As someone who's spent over two decades in construction accounting, I've witnessed firsthand how the Construction Financial Management Association (CFMA) transforms the way financial professionals approach our industry. During our recent trip to Las Vegas for the joint AGC/CFMA conference in November, my colleague Craig Daniels and I were reminded once again why this organization is so vital to our field.
CFMA isn't just another professional organization – it's a specialized resource designed specifically for CFOs, controllers, and accounting professionals in construction. Unlike other industries, construction accounting has unique nuances that require specialized knowledge. From percentage of completion accounting to revenue recognition complexities, construction financial statements present challenges that general accounting practices simply don't address.
The organization provides crucial education opportunities for professionals who may not be experts in construction accounting or those looking to deepen their expertise. But it's more than just education – CFMA creates a network of financial professionals that we can rely on for guidance and collaboration.
During our time in Las Vegas, we attended several high-value CPE sessions that directly impact our daily work with construction clients. Two standout topics particularly resonated with current industry needs:
Tax Planning Updates: With the recent election cycle, tax law changes are always on the horizon. The conference provided valuable insights into strategies contractors can implement to better plan for potential tax changes and optimize their current positions.
Fraud Detection and Prevention: In today's digital landscape, with phishing emails, evolving IT threats, and the emergence of AI, fraudsters have become increasingly sophisticated. The sessions offered practical approaches construction companies can use to protect themselves and mitigate associated risks.
At Brown Edwards, we currently have 11 CCIFPs (Certified Construction Industry Financial Professionals) on staff, ranking us 34th among the top 50 construction CPA firms nationally according to Construction Executive magazine. This designation isn't just a credential – it represents our commitment to understanding the intricacies of construction accounting, taxes, and the unique business challenges our clients face.
The CCIFP requirements include ongoing construction-specific continuing professional education hours, which keeps us at the forefront of industry changes and ensures we can provide the highest level of consulting and advice to help our clients succeed.
Beyond education, CFMA conferences provide invaluable networking opportunities. We connect with peers from other CPA firms, construction companies across the country, and referral sources like sureties and banks. These relationships create a community within the construction industry that benefits everyone involved.
The ability to reach out to fellow professionals when facing unique challenges or seeking industry insights has proven invaluable throughout my career. While construction accounting rules may not change frequently, staying sharp and having access to the latest information and best practices helps us serve our clients better.
As construction professionals, we're part of an industry that's constantly evolving. New technologies, changing regulations, and economic shifts require us to stay educated and connected. CFMA provides both the education and community we need to navigate these changes successfully.
Whether you're a seasoned professional or new to construction financial management, I encourage you to explore what CFMA can offer. The investment in education and networking pays dividends in the quality of service we can provide to our clients and the success we can help them achieve.
For more information about CFMA and how it can benefit your construction financial management career, visit their website or connect with local chapters in your area.