10 Things Your CPA Wishes You Did — Advice From Top 100 Firms
The construction industry runs on tight margins, complex projects, and constant change. That’s why your CPA is one of your most valuable business advisors. At the 2025 Construction Intelligence
The construction industry runs on tight margins, complex projects, and constant change. That’s why your CPA is one of your most valuable business advisors. At the 2025 Construction Intelligence Summit, we asked CPAs from Top 100 accounting firms what advice they wish every construction company followed.
Here’s what they said, in their own words, when asked What’s one thing you wish your construction clients did, or something you’re glad they’re already doing?
1. Hold Monthly Job Status Meetings to Track Profitability
"I wish some of our clients had more frequent job status meetings with the project managers to check on progress/profitability of their respective jobs."
Paul Atkinson
Smith + Howard
why it matters
Regular job cost tracking prevents small overruns from turning into major profit fade. Meeting monthly ensures the project manager and accounting team are on the same page about costs, billing, and timelines.
take action
Schedule recurring job status meetings for every active project. Review progress, profitability, underbillings, and potential change orders.
2. Reconcile Job Schedules Monthly
"I wish my clients reconciled their open/closed job schedules back to their financial statements on a monthly basis."
Chris Mast
GBQ
why it matters
Without accurate reconciliation, your WIP reporting could mislead you on profitability, leading to bad decisions. Monthly reconciliation ensures your financial statements reflect reality.
take action
Implement a checklist for WIP schedule reconciliation each month, tying job data directly to your general ledger.
3. Prepare Audit Materials Early
“I wish my clients provided me with all of the required audit/review support a week before fieldwork and responded within 24-48 hours to any additional requests.”
Chris Mast
GBQ
why it matters
Preparing early reduces stress, saves billable hours, and helps CPAs identify issues before they become emergencies.
take action
Create a shared audit preparation folder with all key documents, contracts, billing schedules, and job cost reports ready at least a week in advance.
4. Manage Cash Flow After Mobilization
“Net positive cash flow after mobilization, depending on the size of the project.”
Brian Muncy
CBIZ
why it matters
Many contractors face cash crunches after starting a project. Planning for net positive cash flow ensures you can cover payroll, materials, and overhead without relying on expensive credit.
take action
Align your billing schedule with project milestones and negotiate favorable payment terms to avoid negative cash flow.
5. Reward High Performers
“Incentive plan to identify and reward high performers.”
Ken Hedlund
CBIZ
why it matters
A competitive construction market means retaining skilled labor is critical. Incentive plans tied to project profitability help keep your best people motivated.
take action
Set measurable performance metrics; safety, schedule, quality, profit margins, and reward employees who exceed them.
6. Review Large Projects More Frequently
“Conduct regular review meetings on all projects over certain criteria (size, duration, etc). Meetings should be at least monthly but possibly more frequently.”
Ken Hedlund
CBIZ
why it matters
Larger projects carry greater risk. Frequent reviews can catch cost overruns, underbillings, or contract disputes before they escalate.
take action
Identify high-risk projects and set biweekly review cadences for tighter control.
7. Hold Job Closeout Meetings to Improve Future Estimates
“Have a job close-out meeting that reviews the actual costs compared to budgeted costs… Use this information to tweak how future jobs are estimated and share learnings across teams.”
Lisa Baalman
Pinion
why it matters
Without a closeout review, costly mistakes get repeated. Closing the loop improves job costing accuracy and helps you build more competitive bids.
take action
Standardize closeout meetings with the project manager, estimator, and accounting team to compare estimates vs. actuals.
8. Manage Projects in Real Time, Not After the Fact
“Manage their projects in real time instead of after the fact.”
Dean Willingham
REDW
why it matters
Post-mortem analysis is too late to fix financial losses. Real-time project management prevents profit fade and keeps cash flow management under control.
take action
Invest in software and processes that give your team live visibility into cost-to-complete, budget variances, and productivity.
9. Know Your True Break-Even Point
“Understand and manage the company’s break-even.”
Dean Willingham
REDW
why it matters
Many contractors miscalculate their break-even point by excluding indirect costs. This leads to underbidding and thin margins.
take action
Work with your CPA to calculate true overhead allocation and build that into your bids.
10. Use WIP Data to Find Hidden Profit Opportunities
“I wish more of my clients would look at the WIP data to truly understand key customers, regions, industries, or top performers.”
Dan Stanhope
AAFCPAs
why it matters
High revenue from a client doesn’t always mean high profit. By sorting WIP reports by customer, region, or type, you can spot trends and focus on your most profitable work.
take action
Review WIP data quarterly and shift resources toward your best-performing segments.
Final Word
Your CPA isn’t just here to file your taxes; they can help you unlock better profitability, stronger cash flow, and smarter decision-making. The firms above represent some of the top accounting talent in the U.S., and their advice reflects what it takes to thrive in today’s competitive construction industry.