PM’s Guide to Accounting Practices, Cost Controls & Financial Reports | Live, ONLINE

As a Project Manager, you have an integral role in delivering projects on-time and on-budget. However, you can stumble without a clear understanding of how overheads, project costs and planned profits are integral pieces of project success. In this course, your instructor, Wayne Newell draws on his 35 years of financial and construction-contracting experience to help you 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 managers will be better empowered to support on-time and on-budget project delivery.

Financial understanding is necessary to sustain and improve profits. You’ll 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. You’ll learn the causes and remedies of low productivity, controls for overhead expenses, impact of revenue and cost accruals, methods to support equipment acquisitions, project close-out evaluations and many more proven methods and strategies.

The major issue facing contractors’ productivity today is the forecasted labour shortage by 2030. This course identifies 8 of the major causes and offers methods to resolve them with a focus on attracting young people to your company.

Technology is the future of construction in improving productivity, eliminating inefficiencies, attracting younger workers, and making jobsites safer. This course identifies some of the recent advances that will benefit contractors including cloud computing, collaborative software, BIM, drones, wearables and offsite and prefab construction.

Learning outcomes:

• Major responsibilities of project managers
• Understanding skilled labour shortages and what can be done
• How new technologies will improve productivity and attract younger workers
• Financial terms and definitions
• Project cash flows
• Overhead controls
• Financial ratios and analyses
• Major purchase evaluations
• How revenue and cost accruals produce reliable financial reports
• The real costs of lost productivity and reliable improvement strategies
• Close-out reports
• Increased profits and improved cash flow

• Live, Online, Instructor-led training
• This course is facilitated by the instructor on the Zoom platform. Access information will be provided to you in advance of the training.
• Full attendance and participation in all sessions is mandatory for course completion. If a student misses a class session, we are unable to transfer registration or provide a partial refund of the registration fees.
• This course is delivered in partnership with local construction associations. You will be participating with a cohort of industry peers from multiple regions.

Please ensure you meet the following requirements:

• Computer or laptop with webcam and microphone. Webcams are required. This course will involve on-screen interaction with your instructor and classmates, reading/viewing on-screen content like slides or videos, and interacting via typing with questions or responses. For this reason, you must have a webcam and use a full computer/laptop, and we do not permit students to attend using a tablet or cell phone.
• A quiet space with minimal distractions: Please plan to be fully engaged in the class and clear your work schedule just as you would for attendance in an in-class program.