Certification in Action: Jose Parra - Articles

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

Adopting Accounting Standards Codification (ASC) Topic 606 for construction companies has been a challenge. By earning my CCIFP and fulfilling the designation’s continuing education requirements, I have gained knowledge and insight into best practices to support and guide my clients on the implementation of ASC Topic 606.

This has allowed them to trust and rely on the monthly financial statements produced by the accounting team. It also instills trust and reliability by the CPA firm performing the assurance work of the financial statements and the additional users of the interim financials like bonding companies and banks as well as for prequalification.

Can you share a particular situation?

Recently, a growing construction company decided to migrate from a non-construction accounting software to a specialized construction accounting one. This change presented challenges for the company’s accounting team due to inexperience with the new software and the day-to-day operations of the growing business.

After our first contact, when they discovered that I have my CCIFP designation, they hired me. Because of knowledge gained from the CCIFP designation, I could provide them with specific insights on IT requirements and data migration between systems. In addition, I was able to speak the same construction language with upper management.

The company hired me to provide guidance and support to its accounting team on successfully implementing the new software and improving the reporting for PMs and upper management. This has been a great result not just for me, but for the company’s accounting team, PMs, upper management, and the construction accounting software provider.

What was the most obvious advantage you felt from becoming a CCIFP?

In addition to revenue recognition and construction accounting, the CCIFP designation shows an understanding in areas like IT, budgeting, planning, and risk management.

I am able to use this knowledge to help my clients implement and use specialized construction accounting software based on the specific needs of the growing business as well as provide the necessary financial reporting to stakeholders throughout the company.

Why is it important to have a CCIFP in your organization?

By having the CCIFP designation, we establish the highest standards of expertise in the construction industry beyond numbers. It provides the necessary trust for the clients, bonding companies, banks, and CPA firms.

As a CCIFP, I can confidently communicate with all the entities and people involved in the construction industry. Although I have over 20 years of experience in the industry, with the CCIFP designation, I can represent the knowledge of all those years in just a handful of letters, which improves my connection with clients and saves time during sales meetings.

Why would you recommend the CCIFP designation?

The competitive advantage in which the CCIFP designation provided me allowed me to become the founder of my firm. Therefore, I would recommend employers in the industry to encourage their team members to become CCIFPs.

Construction financial professionals can use the CCIFP designation to move forward in their careers and use the knowledge gained to deal with the industry’s challenges.

I believe that the CCIFP is the best and fastest way to learn the construction industry specifics if you are coming from another industry. The preparation and study process for the exam will provide you with expertise in multiple areas to understand the ins and outs of what helps a construction company succeed.

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

I strongly believe in the crucial role of education in achieving success. As a CCIFP, I’ve had the opportunity to present to students at the Florida International University School of Construction. This highlights the trust established through my CCIFP designation, not only within construction but also within educational institutions. It demonstrates that CCIFPs go beyond the numbers and maintain the highest standard of competence and ethical practice in the industry.

By complying with the Professional Development Credits required to maintain the CCIFP designation, I focus on maintaining my competency and skill set relevant to the construction industry.

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