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