Cost Controls and Financial Reports: Project Manager’s Guide to Accounting Practices

In this four half-day instructor-led live virtual course, learning is focused on Project Managers, vital members of construction companies, who must deliver their projects on-time and on-budget. In fact, the success of their companies depends on it.

Project Managers may stumble if they do not have a clear understanding of how overheads, project costs and planned profits are integral pieces of project “success”. You will learn many ways to enhance project performance by understanding how accounting practices, cost controls and financial reports contribute to their successes.

Financial understanding is necessary to sustain and improve profits. PMs learn how they contribute to accounting processes, financial reviews and monthly reports and how and why accountants do what they do. Importance is placed on system processes to ensure consistency and reliability of financial reports. Understanding and appreciating the financial side of the business leads to projects being delivered per schedule and budget.

Cost control is critical to project performance. PMs learn the causes and remedies of low productivity, overhead expense controls, impacts of revenue and cost accruals, methods supporting equipment acquisitions, project close-out evaluations and many more methods and strategies to enhance performance.  

This is an interactive course, not a sit and listen event. Hands-on exercises reinforce discussions of many financial processes. The comprehensive course manual is filled with methodologies and strategies that assure improved performance.

Topics:

• Major responsibilities of project managers
• Delivering planned profits
• Financial terms and definitions
• Project cash flows
• Overhead controls
• Financial ratios and analyses
• Major purchase evaluations
• Why revenue and cost accruals produce reliable financial reports
• The real costs of lost productivity with dependable improvement strategies
• Increased profits and improved cash flow

Anyone who can influence project profits, including:

• Project managers
• Project coordinators
• Field supervisors
• Division managers
• Administrators
• Estimators

This is an online event; a link will be emailed to you the day prior to the webinar. 

A stable internet connection is key - broadband wired or wireless (3G or 4G/LTE), speakers, a microphone and a webcam are required.

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.