Financial Analysis: Backcharges and Bond Issues in Construction

This report delves into the financial management challenges faced by construction companies, specifically focusing on backcharges and bond issues. It analyzes articles highlighting key issues such as bond-funded competition, documentation of backcharges, payment delays, and communication problems. The report explores the application of sociological, expectation, and agency theories to explain these issues, offering insights into their complexities. Furthermore, it proposes policy development strategies for companies to address these challenges and provides guidance for finance directors' decision-making processes. The analysis covers issues related to finance, accounting, and project management within the construction industry, emphasizing the importance of effective financial software and communication to mitigate risks and improve efficiency.

Running head: BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
Documenting Back-charges and Bond Issue in Construction Projects
Name of the Student:
Name of the University:
Authors Note:

1BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
Table of Contents
1. Introduction.........................................................................................................2
2. Key Issues Identified in the Articles....................................................................2
3. Explaining Major Issues with Relevant Theory...................................................4
4. Policy Development in the Company for Addressing Issues..............................6
5. Guidance for Finance Director's Decision..........................................................7
6. Conclusion..........................................................................................................9
References............................................................................................................11

2BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
1. Introduction
Construction financial managers focuses on addresses concerns regarding their
responsibilities, duties along with relations with other companies in comparison to other
construction financial managers. In addition, the managers of construction companies
decide the skills required along with the expectations that must be held of their
construction financial manager (Allen, Thallon and Schreyer 2017). The articles those
are selected to analyze in this paper will analyze the ways in which construction
financial managers along with senior management team attains financial goals. This can
help in revealing the likely financial issues that drastically affects decision making of
these company’s finance directors. The most likely financial concerns faced by the
construction companies include withholding payment by client, valuation inaccuracy for
completed work and poor management of cash flow (Arena 2015). However, the
financial management issues that will be focused on includes construction projects
facing bond issue and documenting back charges within the construction projects. The
articles those are selected for this paper explains the financial management concerns
faced by the construction companies and the strategies through which it can be dealt
with. The objective of the paper is to analyze the selected articles on financial
management issues faced by the construction companies. Moreover, the major financial
or accounting issues faced by these companies will be evaluated along with explaining
them with the relevant theories application (Ashcraft Jr 2014). Through recognizing the
issues in the articles recommendation regarding policy development will be provided in
addressing issues. Certain guidance will be provided to the finance director within their
decision making process.
2. Key Issues Identified in the Articles
The articles “EPS still seeing benefits, and construction projects, stemming from
2016 bond issue” and “Documenting Back charges on Construction Projects” are
selected in analyzing the financial management issues faced by construction
companies. Through proper evaluation of these articles several major issues that
impacts financial decision of the construction companies are revealed (Bowen et al.
2018). One of the major issues that is revealed incudes bond funded competition and
issues related with parking. Another article revealed that the general contractor deal
with issues related with its suppliers or subcontractors. It is deemed necessary that the
general contractors must consider evaluating the back charges against the
subcontractors those failed to perform proper pursuant as per the terms of the contract.
Another issue that is faced by a construction company named Dutton’s includes
possibility of litigation looms in upcoming years (Brook 2016).
An important issue that is faced by the construction contractors includes being
aware of documenting back charges. This is caused through not providing suitable
notice to the vendor or the subcontractor that might be needed through the terms
associated with the subcontract. Another issue that is recognized from the article
includes payment delays along with maintainice concerns (Bygballe and Ingemansson
2014). The construction companies are observed to face issues related to the fact that

3BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
manually tracking invent and payments might be highly time consuming. There is a
great chance of human error along with lost data. At the time, the payment requests
take place from outside the construction company’s accounting system. The directors
have to gather, store and enter those data within the accounting system. Such lengthy
process of accounting is resulting in drastic accounting delays and incase the vendors
and workers are not paid, the director had a hard time to come across through them
(Cannon and Hillebrandt 2016). The articles elucidated that the construction companies
make sue of financial automation software are ensures that the employees are paid on
time. Moreover, they will also recognize that the financial directors have all necessary
equipment’s, materials and tools for their teams need to get the job accomplished.
The construction companies are deemed to face communication issues. The
article revealed that the companies are lacking a strong and central database that
makes it complex in sharing a common overview of the project (Caselli and Gatti 2017).
At the time when the states of any construction project is declared, the consumers keep
a high expectation. In such scenario, a construction estimation software is deemed to
be necessary. Lack of a unified database is observed to create a problem regarding
proper understanding of the project stage. Moreover, it also generates issues in
understanding how well it is associated with the timeline and the original estimate. The
article indicates that the construction companies requires to deal with such common
challenges and for the same the modified finance software maintains effective asset
management along with ever-changing workforce (DeFlaminis et al. 2014).
Another challenge that is observed in these articles explain that the construction
companies are observed to face payment delays and maintainice issues. This is for the
reason that inventory and manually tracking payments can be extremely time
consuming. Along with that duplicate entry is also another issue dealt by the
construction firm and this is observed to be extremely common within this industry
(Dzhandzhugazova et al. 2015). Despite of maintaining several integrated solutions,
certain complications might take place with every new tool that is added by the
company in its overall process. Along with the fact that individual applications might be
helpful in some operations, this might generate long lasting effectiveness. This explains
the need to manually copy the data from a single database to the another. These
articles indicated that the most considerable straightforward solution or decreasing data
entry in a better way is necessary. Unified software includes project management,
construction financials along with other organization tools within a particular platform
associated with single database (Eagle 2018).
The article “EPS still seeing benefits, and construction projects, stemming from
2016 bond issue” revealed that construction companies deal with issues related to lack
of trust. Project managers of the construction companies must be capable to trust their
financial software that can support effective decisions within the field. They require to
make sure that the data employed by them are correct and up-to-date (Finkel 2015).
Unfortunately, older system of accounting might deal with this type of clarity through
making it complex to attain important information in a timely manner. Moreover, the
construction companies observe that the financial management systems that they have
acts as high complicate operations as the company might require additional software for

4BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
enterprise planning, project management along with organizational content
management (Fulford and Standing 2014). At the time data is stored within several
locations all through numerous software applications, it is simple for the conflicting data
to take place. For instance, the article explained that the project manager of provided
timesheet information within the PM application. Such timesheet application requires
getting within the payroll for the reason that the information is entered manually within
the payroll application. However, at the time of entry, there is very less typo. At the time
accounting accesses the payroll data for comparing the anticipated costs with the actual
expenses (Gitman, Juchau and Flanagan 2015). The construction company’s project
manager observed everything to be fine but an issue was discovered in the accounting
aspect is deemed to have a problem. Identifying an error source along with recognizing
any proper payroll information turned out to be cost and time consuming. If the team
has access to advanced financial software, they can depend on the data in front of them
and such data can be employed for making confident and quick decisions. Id the
construction companies maintain best construction accounting software, they can
adequately manage workers, invoices along with assets from custom dashboards.
3. Explaining Major Issues with Relevant Theory
Sociological theory that better explains the issue of back charge in the
construction companies. This theory assumes it is not possible that the project will be
accomplished without facing any kind of issues from the suppliers or the subcontractors.
In addition, the theory also explains that all the projects deal with issues with the
provided services or materials (Goldstein and Wiroonsri 2018). These forms are
supposed to be completed when the issue takes place and must be presented in the
form of photos, notes along with other documentary evidences. The better a party is
capable to document all its back charges within the given time frame; the more
appropriate notice will be offered to the party who seeks payment. In addition, it is more
likely that the dispute is dealt properly without any litigation. The theory considers that in
case the back charges are documented in a better manner and the notice is provided
much later, it might enhance the occurrence of litigation (Karadag 2015). Sociological
theory also elaborates that if any construction company has questions regarding the
ways to properly document back charges. This has also explained the ways to offset
within a lawsuit considering that they can be sued by the supplier or the subcontractor.
Moreover, it is also suggested that the party carries on consulting with having an
attorney. This theory considers that although the back charges are not generally invalid
due to the reason that they are not asserted till a later time. In addition, it can be
complex to reconstruct the previous along with offering suitable documentary proof in
case they are not recognized at the time certain issues take place (Kassel 2016).
Expectation theory explains that the construction companies are deemed to deal
with insolvency with the buyer. This theory elucidated that the default risk of the
subcontractor is actual and less significant factor within the construction industry. This is
observed to be actual in within the economic surrounding of the past year and the future
years. The failure risk within the construction industry gets improved with the recovering
economy (Lavender 2014). This theory identified the issue that the expert contractor
default rates in order to soar in the upcoming years. In order to make the matter highly

5BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
difficult and the construction project participants does not remain at risk with just a
particular contractor. Moreover, any of the contractors related with the project might be
default and support the payment works for everyone (Liu et al. 2014).
Agency theory explains the fact that a construction company can be viewed as a
contract nexus between the resource holders. An agency relationship within this
industry is deemed to take place where more than one individual referred as principals
hire more than one individual called agents. This theory also facilitates to ensure the
construction companies regarding the performance of services along with delegating the
authority of decision making to the agents (Bygballe and Ingemansson 2014). This
theory better explains the communication risks faced by the construction companies.
The project owner and the contractor is deemed to communicate in two manners that
includes indirect and direct ways through the project managers. However, as all the four
parties ostensibly has an identical goal along with having their own self-interest. Certain
information is just shared in case the participants are willing to attain the same
(Bygballe and Ingemansson 2014). Considering this theory, it has been noticed that
moral hazard has gained increased attention within the construction industry followed by
selection of adverse condition. The financial agent framework it is gathered that the
owners of the project along with the fact that the construction relationship with one
another. They can be praised or blamed for the project failure and for this reason this
have superior moral responsibility (Gitman, Juchau and Flanagan 2015). The
construction companies are observed to face issues related to the fact that manually
tracking invent and payments might be highly time consuming. There is a great chance
of human error along with lost data. At the time, the payment requests take place from
outside the construction company’s accounting system. The directors have to gather,
store and enter those data within the accounting system. Such lengthy process of
accounting is resulting in drastic accounting delays and incase the vendors and workers
are not paid, the director had a hard time to come across through them (Cannon and
Hillebrandt 2016). The articles elucidated that the construction companies make sue of
financial automation software are ensures that the employees are paid on time.
Moreover, they will also recognize that the financial directors have all necessary
equipment’s, materials and tools for their teams need to get the job accomplished.
Market segmentation theory properly explains a type of issue that is faced by the
construction industry that includes bond funded competition issues (Bygballe and
Ingemansson 2014). This theory explains the better way of bond valuation within the
construction industry that is considerably different from other financial management
theories. This theory considers the approximation along with discussing the different
maturity term that is independent from others. Within the construction industry, it is
observed that in case all the maturity terms are not capable to deal with a distinct
function with distinct investor profile then it will be difficult to hold a single contract
(Bygballe and Ingemansson 2014). It is highly important for the construction companies
to segment their consumers within different groups that has different consumer profiles
with identical characteristics and needs. This is not regarding the size along with sectors
rather it is more about the services those are attained. Operating the market
segmentation strategy might offer significant competitive benefit. Segmentation
considers recognizing the effective way in which segmenting the main industries in

6BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
which the company works in the overall construction sector. This focusses on
recognizing the most effective way in differentiating major industries within which a
company works and has board range of possibilities (Gitman, Juchau and Flanagan
2015). Devoid of employing the segmentation organizations implement a homogeneous
that might result in a monopoly situation. This also makes the construction company’s
products highly vulnerable to get attacked by its business rivals that those target smaller
market sectors (Gitman, Juchau and Flanagan 2015).
4. Policy Development in the Company for Addressing Issues
After evakuating the issued faced by the construction companies including
Dutton’s several policy development measures needs to be considered by the finance
directors. Proper back charges policy is to be developed by the construction company
and in doing the same, it must be noted that the recognized issues must be
documented carefully to safeguard the company from dispute (Lu, Won and Cheng
2016). Another policy that must be developed by the construction company for back
charges incudes making sure that they are documented carefully for the subcontractors
or the owner. Moreover, the policy must also consider providing appropriate notice to
them so that disputes can get resolved at the end of the project rather than at some
time later and by means of costly litigation (Makovšek and Veryard 2016). For instance,
Stark and Stark has efficiency in guiding the contractors, other organizations and
owners regarding the ways to effectively implement back charges along with the ways
to defend in ways of claims attained by parties which is looking for payment.
In consideration to the issues discovered from the articles, the policy of financial
statements preparation in accordance with the accounting principles that is generally
accepted in the nation. Moreover, the policy will make sure that the management makes
assumptions and estimates which impacts the reported amounts along with disclosures
(McNeil, Frey and Embrechts 2015).
Another policy must consider that the contract costs must encompass the labor,
direct material indirect and subcontractor costs associated with the performance of the
contract. This must also consider the indirect labor, equipment, disposal, insurance,
rent, permit and air monitoring expenses. The policy also considers that the general and
administrative costs are charged over the expenses incurred (Potts and Ankrah 2014).
Anticipated loss provisions on the uncompleted contracts take place in the period within
which determination of such loss is considered. Variance in job performance, conditions
along with anticipated profitability encompass those taking place from contract penalty
provisions along with settlement of final contracts. This might lead to cost revisions
along with revenues that are recognized within the period over which is considered
(Santorella 2017).
Another policy considers the asset costs along with anticipated earnings within
the excess of billing amounts. The liability billings in excess of billings for
unaccomplished contracts indicate revenues are identified in excess revenues
recognized. Another policy will consider that the revenues from the construction
contracts must be recognized based on percentage-of-completion process. This is
measured by the costs percentage that took place to date to anticipated overall costs for

7BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
every contract (Schaufelberger and Holm 2017). Revenues gathered from the
construction claims are identified at the time realization is likely and can be anticipated
reliably.
Another policy associated with addressing the issues of the construction
companies is focused on granting credit to consumers within the normal process of
operations. Contact receivables must be relied on the management’s analysis of
outstanding receivables, economic conditions and historical experience (Schools 2014).
The accounts those remain uncollectible are expensed at the time these amounts are
estimated. This policy also ensures that the company’s financial instrument must
encompass contract receivables, cash, certain assets, accounts payable and few more.
The value associated with these financial instruments estimates the fair value because
of their short term nature.
One more policy that is suitable for the issues identified in the construction
companies regarding the financial management is focused on analyzing the company’s
balance sheet and income statement (Sears et al. 2015). This a facilitate in measuring
and estimating the organization’s financial condition and the relationship among the
values can be evaluated through use of financial ratios. This can facilitate the financial
director of the construction company in realizing the financial dynamics of the business.
Policies must be developed regarding development of effective payment
structure within the construction industry. This policy must be followed in consideration
to the issue that the construction companies are forced to feel pressurized with several
payment layers, increased paperwork requirements along with the timing challenges
(Shan et al. 2015). The policy will make sure that the parities will be paid on credit terms
and must take part in monthly payment draws that is subject to pay-if-paid provisions.
The policy of risk mitigation tools that is available to the construction industry
must make sure that this particularly addresses certain exceptional challenges that exist
within the construction sector. Jaunt checking the agreements following this policy is
deemed to offset the challenge associated with complications of payment process along
with security rights (Shokri-Ghasabeh and Chileshe 2014). This can virtually decrease
the associated insolvency risks. These policies are available to all the construction
companies that can facilitate them to manage and intricate the business operations.
The policy of developing the technology platforms will facilitate the participants of
the construction industry for streamlining and optimizing their financial management and
risk mitigation processes. The policy will make sure of implementation of effective could
based technologies which can replace certain out-of-date in-house processes and
platforms (Sweet 2016). From inspiration of this policy, the finance director of the
construction companies must focus on implementing artificial intelligence technology
which can optimize the processes and result in highly effective decisions.
5. Guidance for Finance Director's Decision
One of the major issues that is faced by a construction company named Dutton’s
includes possibility of litigation looms in upcoming years. In such scenario, it is

8BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
suggested to the finance directors that the general contractor must properly document
any likely back charges against the vendor or the subcontractors (Terrell and Surace
2016). This process is the recommended guideline for making sure that the general
contractor must make sure that the back charges re documented properly. This is along
with considering the guideline that general contractor must attain best success chances
in case of any likely future negotiations and litigations. To deal with the back charges
issue, the construction company’s financial manager needs to cure such issue. In case
the subcontractor or the vendor fails to implement any remedial measures then the
general contractor must take further steps prior evaluating a back charge (The National
Law Review 2018). The construction company’s finance director is recommended that
he must carefully follow such steps for offering best success chance in the likely future
negotiations or litigations.
Another guideline that is provided to the finance director of the construction
company considers that he must be careful in ensuring that the general contractor must
notify the vendor or the subcontractor in specifically revealing the issues related with
offered material and services. The financial director must also make sure that the
contractor must offer notice to the subcontractors or vendors along with offering them
the capability to accomplish the construction project (Waschke 2015). The financial
director of the construction company is also guided to investigate the purported issues
before any remedial measures take place. Moreover, attaining the opportunity to inspect
is also a vital step within this process. The financial director is also provided a guideline
regarding ensuring the contractors to advice the vendor or subcontractors as to when at
the time remedial measures take place to deal with the deficient situation. Such
notification must be giving by the financial directors in writing. This can further provide
the vendor or the subcontractor with a chance to be present to take into account the
remedial measures (The National Law Review 2018).
The above mentioned guideline will be helpful in offering vital piece of
documentation that must be offered to the subcontractor or vendor. This is advised to
be send through certified, regular mail or other manner in which the contractor might
offer to the supplier or the subcontractor. The financial director is also provided with
guidelines regarding the fact that while remediation is proceeding. In such situation the
general contractor must carefully record all the remedial efforts along with taking
remedial efforts and might take detailed pictures in consideration to remediation process
(Zavadskas et al. 2014). The financial director of the construction company is also
provided with a guideline regarding use of any or all of the invoices, timesheets along
with other documents in consideration to the back charge. This must be stored within a
different folder and all such documents must be offered to the subcontractors that is
defaulting at the time the back charge is accomplished (Liu et al. 2014). Another
guideline that is provided to the financial directors of the construction company includes
developing a process that might offer a complete back charge form to the suppliers or
the vendors along with al important invokes that offers details for overall amount of the
back charges. In addition to same, the contractor might consider decreasing this
amount that might be because of the vendor or the subcontractor (The National Law
Review 2018). In order to deal with the identified issues that are faced by the
construction company, the financial director is provided proper guideline regarding

9BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
controlling the general and administrator expenses. The financial director might make
sure that the administrative and general expenses are controlled and reviewed by the
management. The financial director also must consider employing a budgeting system
within which the general and administrative costs can be approved, forecasted and
compared with actual and incurred expenses. It is also recommended to make sure that
the budgeting process is properly employed by the management team (Goldstein and
Wiroonsri 2018).
The finance director of the construction companies must make sure it must earn
high returns on its liquid assets along with incurs the minimum interest expenses for the
borrowed capital. Several financial management responsibilities must include
decreasing or avoiding expenses, the treasury functions that can serve as an
opportunity for the finance manager for attaining income for the construction companies
(Goldstein and Wiroonsri 2018). The financial director of the construction companies is
guided to have an exceptional perception as a trader or the administers might facilitate
them to recognize opportunities that can increase cash flows to the construction
organizations. As the financial mangers exceptional perception is highly sensitive to
time value of money, the financial manger must recognize situations in which cash
disbursements might be cash or deferred receipts devoid of adverse effect on the
subcontractors, consumers and vendors (Bowen et al. 2018).
In order to deal with the financial management issues recognized to be faced by
the construction companies, the finance director is guided to manage its liquidity is
highly vital than making sure of adequate profitability (Bowen et al. 2018). This is for the
reason that attaining enough liquidity is vital for the organization’s viability. The financial
director is provided with the guidance of havening enough liquidity that is familiar with
the operations of the company. This can facilitate the finance director to supervise and
anticipate the organization’s financial situation in order to make sure that organization is
trustworthy and is capable to obtain surety bonding as required. The financial director is
recommended to address these needs through anticipating financial conditions and
requirements of the construction company (Liu et al. 2014). This must be along with
regularly comparing such anticipations with real conditions. The finance directors are
guided to make sure that the construction organization has effective system of internal
controls. This can facilitate in decreasing likely risks in area of accuracy focused on
financial reporting, safeguarding of assets along with fraud. Such controls will be helpful
in preventing any material misstatement within the financial records of the organization.
In addition, the finance director is also recommended to make sure that maintaining
financial reporting controls and protecting company’s assets such as contracting and
project management (Bowen et al. 2018).
6. Conclusion
The articles those are selected to analyze in this paper will analyze the ways in
which construction financial managers along with senior management team attains
financial goals. This can help in revealing the likely financial issues that drastically
affects decision making of these companies’ finance directors. The most likely financial
concerns faced by the construction companies include withholding payment by client,

10BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
valuation inaccuracy for completed work and poor management of cash flow. However,
the financial management issues that will be focused on includes construction projects
facing bond issue and documenting back charges within the construction projects. It is
gathered from analysis of the articles that an important issue that is faced by the
construction contractors includes being aware of documenting back charges. This is
caused through not providing suitable notice to the vendor or the subcontractor that
might be needed through the terms associated with the subcontract. Another issue that
is recognized from the article includes payment delays along with maintainice concerns.
In consideration of the same, it is suggested to the finance directors that the general
contractor must properly document any likely back charges against the vendor or the
subcontractors. This process is the recommended guideline for making sure that the
general contractor must make sure that the back charges re documented properly. This
is along with considering the guideline that general contractor must attain best success
chances in case of any likely future negotiations and litigations. To deal with the back
charges issue, the construction company’s financial manager needs to cure such issue.
In case the subcontractor or the vendor fails to implement any remedial measures then
the general contractor must take further steps prior evaluating a back charge. The
construction company’s finance director is recommended that he must carefully follow
such steps for offering best success chance in the likely future negotiations or
litigations.

11BACKCHARGES AND BOND ISSUES IN CONSTRUCTION
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