Clint Stanley, Partner at TRP Sumner Special to North Carolina Construction News
North Carolina’s construction sector is expanding rapidly, driven by population growth, industrial investment, and infrastructure projects. Contractors who want to take part in this momentum often face a key requirement: bonding.
Why Financial Statements Are Critical
Performance and payment bonds are often necessary for both public and large private projects. Sureties carefully review a contractor’s financial condition before extending coverage, and their decisions rely heavily on the accuracy of financial statements. Clear reporting of working capital, profitability, and cash flow demonstrates stability and builds trust. In contrast, incomplete or inaccurate statements can create delays, higher costs, or even denials.
In North Carolina, where state agencies and municipalities frequently require bonded bids, the importance of precise reporting cannot be overstated. As projects grow larger and more complex, reliable financials are the foundation for meeting bonding requirements and securing long-term opportunities.
A Market Full of Opportunity
The state’s construction industry is projected to keep growing over the next decade, adding thousands of jobs and billions in investment. From housing and commercial development to advanced manufacturing and infrastructure, opportunities are broad and long-lasting. Even with challenges such as labor shortages and supply chain constraints, the demand for qualified contractors remains strong.
Preparing financial statements that meet surety expectations requires more than routine bookkeeping. CPAs with construction experience help ensure reports are accurate, timely, and compliant with professional standards. This level of clarity not only strengthens bonding capacity but also builds credibility with lenders and investors, opening the door to larger projects and steady growth.
Moving Forward
North Carolina contractors are well positioned to succeed in a thriving market. By maintaining accurate financial statements and working with experienced professionals when needed, firms can secure the bonding they need and move forward with confidence.
Clint Stanley is a partner at TRP Sumner. His practice experience includes auditing, financial reporting, management consulting, and tax services for small to medium-sized businesses. He has specific experience with construction and contracting companies as well as non-profit entities. He can be reached at cs******@*******er.com.