Construction Accounting 101 - Understanding Approvals in Construction Accounting: Construction Accounting 101

Welcome back to our Construction Accounting 101 series! In this episode, Reid Bangert is joined by Mike Baio to discuss the importance of approvals in construction accounting. Learn how implementing approval processes can help prevent fraud, ensure accuracy, and streamline your financial operations. Please note, 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: Importance of Approvals in Preventing Fraud Basic Checks and Balances Vendor Approvals AP Bill Approvals Subcontract Approvals Customizing Approval Processes in Sage Intacct Real-world Examples and Benefits Chapters: 00:00 - Introduction 00:08 - Importance of Approvals in Construction Accounting 00:19 - Fraud Prevention and Peace of Mind 02:11 - Customizing Approval Processes 03:04 - Vendor Approval Demo in Sage Intacct 04:57 - Importance of Approving Subcontracts 07:12 - Impact on Reporting and Forecasting 08:25 - Summary and Closing 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