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Financial Management in Construction Contracting

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  • Author(s)Andrew Ross / Peter Williams
  • Edition1
  • Published11th January 2013
  • PublisherJohn Wiley & Sons (UK)
  • ISBN

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 href="http://www.wiley.com/go/xxxx">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


 
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