Project Manager’s Guide to Accounting Practices, Cost Controls & Financial Reports

Description

Project success hinges on the combined strength of the entire team, including accountants. Beyond mere number crunching, project success demands communication, collaboration, management, costing, and forecasting. This course offers project management professionals an in-depth understanding of financial management by bridging the gap between construction processes and accounting knowledge.

Leveraging 35 years of expertise in finance and construction, Wayne Newell equips participants with essential tools to identify and resolve project issues, cut unnecessary expenses, boost productivity, streamline overhead management and tackle labour shortages. His guidance enables participants to successfully navigate the complexities of construction, ensuring projects not only meet but surpass expectations. Prepare for an engaging, interactive experience designed to stimulate an environment of active learning and shared insights that rises above the traditional lecture format.

In this course you will learn:

• Understand the roles and responsibilities of Project Managers and Accountants

• Differentiate between Project Management and Accounting systems.

• Get acquainted with Generally Accepted Accounting Principles.

• Learn to forecast cash flows, review accounts receivable strategies, and justify fixed asset acquisitions.

• Recognize different contract types and their representation in financial reports.

• Delve into revenue, cost accruals, and their significance in financial reporting.

• Uncover why labor is a pivotal cost in construction and the primary causes of productivity dips.

• Decipher standard coding phases and job cost report analysis.

• Address challenges in forecasting job costs, managing employees, and establishing a corporate culture.

• Navigate the skilled labor shortage, control overheads, and understand risk mitigation.

• Create a strong financial awareness in all personnel who attend

• Master the project evaluation process and project close-out documentation

• Delve into cost savings and productivity increases

• Explore 8 technological advances and why investment would be beneficial 

• Briefly review over 20 new production and cost-savings innovations

• Review 3 critical financial statements imperative to measuring progress

• Establish 8 Key Performance Indicators (KPIs) to determine successes and difficulties

Intended Audience

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

Related Info

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. 

Webcams and a computer/laptop are mandatory. This course involves on-screen interaction with your instructor and classmates, reading/viewing on-screen content like slides or videos, and interacting via typing with questions or responses. For this reason, cell-phones or tablets may not be adequate.

Access information and the course manual will be provided to you by your association via email in advance of the training.

Speaker

Wayne Newell

For over 35 years Wayne provided financial leadership to companies throughout Canada, the United States and the Caribbean. Now retired, he was formerly a designated CMA (Certified Management Accountant). As your course developer and instructor, he has a deep background of experience in accounting - specifically in the area of construction contracting – and is enthusiastic about passing on his industry knowledge and insight.

During his seminars he discusses specific techniques; methods and strategies that help contracting companies increase profits, control costs and improve cash flows. In the past twenty years Wayne has presented his exclusive Construction Management Courses to over 3,500 construction professionals from St. John’s to Victoria.