Create The Next is delivered to you from ProCFO Partners, where every week we explore strategies and ideas for financial management and growth to help today’s businesses put their financial picture in context.Senior leaders, business owners, C-Suite executives and others involved in organizational strategy benefit each week from the valuable financial insights and ideas presented in Create The Next.ProCFO Partners are expert financial officers, networked across industries, verticals, specializations and situations. Fulfilling the role of a part-time CFO with all-time commitment, ProCFO Partners utilizes the innovative and exclusive FGC Financial Flywheel as a framework that creates momentum to drive your financial functions for sustainable success.Visit procfopartners.com to explore how we can implement a systematic and scalable financial system to help you achieve your goal.
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TLDR: Construction companies need to understand construction accounting and collaborate with a CFO to effectively manage their finances and ensure profitability and growth. 00:00 🏗 Construction companies face complex accounting challenges, including changing rules, compliance issues, and financial inexperience, hindering their growth and causing issues. 03:47 🏗 Contractors must understand construction accounting to accurately price jobs, track expenses, and allocate resources for multiple projects, while considering tax treatment and revenue recognition methods. 07:02 🏗 Subcontractors in construction should treat each job as their entire business, prioritize project completion and client relationships, and rely on instincts for pricing and steady work flow. 09:22 🏗 Contractors need to understand job management, find reliable subcontractors, and collaborate with a fractional CFO to effectively manage construction accounting for reliability and profitability. 12:05 💼 Contractors benefit from having a CFO for cash flow and financial management, structuring contracts, and providing cash flow templates and forecasts for complex projects. 14:04 🏗 Contractors should discuss objectives with their team, ensure all overhead items are included in the job, and address retainage issues with the help of a CFO for proper cost allocation and contingency planning. 15:59 🏗 Understanding construction accounting is crucial for contractors to improve revenue and cash flow, with the help of financial guidance and careful planning for successful business operations. 18:42 👍 Connect with pro cfo partners for financial management and growth strategies to succeed in construction business.
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