Construction companies pay out large sums every week to subcontractors, suppliers and supply houses, often from a small office with one person running the bills. Construction accountant Tonya Schulte shows where fraud and costly mistakes get through in that process, and the simple checks that close the gaps without slowing your jobs down.
What you'll learn in 45 minutes
Where accounts payable is most exposed in a construction company, from setting up a new vendor to paying the bill
The warning signs to look for in vendor payments, change orders, payroll, cash payments, expense claims, and company and fuel cards.
Why having different people approve, record and check each payment does more to prevent fraud than trusting your team
What to do instead when your office is too small to split the work between people
Seven questions to take back to your office, starting with who can change a vendor's bank details
This session is practical. You won't need an audit or a policy manual. You'll leave knowing where to look and what to ask.
Tonya Schulte, Owner, The Profit Constructors, LLC
Tonya runs a construction accounting and advisory firm that works with commercial trade subcontractors. Her team handles bookkeeping, job costing, work-in-progress reporting, QuickBooks Online and Knowify setup, and part-time CFO support. She leads The Construction Junction Roundtable, hosts The Construction Junction podcast and sits on the boards of ASA of Arizona and FASA. She speaks regularly at accounting and construction conferences and is based in Phoenix, Arizona.
Hosted by ApprovalMax: ApprovalMax is approval and payment control software for finance teams that use QuickBooks Online, Xero and NetSuite. Zulfar Hakim, Customer Success Manager from ApprovalMax will join Tonya for the Q&A.
Who should attend:
Owners and leaders of construction companies, project managers, CFOs and controllers, construction finance and accounting teams, contractors and subcontractors, and the CPAs and advisors who support them.