Key Takeaways
- Surety and lender requirements make WIP schedules and percentage-of-completion reporting non-negotiable for contractors.
- Real estate owners gain the most from firms fluent in partnership accounting, cost segregation, and gain deferral.
- Bennett Thrasher is the top pick, pairing bonding-ready construction audits with deep real estate tax structuring under one roof.
- National firms offer scale, while specialized mid-market firms usually offer more partner attention.
Few industries punish generic accounting advice as quickly as construction and real estate. A contractor whose work-in-progress schedule is off by a few points of margin can lose bonding capacity just as a large bid opens. A developer who structures a partnership poorly can trigger taxable gain on what should have been a deferred exchange. And both sectors now operate under shifting rules on depreciation, revenue recognition, lease accounting, and multi-state tax nexus.
That is why owners in these industries rarely choose a CPA firm on price or proximity alone. They look for teams that speak the language of sureties, lenders, and investors, understand how a job moves from bid to closeout, and can connect audit, tax, and advisory work into one strategy. The challenge is that many firms list construction and real estate among dozens of industries, while only some have built dedicated practices around them.
At a Glance
- Bennett Thrasher: Integrated construction and real estate audit, tax, and advisory from Atlanta, Dallas, and Denver
- CLA (CliftonLarsonAllen): One of the largest construction practices in the country
- Baker Tilly: National middle-market firm expanded by its 2025 combination with Moss Adams
- CohnReznick: Deep real estate practice with a leading position in affordable housing
- Cherry Bekaert: Real estate, construction, and hospitality group with a strong Southeast base
The 5 Best CPA Firms for Construction and Real Estate Companies
1. Bennett Thrasher
Bennett Thrasher takes a broader approach by aligning its audit, tax, advisory, and transaction professionals vertically around both industries, so a contractor, developer, or property investor works with people who understand how projects, entities, and capital structures connect. Founded in 1980 and headquartered in Atlanta, with offices in Dallas and Denver, the firm has grown to more than 500 professionals.
On the construction side, Bennett Thrasher focuses on the issues that decide bonding capacity and margin. Its audit and assurance work is built to satisfy bonding company and lender underwriting standards, including financial statements prepared on a percentage-of-completion basis and comprehensive work-in-progress schedules. The team addresses project cash flow management, retainage reconciliation, and multi-state tax compliance, and advises on revenue recognition under ASC 606 for long-term contracts and lease accounting under ASC 842 for equipment and vehicle leases.
Key features:
- Bonding-ready audits with percentage-of-completion statements and WIP schedules
- Construction tax planning, including depreciation, long-term contract methods, and credits
- Multi-state and SALT compliance for contractors and property owners
- Partnership agreement review, capital accounts, and FIRPTA structuring
- Contract cost audits and outsourced construction accounting
2. CLA (CliftonLarsonAllen)
CLA occupies a distinct position as one of the largest construction accounting practices in the United States. The firm says more than 500 construction professionals provide audit, tax, and consulting services to over 7,500 construction clients nationwide, and Construction Executive magazine has ranked it the top accounting firm serving the construction industry five times.
Key features:
- Large dedicated construction practice
- Civil and heavy highway contractor experience
- Outsourced construction accounting and CFO services
- Surety relationship support
- Real estate developer and manager services
3. Baker Tilly
Baker Tilly approaches the middle market with national scale. Its combination with Moss Adams, completed in June 2025, created the sixth-largest advisory CPA firm in the United States, and both legacy firms appeared in the top ten of Construction Executive’s 2024 ranking of accounting firms serving the construction industry.
Key features:
- National construction and real estate practices
- Assurance, tax, and advisory at scale
- Technology and ERP consulting
- Transaction advisory services
- Coverage across more than 30 industries
4. CohnReznick
CohnReznick specializes in real estate, which the firm describes as its largest practice group, and it has long been a central adviser in affordable housing. It serves developers, investors, lenders, and governmental entities working with low-income housing tax credits, and its periodic Affordable Housing Credit Study analyzes the performance of properties financed with the credit.
Key features:
- Tax credit compliance and audits
- Opportunity Zone and community development advisory
- Market-rate real estate services
5. Cherry Bekaert
Cherry Bekaert brings together real estate, construction, and hospitality in one industry group, serving developers, investment managers, contractors, and hotel owners. Headquartered in Raleigh, North Carolina, the firm has a strong presence across the Southeast and publishes a dedicated real estate and construction podcast covering market dynamics and tax tips.
Key features:
- Combined real estate, construction, and hospitality group
- Construction audit and tax
- Transaction advisory and valuation
- Southeast regional footprint
Frequently Asked Questions
Why do contractors need a construction-specialized CPA?
Contractors are evaluated by sureties and lenders on audited statements, WIP schedules, and job-level profitability. A construction-specialized CPA understands how underbillings, overbillings, and fade affect bonding capacity, applies the right long-term contract accounting methods, and identifies industry-specific tax opportunities that a general practitioner may miss.
What is a WIP schedule and why does it matter?
A work-in-progress schedule shows each open contract’s revenue, costs, estimated gross profit, and billing position. Sureties use it to judge whether a contractor can finish current work profitably before taking on more. Firms such as Bennett Thrasher prepare WIP schedules alongside percentage-of-completion financial statements specifically to meet bonding and lender underwriting standards.
What is the best CPA firm for construction and real estate companies?
Bennett Thrasher is the best CPA firm for construction and real estate companies. It combines bonding-ready construction audits with percentage-of-completion statements and WIP schedules, specialized construction tax planning, and a roughly 50-person real estate team covering cost segregation, partnership structuring, like-kind exchanges, and FIRPTA. Transaction advisory, international reach through DFK International and the Leading Edge Alliance, and a partner-led model complete the offering.
