Project Manager’s Guide to Accounting Practices, Cost Controls & Financial Reports

By the end of this course, participants will be able to:

• Understand the roles and responsibilities of both Project Managers and Accountants in construction.
• Distinguish between Project Management and Accounting systems.
• Forecast cash flows, assess accounts receivable strategies, and justify fixed asset acquisitions.
• Recognize different contract types and how they impact financial reports.
• Explore the importance of revenue and cost accruals in reliable financial reporting.
• Understand how labour costs are critical in construction and the main reasons for productivity dips.
• Interpret standard coding phases and analyze job cost reports.
• Address challenges in forecasting job costs, managing employees, and building a strong corporate culture.
• Navigate the skilled labour shortage, control overhead costs, and implement effective risk mitigation strategies.
• Foster project management awareness with all involved personnel.
• Identify key improvements for future jobs through comprehensive project evaluations and close-outs.

Benefits for Accountants Attending This Course

1. Enhanced Understanding of Construction Projects: Gain a clear understanding of construction processes and the unique financial challenges involved.
2. Improved Collaboration with Project Managers: Learn how accountants and project managers can work together more effectively for improved project outcomes.
3. Stronger Financial Insights: Understand how to interpret and apply financial data at every stage of a construction project, improving forecasting, reporting, and decision-making.
4. Master Cost Controls and Profitability: Learn strategies to control costs, manage cash flow, and maximize project profitability.
5. Gain Industry-Specific Knowledge: Bridge the gap between traditional accounting practices and construction-specific financial strategies, including cost allocation, job costing, and contract management.
6. Build Skills in Risk Management: Learn how to mitigate financial risks in construction projects through effective financial reporting, internal controls, and budgeting.
7. Boost Career Development: Equip yourself with the skills needed to take on more strategic roles in construction finance, increasing your value within your organization.

WHY THE ACCOUNTANT’S GUIDE STANDS OUT

1. Construction-Specific Focus: Unlike general accounting courses, this guide is tailored to the unique challenges of the construction industry. It provides accountants with a deep understanding of construction-specific financial practices, from job costing to contract management.
2. Bridges the Gap Between Finance and Operations: The guide emphasizes collaboration between accountants and project managers, helping both parties work together more effectively to drive project success. This integration ensures better financial oversight and smoother project execution.
3. Practical, Hands-On Learning: The course provides actionable tools and insights that accountants can immediately apply in real-world construction settings, such as cost controls, cash flow forecasting, and financial reporting.
4. Expert-Led, Industry-Relevant Content: Designed by seasoned professionals with deep industry knowledge, this guide offers both foundational knowledge and advanced techniques specifically for construction finance.
5. Boosts Career and Business Performance: By mastering construction financial principles, accountants not only enhance their career prospects but also play a critical role in improving overall project performance and profitability for their organizations.

This course goes beyond traditional accounting knowledge, offering a practical, specialized approach to managing finances in the fast-paced, high-stakes world of construction.

This course is ideal for accountants and admin personnel who want a better understanding of the complexities of construction processes. By fostering stronger collaboration between accountants and project managers, participants will directly contribute to improved project performance.

Wayne Newell, Wayne Newell Management & Seminar Services

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.

During his seminars he discusses his experiences in implementing specific techniques, methods and strategies used to help contracting companies increase profits, control and/or reduce costs and improve cash flows. In the past eighteen years Wayne has presented his exclusive Construction Management Courses to over 3,500 construction professionals from St. John’s to Victoria.  He was awarded his CMA designation in 1972.