Carl Oliveri, partner-in-
charge of the
construction niche, says
the firm’s diverse client
mix includes business
leaders who want to
invest in their growth.

“We work with larger
clients providing audits
and tax advice, but our
biggest value-add is
probably the middle
market where we provide
expertise in assisting
Steven Goldstein, audit partner,
growing contractors to
construction niche, Grassi & Co.

increase their bonding
capacity and line of credit to offering advice about
issues like succession planning.”
Oliveri says partnering with clients goes well beyond
the debits and credits of a balance sheet. It includes
understanding nuanced tax laws for construction
contracts and relating to the intricacies of complicated
construction processes, such as in New York where
land constraints add a whole new level of complexity.

“The regulatory environment in Manhattan is
changing to a much more compliance driven market
with respect to MWBE regulations, strict interpretations
of contract language and so on. We both educate and
help clients navigate this.”
Goldstein says the firm works to educate staff about
legislation and changes in the marketplace and also to
stay in front of trends to be sure clients are educated
and know they are backed by the firm’s resources.

“Lou has a saying that if you aren’t staying in front of
clients, you’re just renting the relationship, you don’t
own it,” he said.

Oliveri says there are many changes the firm is
already working to educate clients about. “There is a
move toward a more global standard for revenue
recognition that by 2019 will impact the way we
recognize revenue. For our construction clients, that
means a different way of reviewing contracts,
identifying milestones and assigning a transaction
price. We recognize that for our smaller and medium
sized companies, this has the potential to be a big
issue.” Goldstein says another accounting guidance change
will impact how companies record leases on balance
sheets. Set to be implemented by 2018, this will impact
the way banks view working capital.

“Other legislation could require contractors to set up
apprenticeship programs.” he said. “This has the
potential to create safety and profitability issues so
we’re looking ahead to that as well.”
He says this education and awareness and the
resources the firm is able to offer clients, are part of its
commitment to bringing added value to the industry.

“We know how to protect clients, what worries them,
and have access to the
resources they need to
be more successful.”
Oliveri says this can
mean ensuring staff are
educated to identify
human resource issues
that may require expert
intervention, or
understanding new
technologies and building
styles and being able to
advise clients on what
others in the industry are
Carl Oliveri, partner-in-charge of
doing. construction niche, Grassi & Co.

He says Grassi & Co.

is supported by many homegrown and long-term staff.

As the firm grows, the knowledge, skills and experience
of existing staff is passed to new associates who,
rather than being trained solely as CPAs, are trained to
also be business people in order to assist clients with
life planning through a holistic approach that brings
their business and personal lives into focus in one
combined picture. “We try to help clients prepare by
creating financial moats around their business and
personal lives to ensure they are protected in all ways.”
For more information, visit
http://www.grassicpas.com. grassicpas.com
BE YOUR
BUSINESS BEST.

At Grassi & Co., we are much
more than just your accounting
rm: we are specialists speci cally
trained in a diverse range of
industries to help your business
succeed. From construction,
architecture and engineering,
to healthcare, not-for-pro t,
manufacturing and distribution
and more, we provide a broad
range of professional services
concentrating on the challenges
unique to your organization. Our
client-centered approach towards
positive business improvements
will help you reach the next level
of success. Grassi & Co. We are
the company you keep.

488 Madison Avenue, 21st Floor
New York, NY 10022 I 212.661-6166
JERICHO, NY I RONKONKOMA, NY I WHITE PLAINS, NY I PARK RIDGE, NJ
New York Construction Report — WINTER 2018 – 9