A construction company’s financial success depends on processes for estimating total project costs, managing resources from project start through completion, and using the results of completed projects to improve future estimates and decisions. One important part of that process is accounting for indirect, or overhead, costs. Unlike many manufacturing industries, construction projects each have different…
Construction accounting, at its core, is about understanding how the work a construction company performs translates into financial results. It creates a connection between what was estimated for a project, what is being spent, where the project stands, what that means for profitability and cash flow for the specific project, and ultimately for a construction…
Two Major Components for Success Construction companies tirelessly pursue next opportunities and projects to win. Estimating, and project management departments are constantly moving from one pursuit to next opportunity, and from achieving substantial completion to starting pre-construction phase of a new project. In the meantime, field staffing schedules are adjusted to maximize efficiency and productivity….