Financial Management in Construction Contracting

Financial Management in Construction Contracting Author Andrew Ross
ISBN-10 9781118537978
Year 2012-11-30
Pages 456
Language en
Publisher John Wiley & Sons
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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

Financial Management in Construction Contracting

Financial Management in Construction Contracting Author Andrew Ross
ISBN-10 9781405125062
Year 2013-01-29
Pages 456
Language en
Publisher John Wiley & Sons
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"This textbook provides a general introduction to costing and budgeting for construction but in particular it covers CVRs. There is a wide range of approaches to preparing these reports and, without being over-prescriptive, the authors provide a useful framework for students by giving an outline of the key requirements, together with an evaluation of the alternatives"--

Financial Management in Construction Contracting

Financial Management in Construction Contracting Author Andrew Ross
ISBN-10 9781118537961
Year 2012-11-30
Pages 456
Language en
Publisher John Wiley & Sons
DOWNLOAD NOW READ ONLINE

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

Risk and Financial Management in Construction

Risk and Financial Management in Construction Author Simon A. Burtonshaw-Gunn
ISBN-10 9781351903073
Year 2017-03-02
Pages 200
Language en
Publisher Routledge
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In today’s climate the need for a closer understanding of the relationship between the two inter-related topics of risk management and finance on construction projects is becoming increasingly crucial to achieving the objectives of the investor, the end-user and the constructor and its supply chain, especially as interest in PFI and PPP arrangements continues to grow around the world. Risk and Financial Management in Construction shows the relationship between the Construction Project Manager’s task of balancing time, cost and quality and the need to satisfy the client’s requirements efficiently, effectively and professionally whilst at the same time contributing to the contractor’s future sustainability. 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. Risk and Financial Management in Construction is aimed at those practising in, or studying to enter, the project management profession in providing a strategic and operational knowledge of these subjects allowing the reader easy access to the key points through a wide selection of models, checklists and easy to find lists in all of the key areas.

The Construction MBA Practical Approaches to Construction Contracting

The Construction MBA  Practical Approaches to Construction Contracting Author Matt Stevens
ISBN-10 9780071763264
Year 2012-07-02
Pages 480
Language en
Publisher McGraw Hill Professional
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Proven business strategies for operating a profitable and efficient construction firm Written by a successful management researcher, advisor, and educator to construction contractors, The Construction MBA reveals effective operating practices for managing the multiple processes that must work simultaneously to make a construction firm consistently profitable. The methods in the book apply to both general and specialty contracting firms and describe how to grow both the top line and bottom line. This strategic resource explains how to integrate metrics into your business model that allow you to identify and react to critical trends. You'll learn ways to gain the competitive edge by adopting superior processes, speeding up your business cycle, and maximizing client satisfaction. Tips for positioning your firm on the "sweet spot" of the risk-reward curve are also included. Realworld case studies demonstrate the concepts presented in this practical guide. In addition, eight legendary management books are reviewed and their lessons are applied to the construction contracting business. The Construction MBA covers: The new business model Corporate objectives and strategies Work acquisition Operations management Human resources Financial management Technology Good operating practices

Financial Management and Accounting Fundamentals for Construction

Financial Management and Accounting Fundamentals for Construction Author Daniel W. Halpin
ISBN-10 9781118174272
Year 2011-09-09
Pages 320
Language en
Publisher John Wiley & Sons
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SUCCESSFUL FINANCIAL MANAGEMENT IN THE CONSTRUCTION INDUSTRY BEGINS WITH THIS HANDS-ON GUIDE While construction professionals are skilled in the technical side of their work, they often find the financial management aspect of the business daunting. Financial Management and Accounting Fundamentals for Construction will help you better understand and navigate the financial decisions that are part of every construction project. This book is a compact summary of the basic financial skills that a construction professional must have to be successful in the management of a construction company and its projects. Its topics address many of the questions that any construction administrator will face, such as: How to organize and use a company's financial reports What amount of cash must be made available to the contractor to complete a project Why the early payment of supplier invoices can enhance profitability How to quantify the time value of money in financial decisions What tax amount is owed by a company and how it impacts the bottom line How to control project costs What financial sources are available to a construction contractor for capital expansion In this text, you will learn about accounting fundamentals, project-related financial matters, and company level financial issues—three factors that are key to your career success. An ideal reference for students of construction management and engineering, as well as professionals who need a quick refresher when dealing with cost control analysis and other financial issues, this text also offers: Easy-to-understand coverage of financial concepts specific to the construction industry, including business taxation, project control, engineering economy, and financial forecasting Numerous worked examples, plus end-of-chapter review questions and exercises Helpful appendices that present the structure of a typical chart of accounts, the flow of transactions through a construction accounting system, and tables required for computing interest and the time value of money

Managing a Construction Firm on Just 24 Hours a Day

Managing a Construction Firm on Just 24 Hours a Day Author Matt Stevens
ISBN-10 9780071631471
Year 2006-11-09
Pages 406
Language en
Publisher McGraw Hill Professional
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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

