Construction Administration & Accounting Academy, 3-Day Course

Construction Administration & Accounting Academy
This is a 12-hour series of courses taught over three days, June 4-6: 1 pm to 5 pm.

Classes:
June 4th: 1 to 5 pm – Financial Statements – Understanding the Concepts &
Fraud Prevention

• Overview of Construction Accounting Principles
• Interpretation of Frequently Used Financial Reports
• Internal and external threats
• Types of fraud that plague the construction industry.
• Policies that reduce the opportunity for fraud
• Ways to detect internal fraud.

June 5th: 1 to 5 pm – Contractor Compliance – Recordkeeping & Reporting & Tax Reporting – What you need to understand to minimize cost and avoid excess taxation.

• Lien Waivers
• Wage Scale, Certified Payroll
• Maryland Apprenticeship Training Fund
• MBE Participation
• Certificate of Insurance
• Bonding
• W-9 Forms
• Personal Property Tax – planning ahead and accurate reporting.
• Payroll Taxes – Accuracy and timing are critical.
• 1099s – who should get one, and who should not.
• Work Opportunity Tax Credit – who qualifies and how to secure tax credit.

June 6th: 1 to 5 pm – Job Costing – Why it’s important and how to track costs & Accounts Receivable and Accounts Payable

• Measurement of job profitability
• Organize costs by Job, Phase or Division, Cost Code and Cost Type
• Construction specifications Institute Division Codes
• Estimated cost compared to actual costs.
• AIA Progress Billings
• Customer payment and cash flow
• Common issues that delay AR processing
• Purchase Orders, Confirmation & Approval, Invoice payments
• Internal Controls and fraud protection
• Avoid AP errors that can cause over-payment.
  Instructor: Verna Karolenko, CPA Contractor Business Solutions, President
  Verna has over 20 years of experience in the construction industry working in accounting management and controller positions. Other accounting experience includes Public Accounting and US Department of DefenseExperienced with multiple construction specific accounting software applications.
  Contractor Business Solutions provides accounting advisory services to construction contractors, including WIP reporting and analysis, financial statement preparation, and procedure implementation.

  Please note that there is a 48- hour cancellation policy on all ABC events and training.  We must be notified 48 hours prior to the start of the class to process a refund or transfer of credits for a future event/class.  Thank you!