Certification in Action: Tracy Tufts - Articles

What challenges/problems have you overcome that you could attribute to knowledge gained from the CCIFP designation?

As compared to other industries, complex rules and accounting methods like contract revenue recognition, job cost accounting, estimates of cost-to-complete, change orders, allocation of indirect costs, etc., are unique in construction accounting and financial management.

At our company, we help clients with all aspects of construction accounting including managing cash flow and retainage, performing profitability analyses, ensuring proper revenue recognition, and building work-in-progress (WIP) schedules, among others.

Can you share a particular situation?

We are committed to providing quality service to clients. We not only want to be their professional service provider, but also their trusted service advisor. This allows us to develop a deeper, more impactful relationship with clients.

We accomplish this by going beyond providing the traditional accounting and tax services. We offer training for our clients and their staff members on specific industry topics, such as the WIP schedule. For example, we provide templates and train clients’ staff on the preparation and reconciliation of the WIP schedule.

What was the most obvious advantage you felt?

Having the CCIFP designation means we are better equipped to provide valuable insights to clients within the construction industry.

It also offers us a competitive edge against other CPA companies that might have construction clients but don’t have the depth of experience indicated by the CCIFP designation.

Why is it important to have CCIFP in your organization?

The CCIFP designation, which four of our team members currently have, signifies our deep knowledge and understanding of construction financial management, which benefits our clients. As a result, we can support our construction clients in many areas beyond accounting, such as human resources, risk management, bonding requirements, job costing, legal, and IT.

It also provides a competitive advantage, which can lead to more business opportunities and stronger client relationships.

The presence of CCIFPs in our company ultimately demonstrates our commitment to the industry.

Why would you recommend the CCIFP to another person/business?

Having the CCIFP designation is a high standard within the industry that demonstrates that someone with a focus in construction has advanced competence and knowledge — whether that person works for a CPA firm, construction company, surety, or bank. The CCIFP shows employers, clients, and peers that you have specialized knowledge and expertise in construction financial management, and it can help to advance your career.

Is there anything else you’d like to share about becoming a CCIFP?

If you are in a role where deep industry-specific financial expertise is highly valued, then taking the time and making the commitment to become a CCIFP is a worthwhile investment. It also ensures that you stay current through ongoing professional development requirements that include areas focused on industry trends, regulatory changes, accounting updates, and more.

If you have your CCIFP designation and would like to share your experiences, please email certification@cfma.org.