Accounting and Financial Management for Residential Construction

Accounting and Financial Management for Residential Construction Author Emma S. Shinn
ISBN-10 0867186356
Year 2008-01
Pages 207
Language en
Publisher Delmar Pub
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This solid resource for builders, remodelers, developers, and contractors provides detailed information on how an accounting system operates and the basic principles for processing financial data. This fifth edition explains how technology facilitates procedures for such items as accounts payable, change orders, and payroll and how it impacts processing systems. It explains the impact of additional management reports and how they can enhance and facilitate a manager's job. The key measurements that residential construction professionals should track. The integration of job cost accounting with estimating, purchasing, and scheduling. The profit center concept for multiple-project companies and its reporting requirements. Every company should produce monthly financial statements and other reports for management use. Just as any home or building must rest on a secure and solid foundation, an understanding of accounting should be the firm foundation upon which a company rests

Construction Accounting and Financial Management

Construction Accounting and Financial Management Author Steven J. Peterson
ISBN-10 0132675056
Year 2011-12-27
Pages 346
Language en
Publisher Pearson Education
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CONSTRUCTION ACCOUNTING & FINANCIAL MANAGEMENT, 3/e 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.

Managing the Profitable Construction Business

Managing the Profitable Construction Business Author Thomas C. Schleifer
ISBN-10 9781118837139
Year 2014-02-21
Pages 288
Language en
Publisher John Wiley & Sons
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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.

Construction Project Management Sixth Edition Red Vector Bundle

Construction Project Management Sixth Edition Red Vector Bundle Author S. Keoki Sears
ISBN-10 9781119104117
Year 2015-04-13
Pages 352
Language en
Publisher John Wiley & Sons
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For more than thirty years, Construction Project Management by Clough and Sears has been considered the preeminent guide to all aspects of the construction project management process, including the Critical Path Method (CPM) of project scheduling. Now, for the first time, the book is part of a learning package that comes with access to an online course built around the book provided by online training leader Red Vector. The book, and by extension the class, combines a solid foundation in the principles and fundamentals of CPM with particular emphasis on project planning, demonstrated through an example project. The Sixth Edition features new pedagogical elements such as end-of-chapter problems and questions, and a full suite of instructor's resources. New information on the Earned Value Analysis (EVA) system and introductory coverage of Building Information Modeling (BIM) and Lean Construction in the context of project scheduling help make this text thorough and up-to-date.

Commercial Management

Commercial Management Author David Lowe
ISBN-10 9781118486122
Year 2013-05-31
Pages 528
Language en
Publisher John Wiley & Sons
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Commercial Management: theory and practice defines the role of commercial management within project-oriented organisations, providing a framework for and helping to develop a critical understanding of the factors that influence commercial management practice. It also identifies generic aspects of this practice and provides a theoretical foundation to these activities, by reference to existing and emergent theories and concepts, as well as to relevant management best practice. The book is structured into four parts: Part 1 Introduction – Commercial Management in Project Environments explores the nature of commercial practice within project-oriented organisations at the buyer-seller interface. It presents a Commercial Management framework, which illustrates the multiple interactions and connections between the purchaser‘s procurement cycle and a supplier‘s bidding and implementation cycles. Additionally, it outlines the principle activities undertaken by the commercial function, identifies the skills and abilities that support these activities and reviews the theories and concepts that underpin commercial practice. Finally, it identifies areas of commonality of practice with other functions found within project-oriented organisations, plus sources of potential conflict and misunderstanding. Part 2 – Elements of Commercial Theory and Practice covers commercial leadership; exploring strategy; risk and uncertainty management; financial decision-making; and key legal issues. Part 3 – Approaches to Commercial Practice addresses best practice management; and commercial and contracting strategies and tactics. Finally, Part 4 – Case Studies offers two extended case studies: Football Stadia (the Millennium Stadium, Cardiff; the Emirates Stadium, Islington; and Wembley Stadium, London); and Heathrow Terminal 5. The book provides a one-stop-shop to the many topics that underpin commercial management practice from both a demand (buy-side) and a supply (sell-side) perspective. It will help develop an understanding of the issues influencing commercial management: leadership, strategy, risk, financial, legal, best practice management and commercial and contracting strategy and tactics. This book’s companion website is at www.wiley.com/go/lowecommercialmanagement and offers invaluable resources for both students and lecturers: • PowerPoint slides for lecturers on each chapter • Sample exam questions for students to practice • Weblinks to key journals and relevant professional bodies

Construction Cost Management

Construction Cost Management Author Keith Potts
ISBN-10 9781135013455
Year 2014-01-23
Pages 392
Language en
Publisher Routledge
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In this updated and expanded second edition, Keith Potts and Nii Ankrah examine key issues in construction cost management across the building and civil engineering sectors, both in the UK and overseas. Best practice from pre-contract to post-contract phases of the project life-cycle are illustrated using major projects such as Heathrow Terminal 5, Crossrail and the London 2012 Olympics as case studies. More worked examples, legal cases, case studies and current research have been introduced to cover every aspect of the cost manager’s role. Whole-life costing, value management, and risk management are also addressed, and self-test questions at the end of each chapter support independent learning. This comprehensive book is essential reading for students on surveying and construction management programmes, as well as built environment practitioners with cost or project management responsibilities.