Whether you’re new to the construction industry or seeking to brush up on the basics, this course helps contractors understand the nuances of construction finance and develop practical knowledge of key construction accounting principles.
- Sharpen your financial skills with this two-day interactive training course.
- Learn the vocabulary required to properly understand financial reports.
- Participate in financial analyses so you can control overhead costs, produce effective cost reports and find opportunities for improvement.
- Bridge the knowledge gap for non-financial managers and improve the financial status of your company.
This course delivers immediate results to your profitability by helping non-financial staff understand how their choices impact your bottom line. It’s an immersive course that benefits all aspects of your business.
Many contractors have labour productivity issues, high overhead costs, below-budget profits and one continuous headache with cash-flow. So, how are you managing all of these? You may even see yourself as we discuss real life examples.
Very simply, if any of your leaders responsible for any aspect of profitability in your company have never been trained to read, produce and analyze financial reports, they need to take this course to discover where expenses and profits are hiding. This course teaches numbers and how to use them.
The objective of this course is to provide nonfinancial construction managers with a solid understanding of the essential financial aspects of managing any project and company in order to ensure its success.
Top ten takeaways:
- Higher profits, improved cash flows
- Profit plan and revenue goals
- Controlling overhead costs
- Revenue reporting
- Cost and revenue accruals
- Terms and definitions
- Financial statements and ratios
- Fixed asset accounting
- GAAP
- The accounting world
This is not a sit and listen event. It is an interactive course with hands-on exercises that walk participants through each step of the financial process. Each takes home a comprehensive reference manual filled with many methods and strategies they need to improve your company.
Attendance is encouraged for anyone who can influence profits. Since its development and introduction in 2019, almost 1700 construction professionals have benefited from this course.
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 moreLearning 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.
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.