Cost Accounting and Financial Management for Construction Project Managers

2018-08-02
Cost Accounting and Financial Management for Construction Project Managers

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  • Author: Len Holm
  • Publisher: Routledge
  • ISBN: 9781138550643
  • Category : Building
  • Languages : en
  • Pages : 278

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.

Construction Accounting & Financial Management

2013-10-03
Construction Accounting & Financial Management

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  • Author: Stephen Peterson
  • Publisher: Pearson Higher Ed
  • ISBN: 1292054875
  • Category : Technology & Engineering
  • Languages : en
  • Pages : 281

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.

Project Finance for Construction

2016-12-08
Project Finance for Construction

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  • Author: Anthony Higham
  • Publisher: Taylor & Francis
  • ISBN: 1317377141
  • Category : Architecture
  • Languages : en
  • Pages : 414

The world of construction is intrinsically linked with that of finance, from the procurement and tendering stage of projects right through to valuation of buildings. In addition to this, things like administrations, liquidations, mergers, take-overs, buy-outs and floatations affect construction firms as they do all other companies. This book is a rare explanation of common construction management activities from a financial point of view. While the practical side of the industry is illustrated here with case studies, the authors also take the time to build up an understanding of balance sheets and P&L accounts before explaining how common tasks like estimating or valuation work from this perspective. Readers of this book will not only learn how to carry out the tasks of a construction cost manager, quantity surveyor or estimator, they will also understand the financial logic behind them, and the motivations that drive senior management. This is an essential book for students of quantity surveying or construction management, and all ambitious practitioners.

Financial Management in Construction Contracting

2013-01-29
Financial Management in Construction Contracting

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  • Author: Andrew Ross
  • Publisher: John Wiley & Sons
  • ISBN: 1405125063
  • Category : Technology & Engineering
  • Languages : en
  • Pages : 458

This authoritative text provides a detailed insight into how construction companies manage their finances at both corporate and project level. It will guide students and practitioners through the complexities of the financial reporting of construction projects within the constraints of accepted accounting practice. The book is written for non-accountants and from a contractor’s perspective and is equally relevant to subcontractors and main contractors. The authors examine the relationship between the external annual accounts and the internal cost-value reconciliation process. CVR is covered in depth and the authors consider issues such as interim payments, subcontract accounts, contractual claims, final accounts, cash flow management and the reporting of the physical and financial progress of contracts. A broad perspective of all the financial aspects of contracting is taken along with related legal issues and the authors explain how things operate in the ‘real world’. They describe good practice in financial control while at the same time being honest about some of the more questionable practices that can - and do - happen. The approach taken is unique as the financial management of construction projects is considered from the perspective of the contractor’s quantity surveyor. The book deals with the real issues that surveyors have to address when using their judgment to report turnover, profitability, cash flow, and work in progress on projects and the financial problems faced by subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act are explained in detail and relevant provisions of JCT2011, NEC3, ICC, DOM/1 and other standard contracts and subcontracts are also covered. Financial Management in Construction Contracting addresses the wide variety of external factors that influence how construction companies operate, including government policy, banking covenants and the financial aspects of supply chain management. Cost reporting systems are described and real-life examples are used to illustrate cost reports, accrual systems and how computerised systems can be employed to provide the QS with information that can be audited. Examples drawn from practice demonstrate how work-in-progress (WIP) is reported in contracting. Cost value reconciliation reports are featured and the book demonstrates how adjustments are made for overmeasure, undermeasure, subcontract liabilities and WIP as well as explaining the processes that contractors use when analysing external valuations. This is the ideal core text for final year degree and post-graduate level modules on Quantity Surveying, Commercial Management, Construction Management and Project Management courses and will provide an invaluable source of reference for quantity surveyors and others who may be engaged in the financial management of construction projects. The book’s companion website at www.wiley.com/go/rossfinancialmanagement offers invaluable resources for students and lecturers as well as for practising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites

Accounting and Financial Management for Residential Construction

2008
Accounting and Financial Management for Residential Construction

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  • Author: Emma Shinn
  • Publisher: Builderbooks
  • ISBN: 9780867186352
  • Category : Construction industry
  • Languages : en
  • Pages : 0

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.

Cost Accounting and Financial Management for Construction Project Managers

2018-09-03
Cost Accounting and Financial Management for Construction Project Managers

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  • Author: Len Holm
  • Publisher: Routledge
  • ISBN: 1351376942
  • Category : Architecture
  • Languages : en
  • Pages : 400

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.

Risk and Financial Management in Construction

2009
Risk and Financial Management in Construction

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  • Author: Simon A. Burtonshaw-Gunn
  • Publisher: Gower Publishing, Ltd.
  • ISBN: 9780566088971
  • Category : Business & Economics
  • Languages : en
  • Pages : 204

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.

Financially Focused Project Management

2004
Financially Focused Project Management

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  • Author: Thomas M. Cappels
  • Publisher: J. Ross Publishing
  • ISBN: 9781932159097
  • Category : Business & Economics
  • Languages : en
  • Pages : 332

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.

BIM and Big Data for Construction Cost Management

2018-10-11
BIM and Big Data for Construction Cost Management

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  • Author: Weisheng Lu
  • Publisher: Routledge
  • ISBN: 1351172301
  • Category : Architecture
  • Languages : en
  • Pages : 187

This book is designed to help practitioners and students in a wide range of construction project management professions to understand what building information modelling (BIM) and big data could mean for them and how they should prepare to work successfully on BIM-compliant projects and maintain their competencies in this essential and expanding area. In this book, the state-of-the-art information technologies that support high-profile BIM implementation are introduced, and case studies show how BIM has integrated core quantity surveying and cost management responsibilities and how big data can enable informed decision-making for cost control and cost planning. The authors' combined professional and academic experience demonstrates, with practical examples, the importance of using BIM and particularly the fusion of BIM and big data, to sharpen competitiveness in global and domestic markets. This book is a highly valuable guide for people in a wide range of construction project management and quantity surveying roles. In addition, implications for project management, facilities management, contract administration, and dispute resolution are also explored through the case studies, making this book essential reading for built environment and engineering professionals.

Practical Construction Accounting and Financial Management

2022-06-15
Practical Construction Accounting and Financial Management

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  • Author: Yunfeng Chen
  • Publisher:
  • ISBN: 9781612497655
  • Category :
  • Languages : en
  • Pages : 230

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.