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

Author

Listed:
  • D Sowmya

    (Guru Nanak College)

  • Anitha Malisetty

    (Guru Nanak College)

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.

Suggested Citation

  • D Sowmya & Anitha Malisetty, 2023. "A Study on Need of Robust Financial Management and Accounting System with Reference to Construction Industry," ComFin Research, Shanlax Journals, vol. 11(4), pages 30-33, October.
    • Handle: RePEc:acg:comfin:v:11:y:2023:i:4:p:30-33
    DOI: 10.34293/commerce.v11i4.6681
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