Accounting systems form an integral part of any successful business. Proper accounting not only helps the organization know its monitory worth, but also works as leverage to climb the ladders of growth. A construction company is like any other company and has many responsibilities towards their employees, customers, vendors, investors and government. They are bound to answer questions or queries that are raised time to time. Unless, they maintain a sound accounting procedure and proper reporting systems they can not fulfill these requirements.The construction industry has some specific accounting requirements. Apart from routine receivable and payable accounts, they need systems for project estimating, job costing, overhead expenses, project schedules and contracts, project billing, vendor tracking and invoicing, customer management, etc. A typical construction accounting system includes accounts payable, job cost management, accounts receivable, payroll, detailed job budgets, time and material billing, general ledger, AIA billing, subcontract status, custom job reports, certified payroll, over and under billings, purchase orders, union reports, inventory, equipment tracking, work in progress, etc.In this computer age, there are many software packages available. Software specifically developed for the construction industry incorporates their specific requirements and are user-friendly and can be operated by the personnel with little computer knowledge. Apart from fulfilling statutory requirements such as balance sheets, profit and loss accounts for company and outside agencies like sales tax and customs departments, these packages generate innumerable reports which would be very helpful in company’s decision making process.Most of this accounting software covers four major areas of construction industries.
Accounting module covers, A/P, A/R, check writing, financial reports, inventory, job costs, payroll, project billing, cost estimating module covers assemblies, as well as unit costs, project management module includes change orders, contract writing, material takeoffs, punch lists, schedules. Business management module deals with appointments, customer relations, leads, property management, sales, etc.

Construction management is a field that focuses on the professional aspect of construction. It gives a larger picture about each of the minute details of construction. This field encompasses residential sites with multi-unit dwellings, commercial buildings, and large scale mass construction.The construction site is being maintained and monitored by either a general contractor or another individual entity but the one who answers to the developer is the construction management personnel, also known as the construction manager. The construction manager is the one who sees through the minute details of the project from its start until its finish taking into consideration each and every detail of the construction process.Being a construction manager is not that easy. It is a requirement to have at least a four-year degree in an undergraduate program and may or may not require a master’s degree. Some huge projects require a construction manager to have at least a Masters Degree in Construction Management. The areas of specialization should be related but not limited to architecture, design and construction laws, probability and estimates, business, accounting, engineering, an applied Mathematics.Since construction business is one of the fast growing and one of the largest industries of the world, the field promises career opportunities and favorable compensation.In a general note, a construction management sees through each and every aspect of the construction process, while resolving any irregularities and discrepancies on the dummy design or the blueprint of the actual structure.At the same time, construction supervision are responsible for controlling the expenses towards construction and labor cost, while monitoring the cost of the project and the estimated overall budget and the projected material and labor costs. The construction leader collaborate with the jobs of an architect, project managers, and site engineers for efficient outcome and results.Construction supervision is a tough job since most of the time, you will be hands on and requires knowledge in almost everything regarding construction and buildings. Sometimes, most companies require construction managers to have knowledge about building codes and laws. Construction managers are versatile workers, encompassing the job for an architect, statistician, designer and draftsman, an engineer, or a foreman.For construction management firms, they vary in size or region, and mostly render their services exclusively with the small scale general contractors. Large construction companies, on the other hand, hire their own construction manager to manage everything that requires a manager’s attention. Do you know that most of the time, with proper training, work experiences, and efficiently, a construction manager can have an earning that could reach up to six to seven digits?With proper time and resources, if a construction manager is skilled in handling multi-million dollar projects, their earnings can reach up to millions as well, depending on the scale of construction and the company hiring them.The complexity and versatility of a construction manager is far beyond compare. They have almost all things set in their shoulders.It is true that they are earning too much, but the implication of a wrong decision will impact every aspect of the construction. It is very important to have proper training and incomparable skills to fulfill this job. It is also rewarding at the same time challenging since you will have the tendency of learning everything outside your chosen field.