Construction Accounting & Financial Management (2nd Edition) [Hardcover]

Steven Peterson (Author)

Book Description

ISBN-10: 0135017114 | ISBN-13: 978-0135017111 | Publication Date: July 20, 2008 | Edition: 2

This book takes general business accounting and financial principles as well as engineering economics and adapts them to the unique characteristics of the construction industry. It provides all of the key financial management principles needed by construction managers under one cover, addressing how they are applied in the construction industry and how they interact. This book teaches students how to account for the company’s financial resources, how to manage the costs and profits of a construction company, how to manage the company’s cash flows, how to evaluate different sources of funding a company’s cash needs, and how to quantitatively analyze financial decisions.

Editorial Reviews

From the Back Cover

Written to benefit professionals already in the industry and students who are still seeking a degree, Construction Accounting and Financial Management provides the necessary background for construction managers to make key financial decisions.

Focusing on the principles of accounting and financial management required to make construction companies financially sound, the book covers such key topics as determining profitability of projects, projecting cash flow, and projecting costs.  

 

In this new edition, Peterson has updated much of material to make it even more relevant to today’s students. Highlights include: 

• Key topics include determining profitability, projecting costs and cash flow
• Updated average industrial ratios include 10 years of data.
• Updated the tax codes throughout the book
• All sidebar features now use Excel.
• Copies of these Excel files available with the book on the Companion CD-ROM.

About the Author

Steven Peterson, MBA, PE; Associate Professor of Construction Management, Weber State University.

 

Mr. Peterson’s specialty is the financial side of the construction industry, including construction accounting, finance, and estimating.  He has written two textbooks.  In his first textbook, Construction Accounting and Financial Management, he shows construction managers how to take common accounting, financial, and other business principals and adapt these to the unique characteristics of the construction industry.  In his second textbook, Construction Estimating using Excel, he shows construction managers how to use the power of Excel throughout the estimating process.  He has published a number of articles in Estimating Today, the Official Publication of the American Society of Professional Estimators.

 

Mr. Peterson came to Weber State University from the construction industry where he spent five years working as a senior project manager for medium sized companies.  He began his career in construction in 1985 as an estimator for a small general contractor.  Other work in the construction industry includes four years as site engineer for a hazardous/radioactive landfill, working as a superintendent, and overseeing the design and construction of Superfund cleanup projects for the State of Utah.

 

Professor Peterson graduated with a BS in engineering and a MBA from the University of Utah.  He is a licensed professional engineer in the State of Utah.

Product Details

• Hardcover: 600 pages
• Publisher: Prentice Hall; 2 edition (July 20, 2008)
• Language: English
• ISBN-10: 0135017114
• ISBN-13: 978-0135017111
• Product Dimensions: 9.6 x 8 x 1.1 inches
• Shipping Weight: 2.3 pounds
• Average Customer Review: 4.2 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #78,457 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

4 of 5 people found the following review helpful:

5.0 out of 5 stars Another book for the Construction Library, October 9, 2009

By 

Thomas L. Long (Brooklyn, New York) - See all my reviews
(REAL NAME)   

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This review is from: Construction Accounting & Financial Management (2nd Edition) (Hardcover)

If you are in construction, you know that standard accounting practices don't address the issues of subcontracting work, retainage and equipment depreciation that are specific to construction.

This book isn't a tome with dry t-tables, this goes beyond that and addresses earned value management and cost control. For the price of this book, you will get more out of the excel spreadsheet appendix than those expensive software manuals. I would highly recommend this to any construction manager, or small shop owner as a way of learning how to quickly analyze a construction budget and keep costs under control.

1 of 1 people found the following review helpful:

4.0 out of 5 stars Great book!, September 23, 2010

By 

cprr - See all my reviews

This review is from: Construction Accounting & Financial Management (2nd Edition) (Hardcover)

This book has been so helpful in my attempt to increase my understanding of the way construction companies manage their accounting books and finances. I'm currently on my second reading and intend to keep this book as a permanent reference.

I would have given this book 5 stars, mainly because this book has been very helpful to me, but I've chosen 4 stars because...

- Exercises were included after each chapter, which is a nice touch, but it would have been nicer if the author had included the answers at the end of the book.

- The CD includes Excel templates, which is also a nice touch, but I honestly thought before buying this book that they were more complex and advanced, maybe including some of the exercises seen on the book.


Other than those (in my opinion, minor) issues, this is an excellent book. I highly recommend it to those people involved in the construction industry.

4.0 out of 5 stars Great overview of construction finance, October 13, 2010

By 

qkarst - See all my reviews

Amazon Verified Purchase

This review is from: Construction Accounting & Financial Management (2nd Edition) (Hardcover)

This textbook styled reference provides a good basis for understanding the elements of a construction based financial system. The explanations are derived from practical application of construction work processes and includes elements of cost engineering and controls that are not found in other "accounting" centric reference material.

I was however very disappointed in the worksheets provided on the CD. They include simple accounting formulas in MS Excel for very basic accounting functions (i.e. interest, depreciation, etc.). It would have been more valuable to include some more practical application of the books contents.

Overall, it is a good reference to have available and provides clear guidance and explanation to virtually all aspects of construction financial management.