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) and have access to The Institute of Certified Construction Industry Financial Professionals (ICCIFP). 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 then communicate to our clients and prospects.
The ICCIFP, has released the results or their “Remittance Survey.” The survey was posted on September 28th, 2015 on the CFMA Bottom Lines newsletter. The survey reached approximately 7000 members and was emailed to 950 CCIFPs. The survey was closed on October 14th with 165 respondents. Since the sample was targeted at CFMA membership and CCIFPs, the results are skewed towards larger contractors. Questions included in the survey were:
- On average, how long does it take your company to remit payment to subcontractors?
- How does your current remittance time to subcontractors compare to last year?
- How does your current remittance time to subcontractors compare to three years ago?
- On average, how long does it take your company to remit payment to suppliers/vendors?
- How does your current remittance time to suppliers/vendors compare to last year?
- How does your current remittance time to suppliers/vendors compare to three years ago?
- Of all remittance transactions you made during the last year, what percent were checks, what percent were ACH/wire, and what percent were credit card?
- When considering your total remittances for the last year, what percent were checks, what percent were ACH/wire, and what percent were via credit card?
To see the results of the survey: CLICK HERE!