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Articles for best practices in the Construction industry.
The construction industry has long been known for its complex financial workflows, with accounting teams navigating multiple challenges such as managing accounts payable (AP), tracking job costs, and ensuring accurate Work-in-Progress (WIP) reporting. These processes are traditionally manual, time-consuming, and prone to errors.
Outlines five strategies CFOs can use to streamline financial close, including leveraging automation, standardizing processes, fostering collaboration with project managers, optimizing AP workflows, and adopting continuous closing techniques.
Offers strategies for organizing accounting tasks, such as creating checklists, prioritizing tasks, leveraging technology, delegating within the team, and fostering collaboration for a smooth month-end close.
Provides actionable steps for accounting managers to optimize AP processes by automating workflows, standardizing invoicing, improving collaboration with project managers, and conducting regular AP audits.
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Details how controllers can enhance task management to accelerate the month-end close by using checklists, automating repetitive tasks, improving communication, and adopting continuous close approaches.
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Emphasizes the importance of collaboration between accounting and project managers for a faster financial close, including strategies like integrating systems, improving communication, and enhancing WIP reporting.
