Just in like in most of the other career paths that anyone else would choose to follow, the work of a construction project manager involves a great variety of financial transactions that require the expertise of financial accounting. A construction project manager being the boss at any construction site oversees any financial obligations that pertain to the business and ensures that every transaction is done in the correct manner to avoid losses and also to complete the project within the stipulated timeline given by the employers.
A construction project manager is bound to encounter a variety of transactions while in the line of duty. These include keeping tabs on debts owed to them by clients and also any arrears that they may owe their suppliers. It therefore calls for someone in this occupation to have good bookkeeping skills. This ensures that there are no mistakes that may cost them a lot of money at the end of the day. These include the paying of bills, receipts of customer payments and also payment of supplies of construction material.
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These transactions have a variety of impacts to the job of a construction project manager. This is because he or she can monitor and run the financial aspects of the job while at the same time supervising other duties. These also includes keeping of proper records, recording of expenses and bills in relevant accounts and also keeping daily financial journals for petty expenses that arise.
These different functions of financial accounting are very key to the success and the ability of a construction project manager to fulfill his or her contractual agreements with their employer within the agreed time-span and also the projected or estimated budget. Financial accounting is therefore undeniably very important in the work of a construction project manager.
References
Hines, R. D. (1989). Financial accounting knowledge, conceptual framework projects and the social construction of the accounting profession. Accounting, Auditing & Accountability Journal, 2(2).
