Is your company following "Best Practices" for the construction industry?
HLB Gross Collins has developed an Operations Audit to provide construction companies a “score card” on business practices, tax matters and financial statement reporting.
This new service is designed to evaluate the effectiveness of your company’s operations, financial and tax reporting.
The Operations Audit will evaluate the following:
- Do you get the accounting and financial reports you need to run your business?
- Are your estimators accurate? Do you compare estimates with actual results?
- Are you paying too much in income taxes?
- Can you increase your bonding and banking limits?
- Is your construction company using new technology efficiently?
- Is your staff effective with word processing, spreadsheets, accounting, and Internet capability?
- Is your business protected from losses by poor business practices, theft, or bad administrative controls?
Operations Audit Steps
Step 1: Evaluation of current practices
Step 2: Document inspection
- Review financial statements
- Review income tax returns
- Review current accounting records
- Interview key employees
- Evaluate skill sets
- Technology and software evaluation
- Safeguarding assets
- Budgeting, estimating, and projections.
Step 3: Findings report
- Confidential to owner/CEO
- Results of interviews
- Results of document inspections
- Analysis of strengths and weaknesses.
- Specific recommendations for positive change
After the evaluation process, we will present an action plan, with budget and timetable for implementing improvements. We will also assist with periodic evaluations to evaluate progress.
The HLB Gross Collins Operations Audit will be conducted by Certified Public Accountants who have more than 15 years’ experience in auditing, tax, and consulting services for the construction industry. They also offer expertise with many construction software products, including TCM-The Construction Manager, StarBuilder, Concord CS 2000, Peachtree and many others.
We will ask for key documents prior to fieldwork. We will conduct interviews with key people and we will ask for written responses to certain inquiries.The document inspection and employee interview process will take approximately two to four days.
Within five working days after the field work, we will submit our report of findings and recommendations. We will consult with you on the action plan, and assist you in determining the most efficient means of improving your processes. We consider the skills of your personnel and the severity of the problems to determine the best way to proceed. Prior to starting, we will provide an estimate of the cost, based on the size and complexity of your business.