It is not a secret that financing costs and capital requirements are high in the construction industry. Regardless of the size of the project, construction business owners must obtain the capital resources to finance the costs of construction.
However, backing up with finances is not enough. One should have cost accounting to track the cost of each project separately properly. Unfortunately, there are construction businesses out there who overlooked the importance of having accounting, which led to running out of cash to support their projects.
Our guest for today’s Episode here in Thriving in Construction, The Podcast, has three decades of accounting experience. And it is definitely a privilege to have her explain the importance of accounting.
“Just start with the minimal staff that you need. Stay in an arena that you’re familiar with. Although it may be tempting to do things that are outside of your area of expertise to go out… you can get into trouble when you don’t know what you don’t know.” – Leslie Callender
What You’ll Learn from this Episode:
- The importance of knowing overbilling and underbilling
- How can cost accounting helps improve the way you manage your cash flow
- The best way to find out what’s your interests in life
- Viewpoint versus QuickBooks: Which is better? From an expert’s perspective
Connect with Leslie Callender on LinkedIn
Learn more about On Call Accounting
Connect with Patricia Bonilla on LinkedIn
Learn more about Lunacon Construction Group
Contact Lunacon Construction Group on LinkedIn