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Rea & Associates CPA Firm Announces Ideas For “Recession Prep”

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Rea & Associates CPA Firm Announces Ideas For “Recession Prep”

August 10
14:15 2019
Rea & Associates CPA Firm recently shared several ideas for recession preparation within the construction industry. The company indicated that these ideas are meant to help construction companies succeed in any economic climate.

Zanesville, OH – Aug 10, 2019 – Rea & Associates CPA Firm recently made an important announcement regarding recession prep. The company stated that these ideas are specifically geared toward the construction industry; an industry that is especially vulnerable to drastic economic downturns. The company shared that many of the industry lessons that were learned in the wake of “The Great Recession” of 10 years ago have been neglected. Rea & Associates CPA Firm stated that construction companies forget these lessons at their peril.

One lesson that Rea & Associates CPA Firm underscored was the importance of vetting partners. According to the company, The Great Recession saw many successful general contractors and specialty trade contractors improve their screening processes when vetting potential partners. Rea & Associates CPA Firm mentioned that vetting involved financial and performance evaluations, as well as screening of project owners. According to Rea & Associates CPA Firm, issues such as credit availability, surety and insurance relationship, and CPA relationship should all be thoroughly examined during the vetting process.  The company mentioned that proper vetting helps mitigate risk and ensure success.

Rea & Associates CPA Firm, also seen at http://www.spoke.com/companies/rea-and-associates-cpa-firm-5926d3231813e615e9001e3d, shared that knowledge transfer and internal transparency are also essential components of recession preparation. According to the company, tying business relationships and operating knowledge to one individual can have disastrous consequences, especially during times of recession.  Rather, the company recommends that key managers be involved with every aspect of a construction firm’s growth and development plan.

Rea & Associates CPA Firm also highlighted the importance of job costing and job tracking. The company stated that these processes are paramount to a construction firm’s success.  Rea & Associates CPA Firm recommended that construction firms hold weekly job meetings to review progress. The company also recommended that costs are properly tracked and allocated. The company stated that such measures provide necessary defenses against recession.

Rea & Associates CPA Firm concluded its announcement by providing some company information. Rea & Associates CPA Firm provides accounting and business consulting help to the construction industry, as well as a number of other industries. Rea & Associates CPA Firm provides accounting help to individuals as well. The company started during the worst economic climate the United States has ever seen: The Great Depression. Rea & Associates CPA Firm said that it has built on the lessons learned from that difficult time.

Media Contact
Company Name: Rea & Associates CPA Firm
Contact Person: Becca Davis
Email: Send Email
Phone: (800) 837-0804
Address:905 Zane Street 2nd Floor
City: Zanesville
State: Ohio 43701
Country: United States
Website: www.reacpa.com/zanesville-cpa-firm