Product Overview
The success of a construction project is a team effort involving many roles including project managers and accountants. This course aims to provide project management professionals with a comprehensive understanding of construction financial management. It bridges the gap between construction processes and accounting knowledge, ensuring that project managers have the necessary financial insight to make informed decisions.
By equipping project managers with a deep understanding of construction financial management, the course can enhance their ability to effectively manage projects, control costs, forecast accurately, and collaborate more efficiently with other stakeholders, including accountants. This universal approach ultimately contributes to the successes of construction projects.
Learning Outcomes
- 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
Benefits
Participants will unlock techniques to enhance project outcomes using accounting practices, cost controls, and financial reports. This synergy between accounting and Project Management promises a more efficient construction process and a deeper understanding of the construction realm.
Who Should Attend
- Project managers, Project coordinators, Estimators
- HR Staff, Warehouse Managers, Department Heads
- Gold Seal Candidates, Senior Managers, Owners
- Controllers, Accountants, Administrators
- All individuals who can drive project and company profitability
Course Format
- Live, Online, Instructor-led training. This is a highly interactive course facilitated by the instructor on the Zoom platform.
- You will be expected to have your webcam on during the whole class and participate in break-out rooms, small-group discussions, and other activities with your instructor and classmates during the course.
- Zoom access information will be provided to you in advance of the training by your instructor
- Full attendance and participation in all four sessions is mandatory for course completion. If a student misses a class session, we are unable to transfer registration or provide a partial refund of the registration fees.
Course Requirements (Technology & Participation)
This course requires full face-to-face interaction and participation from both the instructor and students. In order to attend, you’ll must make sure you have the following:
- Computer or laptop with webcam (webcams are mandatory): This course will involve 100% 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, you must have a webcam and use a full computer/laptop, and we do not permit students to attend using a tablet or cell phone.
- A quiet space with minimal distractions: Please plan to be fully engaged in the class, and clear your work schedule just as you would for attendance in an in-class program.
Industry Credits
- This course is worth 2 gold seal credits.
- This course is worth 12 Informal Continuing Professional Development (CPD) credits as approved by BC Housing.
About The Instructor – 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.
Refunds or Transfers:
- Five (5) or more business days before the course start date: Full refund of registration fees or can be transfers to a different course date.
- Less than five (5) business days before the course start date and course no-shows: No refunds or transfers to future course dates.
- For a complete document on the NRCA Education Policies, click here.
Other Policies:
- Substitution of another member of your company/team is permitted up to the course start date for no additional fee.
- Unless otherwise stated, every person able to see, hear, and observe the virtual course sessions must be a paid participant. Non-compliance of this requirement will result in removal from the course. Refunds will not be issued to students who are removed from the course for non-compliance of this requirement.
- If the NRCA has to postpone or cancel courses due to insufficient enrolment, NRCA will refund the registration fee or, if possible, the attendee may choose to move to an identical session in the future.
