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| financial management for contractors: Financial Management in Construction Contracting Andrew Ross, Peter Williams, 2012-11-30 This authoritative text provides a detailed insight into howconstruction companies manage their finances at both corporate andproject level. It will guide students and practitioners through thecomplexities of the financial reporting of construction projectswithin the constraints of accepted accounting practice. The book iswritten for non-accountants and from a contractor’sperspective and is equally relevant to subcontractors and maincontractors. The authors examine the relationship between the external annualaccounts and the internal cost-value reconciliation process. CVR iscovered in depth and the authors consider issues such as interimpayments, subcontract accounts, contractual claims, final accounts,cash flow management and the reporting of the physical andfinancial progress of contracts. A broad perspective of all the financial aspects of contractingis taken along with related legal issues and the authors explainhow things operate in the ‘real world’. They describegood practice in financial control while at the same time beinghonest about some of the more questionable practices that can - anddo - happen. The approach taken is unique as the financialmanagement of construction projects is considered from theperspective of the contractor’s quantity surveyor. The bookdeals with the real issues that surveyors have to address whenusing their judgment to report turnover, profitability, cash flow,and work in progress on projects and the financial problems facedby subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act areexplained in detail and relevant provisions of JCT2011, NEC3, ICC,DOM/1 and other standard contracts and subcontracts are alsocovered. Financial Management in Construction Contractingaddresses the wide variety of external factors that influence howconstruction companies operate, including government policy,banking covenants and the financial aspects of supply chainmanagement. Cost reporting systems are described and real-lifeexamples are used to illustrate cost reports, accrual systems andhow computerised systems can be employed to provide the QS withinformation that can be audited. Examples drawn from practice demonstrate how work-in-progress(WIP) is reported in contracting. Cost value reconciliation reportsare featured and the book demonstrates how adjustments are made forovermeasure, undermeasure, subcontract liabilities and WIP as wellas explaining the processes that contractors use when analysingexternal valuations. This is the ideal core text for final year degree andpost-graduate level modules on Quantity Surveying, CommercialManagement, Construction Management and Project Management coursesand will provide an invaluable source of reference for quantitysurveyors and others who may be engaged in the financial managementof construction projects. The book’s companion website at ahref=http://www.wiley.com/go/xxxxwww.wiley.com/go/rossfinancialmanagement/a offersinvaluable resources for students and lecturers as well as forpractising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites |
| financial management for contractors: Financial Management for Contractors Alan Upson, 1987-01-01 |
| financial management for contractors: Accounting and Financial Management for Residential Construction Emma Shinn, 2008 Shinn provides detailed information on how an accounting system operates and the basic principles for processing financial data. This fifth edition includes the updated NAHB Chart of Accounts, and shows builders how to take control of their finances. |
| financial management for contractors: Financial Management for Contractors Ira Jerome Jackson, 1999-09-01 |
| financial management for contractors: Risk and Financial Management in Construction Simon A. Burtonshaw-Gunn, 2009 The book covers Risk Management describing the tools and methods to reduce the occurrence and consequences of risk, and the financial management of construction projects from raising funding, to contract strategy and through to estimating, budgeting and cost control. It includes a chapter covering international project risk, bringing together the issues of risk management, prime contracting, and PFI funding for construction projects undertaken away from the contractors main home market. |
| financial management for contractors: Accounting and Financial Management for Residential Construction Emma S. Shinn, 2002-01 Step-by-step instructions for standardizing your financial reporting system and measuring your current performance against previous years, and the rest of the industry. Shows how to design an accounting system for your business, how to record and process financial data, how to prepare budgets, and how to analyze financial statements to make sure that your company is profitable. |
| financial management for contractors: Profit First for Contractors Shawn Van Dyke, 2018-12-03 Construction industry business coach, speaker, and author, Shawn Van Dyke, has taken the core concepts of Mike Michalowicz's Profit First and customized them to address the specific needs of the construction industry. Profit First for Contractors addresses the major struggles contractors face and provides clear and actionable guidance on how to overcome them. Shawn shows contractors how to go from simply getting by to becoming permanently profitable. This book is for every construction business owner who dreams of prosperity. Using Van Dyke's Profit First for Contractors system, readers will learn how to break out of the craftsman cycle - the seemingly never-ending loop of urgent tasks and responsibilities that keep contractors from gaining traction toward their important goals. He guides construction business owners how to understand their financial statements and how to use them to determine the markup and margin that lead to profits. You will also learn hot to develop solid rules of thumb for the operation of your construction businesses, and how to implement an effective cash management plan that simplifies accounting and leverages normal human behavior. Using real-life stories from actual construction business owners, step-by-step advice, and his conversational twang, Van Dyke puts permanent profitability within reach of every construction business owner. |
| financial management for contractors: Cost Management of Construction Projects Donald Towey, 2013-06-12 The cost manager/quantity surveyor plays a pivotal role in the financial and contract management of construction projects, although the exact nature of the service they provide depends on the project employer’s terms of engagement. This can mean acting as consultant in a range of roles including cost and advisory services for budget setting to initiate a project, cost management through the design and construction phases, contract administration and acting as the client side project manager to oversee the entire building process. Cost Management of Construction Projects focusses on the cost manager/quantity surveyor engaged by the project client, and discusses key elements that help drive project success including measurement (based on the New Rules of Measurement published by RICS), procurement, cost planning, contract administration and project cost management. With examples, it provides a thorough guide to the role in the workplace and in the field, directly addressing the day to day situations faced by the cost manager/quantity surveyor. Donald Towey MRICS has extensive experience of the construction industry. His experience began as an estimator with a glass/glazing contractor in Manchester. Following a number of positions with UK contractors he relocated to Australia and has worked with a number of developers and main contractors, as well as doing freelance work. He is currently working in contracts management in Sydney. |
| financial management for contractors: Construction Accounting & Financial Management Stephen Peterson, 2013-10-03 For all courses in construction accounting and construction finance, and for courses in engineering economics taught in construction management programs. This book helps construction professionals and construction management students master the principles of financial management, and adapt and apply them to the challenge of profitably managing construction companies. It integrates content that has traditionally been taught through separate accounting, finance, and engineering economics texts. Students learn how to account for a construction company’s financial resources; how to manage its costs, profits, and cash flows; how to evaluate different sources of funding a company’s cash needs; and how to quantitatively analyze financial decisions. Readers gain hands-on experience through 220 example problems and over 390 practice problems, many of them based on situations actually encountered by the author. This edition adds more than 100 new discussion questions, and presents financial equations and accounting transactions more visually to support more intuitive learning. |
| financial management for contractors: The Money Book for Freelancers, Part-Timers, and the Self-Employed Joseph D'Agnese, Denise Kiernan, 2010-03-02 This is a book for people like us, and we all know who we are. We make our own hours, keep our own profits, chart our own way. We have things like gigs, contracts, clients, and assignments. All of us are working toward our dreams: doing our own work, on our own time, on our own terms. We have no real boss, no corporate nameplate, no cubicle of our very own. Unfortunately, we also have no 401(k)s and no one matching them, no benefits package, and no one collecting our taxes until April 15th. It’s time to take stock of where you are and where you want to be. Ask yourself: Who is planning for your retirement? Who covers your expenses when clients flake out and checks are late? Who is setting money aside for your taxes? Who is responsible for your health insurance? Take a good look in the mirror: You are. The Money Book for Freelancers, Part-Timers, and the Self-Employed describes a completely new, comprehensive system for earning, spending, saving, and surviving as an independent worker. From interviews with financial experts to anecdotes from real-life freelancers, plus handy charts and graphs to help you visualize key concepts, you’ll learn about topics including: • Managing Cash Flow When the Cash Isn’t Flowing Your Way • Getting Real About What You’re Really Earning • Tools for Getting Out of Debt and Into Financial Security • Saving Consistently When You Earn Irregularly • What To Do When a Client’s Check Doesn’t Come In • Health Savings Accounts and How To Use Them • Planning for Retirement, Taxes and Dreams—All On Your Own |
| financial management for contractors: A Simple Guide to Turning a Profit as a Contractor Melanie Hodgdon, Leslie C. Shiner, 2009-10 This is the book you should have bought the day you decided you could make more money running a construction company than banging nails for somebody else. It provides you with the answers to those business questions that plague contractors: what am I doing wrong and what's stopping me from making the money that I deserve? You'll meet Mike, a remodeler who thought he owned a business but actually had a low-paying job. Many contractors start out like Mike. This book, in a very simple and easy to understand way, follows Mike as he learns to understand his numbers, adopts new systems, and creates a repeatable process for profit. Every contractor should read this book. It is the first and only book that makes the numbers game easy to understand, but, more importantly, easy to incorporate into a contractor's business. Bravo! - Shawn McCadden, CR, CLC, CAPS, award-winning remodeler, columnist, and nationally recognized remodeling industry specialist. The authors have distilled many of the mysteries of the small-business person who can no longer manage the business by quick thinking and fast actions. - Mike Gorman, CR, construction industry author and speaker. Contractors love a good story, and that's what they get. All of the basics are covered, including cash flow analysis, distinguishing job costs from overhead expenses, and calculating mark-up. - Sal Alfano, Editorial Director, Hanley Wood Business Media. Melanie Hodgdon (Business Systems Management, Inc.) and Leslie Shiner, MBA (The ShinerGroup) both manage successful consulting and coaching companies. With over 40 years combined experience, they help contractors better understand and improve business practices and maximize profits. In 2007, they began to work on a series of joint projects that would capitalize on their combined talents. This book is one product of that collaboration. |
| financial management for contractors: Managing a Construction Firm on Just 24 Hours a Day Matt Stevens, 2006-11-09 This detailed overview of the construction contracting business delivers an invaluable collection of best practices, forms, templates, and checklists designed to reduce risks and increase profits. Contractors will learn everything they need to know about the make-or-break areas of estimating, pricing, bidding, project management, and financial management. The author is well-known in the industry, with a weekly newsletter, website, online digest, regular column for Contractor magazine, and 70-plus seminar bookings for 2006 Extensive examples and illustrations help readers apply the insights offered |
| financial management for contractors: Code of Practice for Project Management for Construction and Development CIOB (The Chartered Institute of Building), 2014-09-15 The first edition of the Code of Practice for Project Management for Construction and Development, published in 1992, was groundbreaking in many ways. Now in its fifth edition, prepared by a multi-institute task force coordinated by the CIOB and including representatives from RICS, RIBA, ICE, APM and CIC, it continues to be the authoritative guide and reference to the principles and practice of project management in construction and development. Good project management in construction relies on balancing the key constraints of time, quality and cost in the context of building functionality and the requirements for sustainability within the built environment. Thoroughly updated and restructured to reflect the challenges that the industry faces today, this edition continues to drive forward the practice of construction project management. The principles of strategic planning, detailed programming and monitoring, resource allocation and effective risk management, widely used on projects of all sizes and complexity, are all fully covered. The integration of Building Information Modelling at each stage of the project life is a feature of this edition. In addition, the impact of trends and developments such as the internationalisation of construction projects and the drive for sustainability are discussed in context. Code of Practice will be of particular value to clients, project management professionals and students of construction, as well as to the wider construction and development industries. Much of the information will also be relevant to project management professionals operating in other commercial spheres. |
| financial management for contractors: Builder's Guide to Accounting Michael C. Thomsett, 2001-07 This book includes self-test section at the end of each chapter. Test yourself, then check answers in the back of the book to see how you score. CD-ROM included. |
| financial management for contractors: Project Management for Construction Chris Hendrickson, Tung Au, 1989 |
| financial management for contractors: Managing the Profitable Construction Business Thomas C. Schleifer, Kenneth T. Sullivan, John M. Murdough, 2014-02-21 Take control of your construction contracting business and manage it through the natural highs and lows of the construction market. Learn from a team of construction business veterans led by Thomas C. Schleifer, who is commonly referred to as a construction business turnaround expert due to the number of construction companies he has rescued from financial distress. His financial acumen, combined with his practical, hands-on experience, has made him a sought-after private consultant. His experience and no-nonsense philosophy have truly given him a unique perspective. Important topics covered include: Understanding the primary areas of construction business failure in the next decade Minimizing business risk with real-world examples Developing a positive and competent management attitude and strategy Discover how to maneuver through this complicated and risky industry by using the authors' research and proven success strategies to sustain and grow your business. |
| financial management for contractors: Business Principles for Landscape Contracting Steven Cohan, 2018-04-09 Business Principles for Landscape Contracting, fully revised and updated in its third edition, is an introduction to the application of business principles of financial management involved in setting up your own landscape contracting business and beginning your professional career. Appealing to students and professionals alike, it will build your knowledge of financial management tools and enable you to relate their applications to real-life business scenarios. Focusing on the importance of proactive financial management, the book serves as a primer for students in landscape architecture, contracting, and management courses and entrepreneurs within the landscape industry preparing to use business principles in practice. Topics covered include: Financial management and accountability Budget development Profitable pricing and estimating Project management Creating a lean culture Personnel management and employee productivity Professional development Economic sustainability. |
| financial management for contractors: Financial Management for Non-specialists Peter Atrill, 2003 Writing in a non-technical way, Peter Atrill presents a range of topics related to financial management whilst managing to avoid too much detail and unnecessary mathematical analysis. The book is aimed at an undergraduate level audience. |
| financial management for contractors: Markup & Profit Michael Stone, 1999-01-01 In order to succeed in a construction business you have to be able to mark up the price of your jobs to cover overhead expenses and make a decent profit. The problem is how much to mark it up. You don't want to lose jobs because you charge too much, and you don't want to work for free because you've charged too little. If you know how much to mark up you can apply it to your job costs and arrive at the right sales price for your work. This book gives you the background and the calculations necessary to easily figure the markup that is right for your business. Includes a CD-ROM with forms and checklists for your use. |
| financial management for contractors: Financially Focused Project Management Thomas M. Cappels, 2004 Financially Focused Project Management is a comprehensive reference covering almost every aspect of effective project management and providing breakthrough proven financial methods to ensure profitability. |
| financial management for contractors: Contractor's Exam Book John Gladstone, George Perpich, Sandra Wackman Perpich, 1985 |
| financial management for contractors: Handbook of Construction Management and Organization Joseph Frein, 2012-12-06 The primary purpose of this handbook is to make available to general contractors, consulting engineers, construction managers, specialty contractors, and subcontractors, as well as to professors and students in Universities and technical institutes which offer courses on the subject, the fundamentals of construction management together with the most workable types of organization, and the necessary capabilities they must include to reasonably ensure success and minimize the possibility of failure in this most hazardous profession. The second and equally important purpose is to furnish equipment manufacturers, dealers, material suppliers, bankers, surety bondsmen, and others, who traditionally rely on financial statements and general reputation, something more concrete to look for-the type of management and organization, and its scope and capability-in deciding how far to go along with contractors with whom they deal or wish to deal. This, the second edition of the Handbook, is an updated version of the work published in 1973. The book covers very many subjects which are part of construction. The greatest care was exercised in consideration of their practical aspects based on the theory and practice of construction management and its structure, and the functions of the various departments, both in the field and central offices, that make up construction organization. Leading specialists in their particular fields were selected to write chapters on the vital segments making up the structure of construction management and organization. These fields include construction contracts and conditions, job organization by general types of projects, equipment maintenance and preventive maintenance and overhaul, engineering and estimating, scheduling and controls, data processing and the use of computer equipment in engineering and accounting techniques, office administration, corporate and cost accounting, payroll, employment and labor relations, safety, public relations, legal and contractural problems, banking and finance, taxes, surety bonding, insurance, pension and retirement problems and others. |
| financial management for contractors: Project Management for Facility Constructions Alberto De Marco, 2011-03-23 This book describes concepts, methods and practical techniques for managing projects to develop constructed facilities in the fields of oil & gas, power, infrastructure, architecture and the commercial building industries. It is addressed to a broad range of professionals willing to improve their management skills and designed to help newcomers to the engineering and construction industry understand how to apply project management to field practice. Also, it makes project management disciplines accessible to experts in technical areas of engineering and construction. In education, this text is suitable for undergraduate and graduate classes in architecture, engineering and construction management, as well as for specialist and professional courses in project management. |
| financial management for contractors: Home Builder Contracts and Construction Management Forms NAHB Business Management, 2006 Nearly 100 of the most useful business forms and contracts for builders are gathered from builders across the country: sales and marketing forms, contracts, agreements, trade contractor specifications, checklists, orientation and quality control documents, and more. Documents can be downloaded from the CD and customized. |
| financial management for contractors: Construction Accounting Steven M. Bragg, 2016-10-31 Construction Accounting addresses every aspect of the accounting for a construction business. The intent is to not only explain accounting concepts, but also provide examples and show how an accounting system can be constructed and operated. The book pays particular attention to unique aspects of construction accounting that are not encountered in other industries, including the job cost ledger, change orders, back charges, percentage of completion calculations, and the treatment of anticipated losses on contracts. |
| financial management for contractors: Profit First Mike Michalowicz, 2017-02-21 Author of cult classics The Pumpkin Plan and The Toilet Paper Entrepreneur offers a simple, counterintuitive cash management solution that will help small businesses break out of the doom spiral and achieve instant profitability. Conventional accounting uses the logical (albeit, flawed) formula: Sales - Expenses = Profit. The problem is, businesses are run by humans, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. Using Michalowicz's Profit First system, readers will learn that: · Following 4 simple principles can simplify accounting and make it easier to manage a profitable business by looking at bank account balances. · A small, profitable business can be worth much more than a large business surviving on its top line. · Businesses that attain early and sustained profitability have a better shot at achieving long-term growth. With dozens of case studies, practical, step-by-step advice, and his signature sense of humor, Michalowicz has the game-changing roadmap for any entrepreneur to make money they always dreamed of. |
| financial management for contractors: Paper Contracting William D. Mitchell, Gary Moselle, 2012 Risk, and the headaches that go wit it, have always been a major part of any construction project -- risk of loss, negative cash flow, construction claims, regulations, excessive changes, disputes, slow pay -- sometimes you'll make money, and often you won't. But many contractors today are avoiding almost all of that risk by working under a construction management contract, where they are simply a paid consultant to the owner, running the job, but leaving him the risk. This manual is the how-to of construction management contracting. You'll learn how the process works, how to get started as a CM contractor, what the job entails, how to deal with the issues that come up, when to step back, and how to get the job completed on time and on budget. Includes a link to free downloads of CM contracts legal in each state. |
| financial management for contractors: Cost and Value Management in Projects Ray R. Venkataraman, Jeffrey K. Pinto, 2011-08-26 Cost and Value Management in Projects provides practicing managers with a thorough understanding of the various dimensions of cost and value in projects, along with the factors that impact them, and the managerial approaches that would be most effective for achieving cost efficiency and value optimization. This book addresses cost from a strategic perspective, offering thorough coverage of the various elements of value management such as value planning, value engineering and value analysis from the perspective of projects. |
| financial management for contractors: The Management of Projects Peter W. G. Morris, 1994 This book will undoubtedly become one of the classics of the project management literature.There will be a growing need for project managers who can look beyond the internal processes of their projects to the organisational, technological and socio-economic contexts in which projects must be managed. A good starting point would be for all project managers to read this.book.- Construction Management and Economics |
| financial management for contractors: Construction Law for Design Professionals, Construction Managers and Contractors Justin Sweet, Marc Schneier, Blake Wentz, 2014-02-26 CONSTRUCTION LAW FOR DESIGN PROFESSIONALS, CONSTRUCTIONS MANAGERS AND CONTRACTORS is a condensed -- and completely revamped -- version of the bestselling authority on engineering law, LEGAL ASPECTS OF ARCHITECTURE, ENGINEERING AND THE CONSTRUCTION PROCESS (now in its 9th edition) by Justin Sweet, Marc M. Schneier and Blake Wentz. For this new book, the authors have directed the text at engineering, architecture and construction management students. Given the authors’ long and deep understanding of the intersection between the law and the construction industry, professors and students can trust this text is unparalleled. The addition of Blake Wentz to the author team emphasizes the commitment to the field. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version. |
| financial management for contractors: NASCLA Contractor's Guide to Business, Law and Project Management, Oregon Construction Contractors NASCLA Staff, 2016-04-10 Part 1 Focuses on planning and starting your business. This section will help you formulate a business plan, choose a business structure, understand licensing and insurance requirements and gain basic management and marketing skills.Part 2 Covers fundamentals you will need to know in order to operate a successful construction business. This section covers estimating, contract management, scheduling, project management, safety and environmental responsibilities and building good relationships with employees, subcontractors and customers.Part 3 Provides valuable information to assist you in running the administrative function of your business. Financial management, tax basics, and lien laws are covered. Effective management of these areas of business is vital and failure proper attention can cause serious problems. |
| financial management for contractors: Ten Years to Midnight Blair H. Sheppard, 2020-08-04 “Shows how humans have brought us to the brink and how humanity can find solutions. I urge people to read with humility and the daring to act.” —Harpal Singh, former Chair, Save the Children, India, and former Vice Chair, Save the Children International In conversations with people all over the world, from government officials and business leaders to taxi drivers and schoolteachers, Blair Sheppard, global leader for strategy and leadership at PwC, discovered they all had surprisingly similar concerns. In this prescient and pragmatic book, he and his team sum up these concerns in what they call the ADAPT framework: Asymmetry of wealth; Disruption wrought by the unexpected and often problematic consequences of technology; Age disparities--stresses caused by very young or very old populations in developed and emerging countries; Polarization as a symptom of the breakdown in global and national consensus; and loss of Trust in the institutions that underpin and stabilize society. These concerns are in turn precipitating four crises: a crisis of prosperity, a crisis of technology, a crisis of institutional legitimacy, and a crisis of leadership. Sheppard and his team analyze the complex roots of these crises--but they also offer solutions, albeit often seemingly counterintuitive ones. For example, in an era of globalization, we need to place a much greater emphasis on developing self-sustaining local economies. And as technology permeates our lives, we need computer scientists and engineers conversant with sociology and psychology and poets who can code. The authors argue persuasively that we have only a decade to make headway on these problems. But if we tackle them now, thoughtfully, imaginatively, creatively, and energetically, in ten years we could be looking at a dawn instead of darkness. |
| financial management for contractors: Financing Construction Russell Kenley, 2003-09-02 This professional text provides a considered analysis of the tools and techniques of project financial management in construction, notably it covers cash flow modelling and provides the first detailed investigation of cash farming. |
| financial management for contractors: Project Management in Construction Sidney Levy, 2006-08-31 New to this edition: New chapters on Quality Control and Quality Assurance and Successful Commencement; new material on Ethics, Estimating a Project During Design, and Design Build Market: general contracting companies; specialty subcontractors SI units are included for international usage |
| financial management for contractors: The Pig Book Citizens Against Government Waste, 2013-09-17 The federal government wastes your tax dollars worse than a drunken sailor on shore leave. The 1984 Grace Commission uncovered that the Department of Defense spent $640 for a toilet seat and $436 for a hammer. Twenty years later things weren't much better. In 2004, Congress spent a record-breaking $22.9 billion dollars of your money on 10,656 of their pork-barrel projects. The war on terror has a lot to do with the record $413 billion in deficit spending, but it's also the result of pork over the last 18 years the likes of: - $50 million for an indoor rain forest in Iowa - $102 million to study screwworms which were long ago eradicated from American soil - $273,000 to combat goth culture in Missouri - $2.2 million to renovate the North Pole (Lucky for Santa!) - $50,000 for a tattoo removal program in California - $1 million for ornamental fish research Funny in some instances and jaw-droppingly stupid and wasteful in others, The Pig Book proves one thing about Capitol Hill: pork is king! |
| financial management for contractors: Contractor's Guide to QuickBooks Karen Mitchell, 2019-09-06 QuickBooks Desktop isn't just for taxes. You can use it for payroll, managing your vendors and subs - even job costing. QuickBooks can simplify staying on top of your finances. But learning QuickBooks can be complex on your own. If you'd rather be building homes than burning the midnight oil trying to figure it all out, you should have this new book. It includes a template for a construction company to help speed your set up. |
| financial management for contractors: Construction Project Management Frederick E. Gould, Nancy Eleanor Joyce, 2009 This text provides readers with a complete overview of the construction industry. While looking at recent innovattions in technology and process, it explores the people that are part of the industry and how they work together. |
| financial management for contractors: Cost Accounting and Financial Management for Construction Project Managers Len Holm, 2018-09-03 Proper cost accounting and financial management are essential elements of any successful construction job, and therefore make up essential skills for construction project managers and project engineers. Many textbooks on the market focus on the theoretical principles of accounting and finance required for head office staff like the chief financial officer (CFO) of a construction firm. This book's unique practical approach focuses on the activities of the construction management team, including the project manager, superintendent, project engineer, and jobsite cost engineers and cost accountants. In short, this book provides a seamless connection between cost accounting and construction project management from the construction management practitioner’s perspective. Following a complete accounting cycle, from the original estimate through cost controls to financial close-out, the book makes use of one commercial construction project case study throughout. It covers key topics like financial statements, ratios, cost control, earned value, equipment depreciation, cash flow, and pay requests. But unlike other texts, this book also covers additional financial responsibilities such as cost estimates, change orders, and project close-out. Also included are more advanced accounting and financial topics such as supply chain management, activity-based accounting, lean construction techniques, taxes, and the developer’s pro forma. Each chapter contains review questions and applied exercises and the book is supplemented with an eResource with instructor manual, estimates and schedules, further cases and figures from the book. This textbook is ideal for use in all cost accounting and financial management classes on both undergraduate and graduate level construction management or construction engineering programs. |
| financial management for contractors: Practical Construction Accounting and Financial Management Yunfeng Chen, Frederick Barnes Muehlhausen, 2022-06-15 Practical Construction Accounting and Financial Management provides instructions, training, exercises, and examples of the fundamentals that successful construction contractors must master: the ability to capture, summarize, analyze, and forecast operation data to be better informed when making project and business decisions. Typically, a project manager is not involved with data entry but is a source of data collection. Often the project manager?s lack of understanding of accounting systems creates a situation where the project manager?s role in the data retrieval and entry is compromised. This compromise results in poor decisions being made by the project and company managers due to inaccurate and untimely data. This book provides current and future construction professionals with an awareness of fundamental accounting concepts and financial principles to successfully manage the finances of construction companies, including accurately pricing projects based on actual overhead and profit recovery needs, successfully controlling the cost to operate a construction company through the comparison between company budgets and actual financial statements, and proactively forecasting cash needs before falling into a potential cash trap that could force the company into bankruptcy. |
| financial management for contractors: NASCLA Contractors Guide to Business, Law and Project Management, Louisiana Edition NASCLA Staff, 2015-06-01 |
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