Guests:

YHB CPA Matt Smith

YHB CPA Dorrie Franzello Kurtz