A CPA Firm should not just strive to be your accountant, but strive to be an industry resource to you. Your CPA Firm should be active in local trade organizations and in local chambers, to keep you up to speed with recent changes that may affect your business. As a firm that includes a large number of construction related clients, we are members of the Construction Financial Management Association (CFMA). We do this to be active in the local construction community as well as to represent our clients.
As a member, we receive valuable information, in many different forms, that we can in turn communicate to our clients. At the bottom of this blog, you can find the results of a survey titled, “Contractor Payment Survey.” This survey was put together by the Institute of Certified Construction Industry Financial Professionals. On August 10th, the survey was mailed to 925 CCIFPs and was also posted on the CFMA Cafe website that reached approximately 7000 members. The survey was then closed on August 17th with 142 respondents.
Questions included in the survey are:
- On average, how long does it take to collect payments?
- How does your current collection time compare to last year?
- How does your current collection time compare to three years ago?
- Of all payment transactions you received during the last year, what percent were checks, ACH/wire, or credit card?
- When considering your total revenue for the last year, what percent was received from checks, ACH/wire, and/or credit card?
- What is your gross annual revenue?
- What is your total number of employees?
Results of Contractor Payment Survey: CLICK HERE