CFMA 2023 - An Event Recap

We’re coming to you live from the 2023 CFMA annual conference in Aurora, Colorado. 

We asked RedTeam’s Founder, Michael Wright and Sr. Industry Specialist, Cinthia Gil, for their insights on this year’s show and the state of accounting in the construction industry. Listen to their recap as they discuss the changing environment and involvement of accounting teams in construction. In particular, we’re addressing the opportunities that now present themselves for partners selling cloud services.

Key takeaways from CFMA 

1) The limited options for accounting in the construction industry were a significant focus of the event.

During the 2023 CFMA National Conference, we noticed the limited options available for accounting in the construction industry. But there’s clearly a need, with many attendees actively considering changing their accounting systems. Michael Wright noted, “So many of the people are actively looking for, and looking forward to changing their accounting system.”

2) There’s a growing interest in adopting cloud-based services in the construction industry.

The conference provided a great opportunity for partners, like RedTeam, who are selling cloud services. A key driver for this shift are the difficulties with current systems. It wasn’t surprising to see the enthusiasm and interest among attendees in moving from a server-based accounting system to the cloud. 

3) Construction companies seek better reporting tools to run their businesses more effectively.

Many construction companies using accounting systems were still lacking the reports necessary to effectively run their businesses and projects. “A lot of these companies, […] that are using accounting systems, they’re still lacking all of the reports that they need to run their business.” says Michael Wright. This need for more reporting enables solutions like RedTeam’s, which can truly dive into the different aspects of a construction project and bring them together. Cinthia Gil calls out that: “Seeing things like the WIP report that we have auto generated in the program are things that really captivated them and now they want to know more about it.”

You can learn more about RedTeam’s solutions and watch a demo on