Acct’s Guide to PM
Accountant’s Guide to Project Management
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.
This course 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.
Accountants know their profession but few have ever had the kind of building guidance required in today’s construction climate. This Guide to Project Management fills in the experience gaps most accountants lack to understand project management.
In one classroom day or two half-days online, accountants learn many ways project results can be improved through accounting practices, cost controls and financial reports. To do that, accountants and admin personnel must understand the roles and responsibilities of PMs.
We readily accept accountants and admin staff in their roles. But what if we could identify ways for them to better understand Project Management?
This course, a mirror-image of the Finance and Accounting for Non-Financial Managers’ course, educates accountants and admin personnel on the roles and responsibilities of PMs.
In one full-day, accountants and PMs learn many ways project results can be improved through accounting practices, cost controls and financial reports. To do that, accountants must understand the PM role.
Accountants and admin personnel are led through project management just like PMs were led through Finance & Accounting systems and reports.
Learning outcomes:
- Roles and responsibilities of PMs
- Project team members.
- Cost & revenue accruals.
- Net present values.
- Project cash flows.
- Two main causes, costs and solutions to poor productivity.
- Skilled labour shortage with emphasis on recruiting and retention.
- Using gross profit to control overhead.
- Project evaluations and close-outs.
- Contracts and revenue types.
- Job costing.
- Forecasting costs at completion.
- Why and how bonding and insurance reduce risks.
Attendance is encouraged for those accountants and admin personnel who wish to learn the challenges of the construction processes. Not only will the construction projects’ performance improve when accountants and PMs work more closely together, each participant will most assuredly gain a much better understanding of construction.
A win-win situation for all involved!
This course was created at the suggestion of a senior PM of a very large General Contractor based in Toronto. In its first offering to LCAs across Canada, 19 attended. Comments were very, very positive and it will be offered again in the fall of 2023 and in subsequent years.
Instructor: Wayne Newell
For over 35 years Wayne served in senior financial leadership roles and worked with companies throughout Canada, the United States and the Caribbean. His experiences and expertise, shared with many companies, has helped owners, managers, employees and businesses grow. In doing so, he has amassed a library of knowledge on what makes a successful contracting company.
During his seminars he discusses his experiences in implementing specific techniques, methods and strategies used to help contracting companies increase profits, control and/or reduce costs and improve cash flows. He has been presenting his exclusive seminars in major Canadian cities since 2003. He was awarded his CMA in 1972.
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