A Study on Need of Robust Financial Management and Accounting System with Reference to Construction Industry

D Sowmya and Anitha Malisetty
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D Sowmya: Guru Nanak College
Anitha Malisetty: Guru Nanak College

ComFin Research, 2023, vol. 11, issue 4, 30-33

Abstract: In today’s scenario, it’s uncertain to set up a construction firm. Many construction enterprises quit their business operations every year. Due to the specific characteristics of the construction business, running a successful construction firm demands a professional set of financial management abilities and robust accounting system. The construction industry, in contrast to other sectors, faces a number of obstacles, such as: (1) an ongoing demand to create unique projects; (2) the need to construct projects at various sites; (3) the handling of retention and advance payments; and (4) a reliance on subcontractors for the successful completion of operations. This study attempts to know the significance of robust financial management and accounting systems in the construction industry.

Keywords: Construction; Financial Management; Projects; Accounting; Professionals; Profits; Cash Flow (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:acg:comfin:v:11:y:2023:i:4:p:30-33

DOI: 10.34293/commerce.v11i4.6681

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