Accounting Today Podcast
Construction for accountants
Nov 13, 2023
The podcast discusses the labor shortage, rising material costs, and compliance issues in the construction industry. It explores the challenges faced by construction firms and the role of accountants in guiding businesses. The range of services accountants can offer in the construction field and the importance of innovative ideas are also discussed.
17:15
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Quick takeaways
- Construction companies in the industry face challenges with labor shortage, rising material costs, and compliance requirements.
- To address the challenges, construction companies should focus on attracting and retaining workers, implementing secure cloud-based systems for compliance, and seeking guidance from CPAs.
Deep dives
Challenges in Construction Industry
The podcast discusses three main challenges faced by construction companies. First, there is a labor shortage due to increased demand and projects. Second, there is an unpredictable and rising cost of materials, exacerbated by inflation, interest rates, and supply chain issues. Lastly, compliance is a significant concern, with companies needing to keep up with wage and hour regulations and data security. These challenges have been magnified by the pandemic.
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