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

  • D Sowmya Assistant Professor, Department of Commerce-Corporate Secretaryship, Guru Nanak College (Autonomous), Chennai, Tamil Nadu, India
  • Anitha Malisetty Associate Professor & Head, Department of Business Administration, Guru Nanak College (Autonomous), Chennai, Tamil Nadu, India https://orcid.org/0009-0007-5217-735X
Keywords: Construction, Financial Management, Projects, Accounting, Professionals, Profits, Cash Flow

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.

Published
2023-10-01
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