August 7, 2020

Marcum Recognized in Top Construction Accounting Firm Ranking

Marcum Recognized in Top Construction Accounting Firm Ranking Construction

Marcum LLP has been recognized in The Top 50 Accounting FirmsTM ranking by Construction Executive. Marcum was listed as the No. 3 firm nationally.

The 2020 ranking, published in the July-August issue, focuses on how firms are advising clients amidst the economic uncertainty stemming from the coronavirus pandemic.

“Be vigilant about reviewing financial statements to get a real-time picture of your cash flow. Examine job cost reports, and make timely adjustments to rein in costs,” advised Joseph Natarelli, Marcum’s national construction industry group leader, in the accompanying report.

“At the start of the year, many of our clients were expecting an increased backlog compared to last year. That has changed over the past couple months as the percentage of clients expecting an augmented backlog has decreased. However, as states reopen, they should be able to resume the work that has been on hold and rehire lost labor. By year-end, backlog may not be as originally expected, but it should be at a healthy level as long as new restrictions are not imposed in the fall,” he said.

Other top concerns emphasized in the report included the shortage of skilled workers and increasing construction costs.

“Acquiring and retaining qualified labor is an entrenched issue for contractors, exacerbated by the coronavirus. The question now becomes: will qualified skilled laborers return when the country re-opens? Or will they use this as an opportunity to find employment elsewhere?” Mr. Natarelli said. “Alternative sources for building materials in Europe and South America also suffered in Q2 as lockdowns spread throughout the world. With these delays, material price increases are expected to continue for the near future.”

About Marcum Construction Services
One of the leading construction accounting firms in the U.S., Marcum LLP’s Construction Services group provides audit, consulting, and taxation services to clients ranging from start-ups to multi-billion-dollar enterprises. The group’s professionals, among the country’s foremost experts in construction accounting, are frequent industry authors and speakers and serve as technical reviewers for the AICPA’s construction audit and taxation guides. Marcum’s construction group also publishes several definitive industry resources – including the annual Marcum National Construction Survey, the quarterly Marcum Commercial Construction Index, the Marcum PAS Contractor Compensation Quarterly, and the annual Marcum JOLTS Analysis of construction employment trends – and presents an ongoing series of industry summits and technical webinars focused on the unique needs of construction contractors.

About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. The Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum.