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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.
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