PROJECT ACCOUNTING & COST CONTROL- February 5, 2020
Participants will learn how to design and read various construction financial reports and improve the financial systems of their construction company. Construction Owners, PM’s PC’s, Estimators, Accountants and staff are welcome.
WHAT WILL YOU LEARN?
At the end of the course participants will be able to:
- Understand the estimating process from bid to award to mobilization. Be able to read and understand a General Summary Sheet of the bid and the steps to producing a Project Budget.
- Be able to read financial statements: income statement, balance sheet, cashflow, job cost reports, and make decisions on a timely basis.
- Be able to link the site resources to a Daily Extra Report and the coding to the General Ledger.
- Be able to forecast percentage of completion reports: projected income statements, job costing and cashflow to satisfy internal and external stakeholders such as banks and bonding companies.
- Understand and calculate various financial ratios used to understand financial reports and create company dashboards.
- Understand the holdback requirements of the Builder’s Lien Act and typical invoicing processes used at month end.
- Be able to calculate aged accounts payable and receivables separate from holdback amounts.
- Understand the importance of payroll reporting and being able to link this to the project schedule and labour productivity assumptions used by the estimating team.