Construction Accounting 101 - Essential Accounting Controls for Contractors: Construction Accounting 101

Welcome back to our Construction Accounting 101 series! In this episode, Reid Bangert is joined by Mike Baio to discuss essential accounting controls every contractor should implement. Learn about basic controls, role-based security, approval processes, and reconciliation to ensure your construction business operates smoothly and efficiently. Disclaimer: this video is for informational purposes only and does not constitute financial advice. For specific guidance on your accounting controls, consult with a CPA or professional accountant. Key Topics Covered: Role-based security Approval processes Reconciliation and continuous close Audit trails and reporting Importance of having a process plan Using modern systems like Sage Intacct Chapters: 0:00 Introduction 0:11 Basic Accounting Controls Overview 0:37 Role-Based Security 1:16 Importance of Audit Trails 2:54 Approval Processes 3:36 Reconciliation and Continuous Close 4:48 Benefits of Modern Accounting Systems 6:23 Exception-Based Dashboards 6:57 Importance of Process Plans 7:45 Adapting to New Systems For more detailed discussions on construction accounting, make sure to subscribe to our channel and follow our Construction Accounting 101 playlist: https://www.youtube.com/playlist?list=PLUEFaoEUpJ2CKdWXlCFSb7Kz6omB1dyGx Have questions? Sign up for a free Ask Richard account and get expert advice on Sage Intacct: https://askrichard.io