1. Financial Management: They oversee all financial aspects of a construction project, monitoring budgets and ensuring money is used efficiently to prevent overspending.
2. Budgeting: Working with project managers, they estimate costs for materials, labor, and equipment, creating and maintaining budgets to guide financial strategies.
3. Cost Management: They track spending throughout the project, identifying potential cost overruns and advising on corrective actions to keep finances on track.
4. Job Costing: They allocate costs to different project components, ensuring clarity on where the money is being spent and whether it aligns with the original budget.
5. Accounting Reporting: They prepare financial reports like income statements and balance sheets, aiding stakeholders and project managers in decision-making.
6. Compliance: Ensuring financial transactions adhere to industry standards, tax laws, and governmental regulations, reducing the risk of legal issues.
7. Invoicing and Billing: Managing billing processes for contractors, suppliers, and clients, ensuring timely and accurate payments for services rendered.
8. Forecasting: Making future financial projections for the project, enabling proactive decision-making and adjustments to the financial plan.
9. Record Keeping: Maintaining comprehensive records of all financial transactions, promoting transparency and accountability throughout the project.