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

Dive into the world of accounting and finance essentials specifically crafted for the Canadian Construction industry. This comprehensive course empowers Project Managers and site managers with the knowledge to deliver projects both on time and within budget, emphasizing the critical role of overheads, project costs, and projected profits in the success of their projects.

Leveraging 35 years of expertise in finance and construction, our seasoned instructor equips participants with the tools to pinpoint and resolve project issues, cut unnecessary expenses, boost productivity, efficiently manage overheads, and tackle labour shortages. Gain the financial acumen necessary to navigate the complex landscape of construction business, ensuring your projects not only meet but exceed expectations.

Prepare for an engaging, interactive experience that goes beyond the traditional lecture format. Engage in open discussions on a variety of crucial topics, including labour shortages, productivity enhancement strategies, revenue and cost management, overhead optimization, and much more. This course is designed to foster an environment of active learning and shared insights.

What You Will Learn

• Core Financial Skills: Understand the essentials of finance and accounting, including the crucial activities and decisions accountants undertake to drive business success.
• Cost Management Control: Master the art of cost control and learn to identify and remedy productivity challenges, manage overhead expenses effectively, and apply proven methods for equipment acquisition and project close-outs.
• Strategic Insights: Examine the strategic aspects of financial management in construction, from managing accounts receivable to justifying fixed asset acquisitions and ensuring compensation for all change orders.
• Operational Excellence: Explore the best practices for managing labour, the most controllable cost in construction, and learn strategies to mitigate lost productivity.

Learning Outcomes Include:

• Understanding the project manager's role and objectives.
• Navigating risks and challenges unique to the construction industry.
• Grasping the importance of revenue and cost accruals.
• Applying Generally Accepted Accounting Principles (GAAP).
• Enhancing financial performance through effective policies and tactics.
• Strategies for managing skilled labour shortages and mitigating risks.
• Gaining a comprehensive understanding of financial terms and accounting cycles.

This course is designed for individuals within the construction industry looking to deepen their financial knowledge and skills, including Project Managers, Coordinators, Estimators, Department Heads, Field Superintendents, Gold Seal candidates, Senior Managers, Owners, and anyone with a stake in project and company profitability.

Wayne Newell, Wayne Newell Management & Seminar Services

For the past 35 years, Wayne has served in senior financial roles with companies in Canada, the United States and the Caribbean. By sharing his experiences and expertise with many companies, Wayne has helped owners, managers and employees build successful construction businesses. His Gold Seal approved, six-hour, Profitable Contracting course discusses specific techniques, methods and strategies used by contracting companies to increase profits and improve cash flows. His Gold Seal approved, two-day, Finance and Accounting for Non-Financial Managers course, developed specifically for non-financial managers in the construction industry, guides project managers, project coordinators, estimators, field superintendents, owners and senior managers through the financial and measurement techniques needed to manage contracting businesses. Wayne has presented both courses in most major Canadian cities since 2003.

Wayne mentors owners, managers and employees on how best to perform and lead their companies. They learn ways to save money and time, leading to improved cash flow, reduced costs and higher profits.

Note: This course expands upon the 'Finance and Accounting for Non-Financial Managers' program, tailored to address the specific challenges faced by Project Managers in the construction sector. Given the overlap in content, we advise choosing the course that best suits your professional needs.