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CFMA’s Annual Conference & Exhibition: 2024 Key Takeaways

Learn key takeaways covering WIP, AI, and succession planning from CFMA’s 2024 Annual Conference.
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Those saying, “everything is bigger and better in Texas,” proved true for the CFMA’s 2024 Annual Conference & Exhibition held May 18 to 22 in Grapevine, Texas. Forvis Mazars is a continued proud Principal Partner of CFMA and of this premier industry event. Although our name has changed, our commitment to the construction industry has not. It was a packed conference full of breakout sessions, roundtable discussions, and a full exhibition hall of various construction industry service providers.  

From the End of Day 5K to raise money for suicide prevention in the construction industry to the economic update session with Anirban Basu, founder and leader of Sage Policy Group, the conference provided excellent CPE and networking opportunities. Here are some key takeaways our team compiled from the event:

  1. Work in Progress (WIP) reports are an essential part of construction accounting, and they can be a known challenge for construction teams, including specialty trade contractors. The panel featuring CFOs of specialty trade contractors, as well as an owner of an accounting firm specializing in construction at the conference, discussed real-life issues and solutions related to WIP accounting that can help teams.
  2. S curve forecasting is a powerful tool that provides margin visibility and timing for construction companies. One of the primary challenges facing the construction industry is predicting job fade. Understanding how work backlog can impact margins can be extremely helpful for businesses.
  3. Consider how recently passed federal spending packages will impact the future of infrastructure and the heavy highway industry in the U.S. Anirban Basu, founder and leader of Sage Policy Group, provided an overview of this during his panel.
  4. Artificial Intelligence (AI) is here to stay. Considering how to integrate AI into your company and develop your own AI policies is up to your company. Like construction equipment and software, AI is a tool that can be an asset if applied correctly within your company. It provides value when adopted early and appropriately for each organization.
  5. Succession planning is more important than ever in the construction industry, as there is a record number of baby boomer-owned businesses. When it comes to succession planning for the business, it may help to also consider succession planning with your vendors and suppliers to ensure all areas of your organization are prepared.

Overall, CFMA’s 2024 Annual Conference brought together a wide range of construction companies from across the nation to connect and learn. While the construction industry is constantly changing, our team of industry professionals is here to help. Visit our website for construction-specific resources for your business or reach out to one of our professionals. We look forward to sponsoring and attending next year’s event in Orlando!

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