Finance & Accounting for Non-Financial Managers
Many contractors have labour productivity concerns, high overhead costs, below-budget profits and one continuous headache with cash-flow. This Finance and Accounting course discusses all these issues supported with real life examples.
Very simply. if you’re responsible for any aspect of profitability in your company and you’ve never been trained to read, produce and analyze financial reports, you need to take this course and discover where expenses and profits are hiding. This course teaches you numbers and how to use them.
This Gold Seal accredited course, presented in a classroom in two full-day sessions, specifically focuses on non-financial managers in the industry. It guides project managers, coordinators, estimators, field superintendents, Gold Seal candidates, owners and senior managers through the financial and measurement techniques needed to manage their contracting companies.
Course outline
• Terms and definitions
• Accounting Principles and Guidelines
• 4 critical financials – Balance Sheet, Profit and Loss, Cash Flow, Equity
• General Ledger, Accounting Cycle and Accounting Standards
• Why billings do not equal revenues until final completion
• Controlling overheads with 1 simple factor
• Establishing annual profit plans with 3 simple numbers
• Financial ratios and analyses
• Risk management
• Labour productivity improvement strategies
• Exercises – cash flow forecast, project cash requirements, justifying asset additions, revenue versus billings, Balance Sheet, Income Statement, financial analyses and more
Learning Outcomes:
• Understand the fundamentals of finance and accounting
• Comprehend accounting processes and terminology
• Interpret and react to financial signals through financial statement analysis
• Calculate and apply financial performance tools that assist decision making
• Examine and critique business and project finances
• Gain a new sense of confidence when dealing with financial professionals
• Deliver better bottom-line results through sound decision making
• The real costs of lost productivity and what can be done
• Control overhead costs with easily developed factors
• Develop a profit plan and revenue
• Increased profits and cash flowThis course is ideal for… Owners, project managers and coordinators, estimators, project leaders, accountants and anyone who can influence profits.
TOP TEN TAKE-AWAYS
- Forecasting project cash flows
- Using Net Present Value (NPV) to evaluate major purchases
- Understanding financial terminology
- Using financial reports to make project decisions
- Why % completion produces more reliable financial statements
- Using reports and analyses to monitor strengths and weaknesses
- The real costs of lost productivity
- Controlling overhead costs with gross profit factors
- Developing a profit plan and revenue goals with just 3 numbers
- Increased profits and improved cash flow
Your Course Leader:
With over 35 years of financial and construction experience, Wayne Newell has amassed a library of knowledge on what makes a successful contracting business. His construction management experiences focused on guiding small, medium and large contractors; no matter the size of the company, he mentored owners, managers and employees on how best to perform and lead their companies. They learned ways to save money and time…leading to improved cash flow, reduced costs and higher profits.He was awarded his CMA in 1972. Since 2003, Wayne has been presenting contracting seminars in most major Canadian cities.
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