The success of a construction project results from the contributions and strength of the entire team - including accountants. That success requires communication, knowledge, collaboration, management, costing and forecasting. These in turn require that all parties involved, including accountants, have a clear understanding of the project managers’ roles and responsibilities.
But what if we could identify ways for accountants to better understand Project Management? This course teaches financial professionals the language of construction project management, how the information available relates to each stage of the project and provides insight on final cost forecasting.
Accountants know their profession but few have ever had the kind of constructing guidance required in our industry. This course fills in the experience gaps most of them lack and reveals many ways project results can be improved through accounting practices, cost controls and financial reports.
Learning Outcomes:
- The roles and responsibilities of Project Managers and Accountants.
- The differences between Project and Accounting systems.
- Learn to forecast cash flows, review accounts receivable strategies, and justify fixed asset acquisitions.
- Recognize different contract types and their representation in financial reports.
- Delve into revenue, cost accruals, and their significance in financial reporting.
- Uncover why labour is a pivotal cost in construction and the primary causes of productivity dips.
- Decipher standard coding phases and job cost report analyses.
- Address challenges in forecasting job costs, managing employees, and establishing a corporate culture.
- Navigate the skilled labour shortage, control overheads, and understand risk mitigation.
- Create strong project management awareness in all personnel who attend.
- Identify improvements on future jobs through project evaluations and close-outs.
Benefits: Participants will unlock techniques to enhance project outcomes using accounting practices, cost controls, and financial reports. This synergy between Accountants and Project Managers promises a more efficient construction process and a deeper understanding of the construction realm.
Who Should Attend: 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.
Course Format:
- Virtual instructor-led training (live and online).
- This course is facilitated by the instructor via Zoom. Access information from the instructor will be provided to you in advance of the training.
Course Requirements (Technology & Participation):
This course requires full face-to-face interaction and participation from both the instructor and students. In order to attend, you’ll must make sure you have the following:
- Computer or laptop with webcam (webcams are mandatory): This course will involve 100% 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.
Course Dates:
- May 14, 2024 - 8:30 AM - 12:30 PM
- May 15, 2024 - 8:30 AM - 12:30 PM
Attendance in both sessions is mandatory for course completion.
Next Scheduled Date: TBA
Course Credits:
- 1 - CCA Gold Seal Credits
- 8 - BC Housing CPD points
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This course is delivered in partnership with local construction associations. You will be participating with industry peers from multiple regions.
