PM Guide to Acct.
Project Manager’s Guide to Accounting Practices, Cost Control and Financial Reports
COURSE OVERVIEW
Project Managers have a major role in delivering projects on-time and on-budget. In fact, the success of their companies depends on it. They may stumble if they do not have a clear understanding of how overheads, project costs and planned profits are integral pieces of a project’s “success”.
In two classroom days, Wayne Newell draws upon 35 years of financial and construction-contracting experience to help them recognize problem projects, identify unwanted expenses, increase productivity, manage overhead expenses and address labour shortages. With a clear understanding and appreciation of the financial side of the business, projects will be delivered on-time and on-budget.
The major issue facing contractors’ productivity today is the forecasted labour shortage by 2030. This course identifies a number of the major causes and offers methods to resolve them with a focus on attracting skilled workers, young people and women to your company.
This is not a sit and listen event. It is an interactive course with hands-on exercises that walk you through each step of the financial process Open forums to discuss labour shortages, labour productivity strategies, revenue/cost accruals and overhead expense controls will reinforce these topics.
Financial understanding is necessary to sustain and improve profits. PMs learn how and why accountants do what they do and how PMs contribute to accounting processes, financial reviews and reports. Importance is placed on the processes to ensure the 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, project close-out evaluations and many more proven methods and strategies.
Your comprehensive course manual filled with the methods and strategies you need for your business, will serve as your reference guide.
Since its development and introduction in 2019, almost 200 construction professionals have benefited from this exclusive course.
COURSE OUTLINE
- Financial processes
- Accounting standards and principles
- How revenues and cost accruals ensure reliable financial reports
- Controlling overheads
- Project cash flows and Net Present Value calculations
- 10 Profit requirements
- Income statement
- Productivity improvement methods
- Job costing and cost controls
- Financial reports
- Risk management
Learning Outcomes
- Forecasting project cash flows
- Developing revenue accruals
- Learning correct financial terminology
- Using financial reports to make project decisions
- Understanding the need for cost accruals
- Using reports and analyses to monitor strengths and weaknesses
- The real costs of lost productivity
- Controlling overhead costs with gross profit factors
- Developing profit plans and revenue goals
- Increased profits and improved cash flow
- And, much, much more.
Who Should Attend
- Every manager can benefit from this course
- Project managers and coordinators
- Administrators
- Employees involved in any aspect of project management
- Gold Seal candidates
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.
In the past eighteen years he has presented his exclusive Construction Management Courses to over 3,500 construction professionals from St. John’s to Victoria. He was awarded his Certified Management Accountant (CMA now CPA) designation in 1972.
With over 35 years financial and construction experience, Wayne has amassed a library of knowledge on what makes a successful contracting business. Since 2003, he has been presenting his exclusive contracting seminars in most major Canadian cities. He was awarded his CMA in 1972.
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