Three firms with a West Michigan presence were named among the 50 best U.S. accounting practices that serve the construction industry.
Chicago-based Crowe LLP, Southfield-based Plante Moran and Troy-based Rehmann were ranked at No. 2, No. 8 and No. 32 on the second annual Top 50 Construction Accounting Firms published in the July/August issue of Construction Executive (CE), the Washington, D.C.-based magazine of the Associated Builders and Contractors.
“As the nation grapples with the ongoing COVID-19 crisis, construction CPAs have been tirelessly advising clients to keep their businesses healthy and viable even as they face unprecedented new challenges on multiple fronts,” wrote Cybele Tamulonis in CE’s introduction to the ranking.
“Construction Executive reached out to hundreds of U.S. accounting firms with a dedicated construction practice to learn how they were guiding their clients in the midst of ongoing economic uncertainty.”
Jon Zeiler, managing partner of Crowe’s construction and real estate practice, told CE the impact of the pandemic has been uneven by region.
“Areas where construction was deemed not essential were hit the hardest, with a large number of jobs delayed for two or more months and many having to furlough employees during this time,” he said.
CE said, “Having an accounting firm on your team that is well-versed in the complicated machinations of construction accounting allows you to concentrate on the mountains (instead of the pebble in your shoe) during challenging times.”
To create the ranking, CE surveyed hundreds of U.S. construction accounting firms.
Companies were ranked on criteria that included 2019 revenues from construction practice, number of CPAs in construction practice, percentage of firm’s total revenues from construction practice, number of construction clients in 2019, number of office locations with a construction accounting practice and more.
The ranking was determined by an algorithm that weighted these factors in descending order of importance. A number of accounting firms elected not to share revenues, which affected their ranking.
The full list is online.