This course, exclusive to the Canadian Construction industry, teaches construction financial professionals the language of construction project management, how the information available relates to each phase of the project, and provides insight on what can go wrong.
The success of a construction project results from the contributions and strength of the entire team - including accounting and other admin personnel. It requires open communication, understanding and collaboration. Managing, tracking, and forecasting the financial results on a construction project require a clear understanding of the project by all parties involved.
Accounting & Admin Personnels know their profession, but few have ever had the kind of building guidance required in today’s construction climate. This course fills in the experience gaps most accountants lack.
In this course, Accounting & Admin Personnel will learn many ways project results can be improved through accounting practices, cost controls and financial reports through understanding the roles and responsibilities of PMs.
Learning outcomes:
- The roles and responsibilities of Project Managers and Accountants
- How and why Project and Accounting reporting systems are different
- Generally Accepted Accounting Principles – the rules accountants must follow
- How and why to forecast cash flows
- How to review accounts receivable collections policies and strategies
- How to justify fixed asset acquisitions
- The types of contracts and how they are recognized in the financial reports
- Why revenue and cost accruals are mandated
- Why labour is the most controllable cost in construction
- The two main causes of poor productivity
- The standard coding phases used by all contractors
- How to analyze a job cost report
- 4 issues in forecasting job costs at completion
- How to effectively manage employees to maintain retention and productivity
- How to create a corporate culture
- How to navigate the skilled labour shortage
- How to control and reduce overhead
- How to mitigate risk through bonding and insurance
- How project evaluations identify improvements on future jobs
- The procedures and documentation to close-out a successful project
Who should attend:
- Controllers
- Accountants
- Administrators
- HR staff
- Warehouse managers
- Department heads
- Gold Seal candidates
- Senior managers
- Owners and
- Anyone who can influence project and company profits
Gold Seal Credits: 1
Note: the comprehensive course manual filled with the methods and strategies is included for your future reference.
OR May 14 & 15, 2024 Tue. & Wed. 11am – 3pm ET
For over 35 years Wayne has provided financial leadership to companies throughout Canada, the United States and the Caribbean. As a former Certified Management Accountant (now retired), he has a deep background in accounting for construction contracting. He presents specific techniques, methods and strategies that help companies increase profits, control costs and improve cash flows. In the past twenty years, Wayne has taught over 3,500 construction professionals, from St. John’s to Victoria.