Project success hinges on the combined strength of the entire team, including accountants. Beyond mere number crunching, project success demands communication, collaboration, management, costing, and forecasting. This course offers project management professionals an in-depth understanding of financial management by bridging the gap between construction processes and accounting knowledge.

Leveraging 35 years of expertise in finance and construction, Wayne Newell equips participants with essential tools to identify and resolve project issues, cut unnecessary expenses, boost productivity, streamline overhead management and tackle labour shortages. His guidance enables participants to successfully navigate the complexities of construction, ensuring projects not only meet but surpass expectations. Prepare for an engaging, interactive experience designed to stimulate an environment of active learning and shared insights that rises above the traditional lecture format.

Learning Outcomes

• Delve into the responsibilities of Project Manager and the project team
• Navigate risks and challenges unique to the construction industry.
• Grasp the importance of revenue and cost accruals.
• Forecast cash flows, review receivable strategies and justify fixed asset acquisitions
• Get acquainted with GAAP (Generally Accepted Accounting Principles).
• Recognize different contract types and how they are represented in the financials
• Delve into revenue and cost accruals and their significance in financial reporting
• Gain a comprehensive understanding of financial terms and accounting cycles
• Uncover why labour is a pivotal project cost
• Learn the primary causes of productivity dips
• Navigate the skilled labour shortage and strategies for risk mitigation
• Recruiting strategies: young people, immigrants and women
• Explore overhead controls, training grants and innovations
• Master project close-out documentation and the evaluation process
• Decipher cost reports summarizing revenue changes and estimated profit gains
• Review cost reports focused on current, committed and costs to complete
• Delve into cost savings and productivity increases
• Explore 8 technological advances and why investment would be beneficial
• Briefly review over 20 new production and cost-savings innovations
• Review 3 critical financial statements imperative to measuring progress
• Establish 8 Key Performance Indicators (KPIs) to determine successes and difficulties

Who Should Attend

This course is designed for individuals within the construction industry looking to 1) deepen their financial knowledge and skills and 2) review and understand planned growth initiatives. Anyone with a stake in project and company profitability, notably Project Managers, Coordinators, Estimators, Department Heads, Field Superintendents, Gold Seal candidates, Senior Managers and Owners should consider attending.

Industry Credits  

• This course is worth 4 gold seal credits.
• This course is worth 12 Informal Continuing Professional Development (CPD) credits as approved by BC Housing.

Course Format

• Live, Online, Instructor-led training. This is a highly interactive course facilitated by the instructor on a video platform.
• You will be expected to have your webcam on during the whole class and participate in break-out rooms, small-group discussions, and other activities with your instructor and classmates during the course.
• Course access information will be provided to you in advance of the training by your instructor
• Full attendance and participation in all four 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.

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.