Companies in the clean tech industry are garnering more attention these days, especially from CPA firms that see the sector as having big potential for growth.

For Chicago-based BDO, serving the clean tech industry is nothing new. The firm has been working with clients within the channel, which includes alternative energy producers, for several years. What is new, however, is that over the last year the firm created a firm-wide clean tech initiative to focus more on developments in the field. "We have teams in various offices across the country that have heavy client bases in areas that could be defined as clean tech," said Lee Duran, an assurance partner in BDO's San Diego office.

In March, BDO released its 2010 Technology Outlook Survey that polled 100 chief financial officers at technology companies about clean tech. Two thirds, or 66 percent, said that they were interested in clean technology. Forty-three percent of CFOs surveyed reported that they produce clean tech products or services, and 46 percent use products or services from clean technology vendors.

Duran stressed that companies that offer clean tech services or products need the traditional services of a CPA firm. And because of new incentives, such as tax credits, unique accounting and reporting issues for joint ventures that support wind or solar projects, and different aspects of revenue recognition and long-term contracting, the area now represents a hotbed of engagement possibilities.

Scott Appel, local leader of the alternative energy practice and partner-in-charge of the Irvine, Calif., office of Hein & Associates, agreed: "We're providing traditional audit and tax services, but if you think about the nature of a lot of these businesses, there's a great focus on capital formation. There's a lot of capital-raising going on, and traditionally, accounting firms are involved in providing service around those types of transactions."

WHERE THE GREEN IS

Despite the financial gloom of the past two years, there has been a flurry of venture capital investments in clean technologies.

According to preliminary data released in January by the Cleantech Group, a facilitator of clean technologies, and Big Four firm Deloitte, venture investments in the clean tech arena totaled $5.6 billion for 2009. Wind energy - the sector most heavily invested in by U.S. utilities - continued to be a significant investment area in 2009. Global Fortune 500 companies, as well as energy and consumer and industrial product companies, made large investments in clean tech as well.

Aside from facilitating deals between clean tech companies and venture capitalists, CPAs can assist businesses in monitoring and reporting their carbon emissions.

This will be big business in the near term, despite uncertain regulation, according to a January report released by energy and sustainability consulting concerns Groom Energy Solutions and Pure Strategies: "As investors, customers, employees, communities and governments insist on more accurate carbon emission data, organizations are beginning to track carbon emissions as rigorously as they track revenue and expenses."

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