Accounting and Financial Management for Residential Construction, 5th Edition

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Accounting and Financial Management for Residential Construction, 5th Edition

Accounting and Financial Management for Residential Construction, 5th Edition, is a solid resource for builders, remodelers, developers, and contractors that provides detailed information on how an accounting system operates and the basic principles for processing financial data.

Website Price $29.95

Author: Emma Shinn
Format: Softcover
Copyright: 2008
Pages: 220

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Description

How technology facilitates procedures for such items as accounts payable, change orders, and payroll and how it impacts processing systems.
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.

Features:

Presents an overview of accounting and how an accounting system operates.
Offers guidelines and a general structure for designing an accounting system.
Presents general concepts and principles of financial planning and analysis.
Details how to integrate job cost accounting with estimating, purchasing, and scheduling.
Explains how technology facilitates accounting processes.
Includes the NAHB Chart of Accounts.
Explains how owners and managers can use financial reporting to enhance and improve their companies.

From the Introduction
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.

This revised and expanded fifth edition of Accounting and Financial Management for Residential Construction assumes the reader has no previous knowledge of accounting. It uses straightforward and easy-to-comprehend explanations and illustrations to help builders, remodelers, and developers understand accounting and bookkeeping terminology and procedures.

Emma Shinn will lead the reader through the process in a methodical manner building concept upon concept so that even the most complex accounting functions can be easily understood.

This book can be used by any type of builder (single-family, multifamily, or commercial), remodeler, and developer. It includes the complete, updated NAHB Chart of Accounts (to be adapted to your business) and the job cost control subsidiary ledger accounts for direct, indirect, and land development costs.

This fifth edition of Accounting and Financial Management:

Presents an overview of accounting and how an accounting system operates.
Offers guidelines and a general structure for designing an accounting system.
Presents general concepts and principles of financial planning and analysis.
Details how to integrate job cost accounting with estimating, purchasing, and scheduling.
Explains how technology facilitates accounting processes.
Explains how owners and managers can use financial reporting to enhance and improve their companies.
Provides special tips for multiple-project builders (Chapter 11), developers (Chapter 12), and remodelers (Chapter 13) to use and benefit from the profit center concept.

Although the book begins with the basics, readers can go as deeply as they wish. In fact, some builders, remodelers, and developers give the book to their certified public accountants (CPAs) with their records at year's end to facilitate the CPA's understanding of the unique aspects of residential construction and remodeling.

Moreover, using financial reporting systems helps builders, remodelers, and developers determine their financial position at any time, compare current and historical performance, and benchmark their performance against other builders, remodelers, developers; and even the industry itself.

So, roll up your sleeves, grab your financial data, a cup of coffee, and get started.

About the Author
Emma Shinn, CPA, is an officer of the Shinn Group of Companies, including the Lee Evans Group, Shinn Consulting, and Builder Partnerships in Littleton, Colorado. In the 1960s, she worked for Touche, Ross and Company (now Delotte & Touche). She has an MBA in accounting from The American University in Washington, D.C., and is a certified public accountant (CPA). She served as Chairman of the NAHB Business Management and Information Technology Committee in 1997.
Her background in the industry includes all aspects of the building process including planning, design, supervision, sales and administration of single-family projects. She received the MAME Award for the Rookie Salesperson of the Year presented by the Denver Home Builders Association in 1988. Emma's specialization is accounting for the home building industry, addressing not only financial reporting but also the use of accounting information in the management process.

Table of Contents
About the Author. Acknowledgments. Introduction. Chapter 1: Designing the System and Choosing an Accountant. Chapter 2: Basics of Accounting. Chapter 3: Accounting Methods and Terms. Chapter 4: Chart of Accounts. Chapter 5: Bookkeeping Procedures. Chapter 6: Internal Control. Chapter 7: Financial and Management Reports. Chapter 8: Financial Analysis. Chapter 9: Overview of Job Cost Accounting. Chapter 10: Processing Systems. Chapter 11: Tips for Multiple-Project Companies. Chapter 12: Tips for Developers. Chapter 13: Tips for Remodelers. Chapter 14: Financial Planning and Budget. Chapter 15: Technical Aspects of Accounting. Appendix A: Part A - Outline of NAHB Chart of Accounts. Appendix B: Part B - The Complete NAHB Chart of Accounts. Appendix C: Basic Accounts for Small-Volume Businesses. Appendix D: Basic Accounts for Remodelers. Appendix E: Direct Construction Costs, Subsidiary Ledger Appendix F: Indirect Construction Costs, Subsidiary Ledger. Appendix G: Land Development Costs, Subsidiary Ledger. Glossary. Notes.

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