PM Guide

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.

PM’s may stumble without a clear understanding of how overheads, project costs and planned profits are integral pieces of project “success”. During this two-day course, they will learn many ways to enhance their project’s performance by understanding how accounting practices, cost controls and financial reports contribute to their success. With a clear understanding and appreciation of the financial side of the business, projects will be delivered on-time and on-budget.

Financial understanding is necessary to sustain and improve profits. PMs learn how and why accountants do what they do and how they 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 execution. PMs learn proven strategies to control costs by focusing on causes and remedies for the most controllable cost on a construction site – labour. Participants also learn 10 key profit requirements, learn how to control overhead expenses and study the accounting systems used to ensure revenues and costs are recognized according to the job’s progress.

They will use their comprehensive course manual during the course and on their projects – it is filled with the methods and strategies needed to improve operations, cash flow and profits. They will learn to take the uncertainly out of decision making and deliver better bottom-line results. This is not a sit and listen event. This is an interactive course with hands-on exercises that walk PMs through steps of the financial process.

COURSE OUTLINE

  1. Financial processes
  2. Accounting standards and principles
  3. How revenues and cost accruals ensure reliable financial reports
  4. Controlling overheads
  5. Project cash flows and Net Present Value calculations
  6. 10 Profit requirements
  7. Income statement
  8. Productivity improvement methods
  9. Job costing and cost controls
  10. Financial reports
  11. 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

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

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.