Are you ready to learn the accounting and finance essentials that can help deliver your construction projects on time and on a budget? Developed exclusively for the Canadian Construction industry, this course guides Project Managers to understand how overheads, project costs and planned profits are integral pieces in the success of their companies.

Our instructor draws upon 35 years of financial and construction experience to help PMs and site managers recognize problem projects, identify unwanted expenses, increase productivity, manage overhead expenses, and address labour shortages. With a clear understanding of the financial side of the business, projects will be delivered on time and on budget.

This is not a sit and listen event. It is an interactive course with open forums to discuss labour shortages, productivity strategies, revenue/cost accruals, overhead controls and much more.

Financial understanding is necessary to sustain and improve profits. PMs learn what, why, when and how accountants do what they do. Importance is placed on the processes to ensure monthly financial reports are consistent and reliable.

Cost control is critical to project performance. PMs learn the causes, costs and remedies of low productivity, overhead expense controls, impact of revenue and cost accruals, methods to support equipment acquisitions, close-out evaluations and many more proven methods and strategies.

Learning outcomes:

• The role and ultimate goal of the project manager
• Risks and challenges in the construction industry
• Why revenue and cost accruals are mandatory processes
• The rules - Generally Accepted Accounting Principles
• The accounting cycle and mandatory processes
• The best policies and tactics to manage accounts receivable
• To justify fixed asset acquisitions with future savings
• To ensure payment for ALL change orders
• Why fixed assets are recorded at historic cost and not market values
• Why labour is the most controllable cost in construction
• The causes and mitigation techniques of lost productivity
• Why the PM report and KPIs are critical management tools
• How to navigate the skilled labour shortage
• How to mitigate risk through bonding and insurance
• Insight into the finance and accounting world through accounting terms
• How project post-mortems enhance future projects

Who should attend:

Attendance is encouraged for those wishing to learn the fundamentals of finance and accounting, to interpret and react to financial signals, to review, calculate and discuss financial performance and to gain a new sense of confidence when participating with financial professionals.

• Project managers
• Coordinators
• Estimators
• Department heads
• Field superintendents
• Gold Seal candidates
• Senior managers and
• Owners
• Anyone who can influence project and company profits

This course is a spin-off of the Finance and Accounting for Non-Financial Managers and was requested by a large general contractor to include issues directly applicable to Project Managers. As such, there are some duplications of content and thus attendance at both this course and the Finance and Accounting course is not recommended.

Gold Seal Credits: 4

Note: the comprehensive course manual filled with the methods and strategies is included for your future reference.