Builders and installers are shaping the Netherlands of the future. Financial project management and working capital management are essential aspects in this, according to sector specialist Steffan Wentink. For example, are project cost estimates accurate? Is it possible that the costs being incurred are too high? Can additional work be invoiced? Are invoicing of and payments by customers being done in a timely manner? These are questions that the senior manager accountancy regularly discusses with builders and installers.
Both feet planted in the construction world
These discussions often take place on the construction site itself. ‘It’s actually impossible to get a good financial image of a project and company without understanding what’s physically being done. I get a great deal of energy out of visiting a construction site with a project manager or contractor, and having a good conversation there about the financial status of a project based on the actual work being carried out. You can often also tell from the appearance of the construction site whether a project is going to be profitable or loss-making.’
Up to date with sector developments
Steffan keeps a close eye on industry developments so that he can provide an effective service to builders and installers. He is also well-versed in sector-specific rules and concerns, such as VAT transfers, regulations relating to self-employed workers, and Vicarious Liability Act (Wet Keten Aansprakelijkheid, WKA) risks. He also assists construction and installation companies in obtaining the special auditor’s reports required for tenders. This sometimes creates a tension with the regulations of the accounting profession. ‘In that case, I think in terms of possibilities and consult with the customer in order to still arrive at the requested audit opinion in an appropriate form.’