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Construction Administration & Accounting Academy
February 28, 2023 @ 1:00 pm - 5:00 pm
$425.00 – $625.00Construction Administration & Accounting Academy
This is a 12-hour series of courses taught over three days, February 28, March 2 & 7; 1 pm to 5 pm.
Classes:
(Feb. 28; 1 to 5 pm) Financial Statements – Understanding the Concepts &
Fraud Prevention
- Balance Sheet – the company’s statement of Net Worth
- Income Statement (or Profit & Loss) – the report card on the company’s performance
- Statement of Cash Flow – “Cash is King”
- Basic Industry Ratios – Used by lenders, customers and suppliers
- Internal and external threats
- Types of fraud that plague the construction industry
- Policies that reduce the opportunity for fraud
- Ways to detect internal fraud
(March 2; 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
(March 7; 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