Published September 15, 2022 . 3 mins read

ProNovos and AAFCPAs Bring Construction Data Analytics to Contractors in Massachusetts and New Hampshire

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FOR IMMEDIATE RELEASE

ATLANTA and BOSTON (09/15/22)–New England construction contractors have a faster and easier way to benefit from analytics thanks to a new partnership between ProNovos and AAFCPAs.

As part of the strategic agreement, ProNovos will make its construction-specific analytics solutions available to the contractor clients of Boston-based AAFCPAs. Incubated at Atlanta Tech Village, ProNovos has collaborated with more than 100 U.S. contractors to help them use analytics to find efficiencies and protect their profits.

For its part, 49-year-old CPA and consulting firm AAFCPAs will leverage its expertise in industry financial and operational best practices to advise contractors on the benefits of data-driven approaches. Headquartered in Boston, AAFCPAs employs more than 270 people and serves a diverse array of construction contractors, most of them based in Massachusetts and New Hampshire.

In addition to its audit, tax and accounting services, AAFCPAs offers a suite of profit-enhancement solutions, including advising contractors on how to track, analyze and improve key performance indicators (KPIs) related to work-in-process (WIP) analysis, competitive benchmarking, change orders, backlog, vendors, working capital, current ratios, under-billings, and accounts receivable and payable, to name a few.

“These are precisely the types of data points that go into the analytical tools developed by ProNovos,” noted Bruce Orr, the startup’s founder and Chief Data Scientist. “It’s part of what makes this strategic relationship such a strong fit for both firms.”

Bruce Orr, ProNovos

In consulting with construction and other clients, AAFCPAs has long advocated the benefits of analytics, said Daniel Stanhope (MSA, CCIFP, CPA), Partner and leader of AAFCPAs’ construction practice.

Even contractors with gross annual revenues of $20 million or more may still rely on manual reporting methods that can be time-consuming and error prone, the executive noted, and some companies still conduct WIP reporting annually or quarterly. By contrast, real-time WIP dashboards give contractors immediate access to data related to project and company performance, allowing them to make better decisions.

“Big data and analytics can tell the story of how your business and projects are performing,” Stanhope said. “That in turn allows contractors to be proactive instead of reactive—a capacity that is critically important in today’s fast-paced construction industry.”

Moreover, analytics could also help contractors get more efficient with their labor-allocation in one of the tightest labor markets in recent memory. “Every industry, not just construction, is struggling with the labor market,” Stanhope said. “Analytics can help contractors avoid over-hiring or incurring costs related to personnel having too much downtime.”

Lastly, Stanhope continued, more of AAFCPAs’ contractor clients are adopting Foundation Accounting Software, Viewpoint Spectrum and other construction-specific digital applications. “We’re excited about the possibility of these clients taking the next logical step in their tech-stack evolution—getting more out of their data through the power of analytics.”