Project Management and Accounting – How Are They Related?

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The financial success of a construction contractor can depend on a variety of factors including the quality of its product, its reputation, the management of the enterprise, and its ability to sell profitable contract work. The financial success of a construction contractor is also dependent on disciplined project management, which is intrinsically linked to a fundamentally sound accounting and financial reporting system. These two functions, when coordinated, will contribute to the financial success of a construction contractor. The relationship requires these two functions to effectively communicate and work together over the estimating, forecasting, cost accounting, revenue recognition, and cash flow …read more

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