A CCIFP’s Guide to Avoiding the Top 10 Pitfalls in Construction Accounting: Pitfall #3: Financial Controls
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A CCIFP’s Guide to Avoiding the Top 10 Pitfalls in Construction Accounting: Pitfall #3: Financial Controls
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Tune in to Construct-ive Conversation's 10-part mini-series, where we’re discussing how you can avoid the top ten pitfalls in construction accounting. In each episode, we dive into a pitfall and discuss ways a CCIFP can help implement solutions. In this episode, we explore the critical importance of robust reporting systems and financial controls in the construction industry. Discover how proper financial infrastructure can protect your projects and profits, with detailed insights into monthly gain/fade analysis, WIP schedules, and job costing systems. We spotlight the 'segregation of duties' as a key concept in preventing fraud and ensuring accurate financial reporting. Whether you're a seasoned professional or new to construction finance, this episode provides essential knowledge for strengthening your company's financial foundation.
A Business Advisor for the Construction Industry
Our team of Certified Construction Industry Financial Professionals (CCIFPs) can help you navigate the complex revenue recognition rules and job cost accounting methods of the construction industry.
Learn more about Brown Edwards' Construction group.