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Gold Seal: 1 Credit * BC Housing: 7.5 CPD Points
Participants will learn how to design and read various construction financial reports and improve the business systems of their construction company.
At the end of the course participants will be able to:
Understand the various types of contracts within the construction industry and the implications for the design of project financial management and stakeholder satisfaction.
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.
Understand the various types of Change Order methods within the contract and the implications for Change Order reporting.
Be able to link the site resources to a Daily Extra Report and the coding to General Ledger.
Be able to read financial statements: income statement, balance sheet, cash flow, job cost reports, etc., and make decisions on a timely basis.
Be able to forecast the percentage of completion reports: projected income statements, job costing, and cash flow to satisfy internal and external stakeholders e.g., 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 be able to link this to the project schedule and labour productivity assumptions used by the estimating team.
Understand the importance of procurement internal controls and the normal process used for both accrual-based accounting and committed cost accounting.
Understand the normal close-out processes and the reports expected for the project budget vs actual, deficiencies and warranties.
Delivery Method: Virtual Session – Zoom Meetings
Course Fee Includes: Access to the course, all books and materials, and a digital certificate upon completion.
This course is delivered in partnership with local and provincial construction associations across Canada. You will be participating with a group of industry peers from multiple regions.
This course is designed for Construction Owners, Project Managers, Project Coordinators, Estimators, Accountants and Staff.
**For Virtual Delivery Sessions Only**
Computer or laptop
This course will involve on-screen interaction with your instructor and classmates, reading/viewing on-screen content (slides or videos), and interacting via typing with questions or responses. For this reason, cellphones may not be adequate.
Windows 10 or Mac iOS.
Webcam (Mandatory) – in order to engage and collaborate, participants will be expected to have their webcams on for the duration of the class
Microphone (Mandatory)
Internet connection- For best results, you will want to ensure you have an internet connection with an upload/download speed of 3-5 Mbps. You can test your internet speed here. The minimum recommended speed is 1.5 Mbps, but anything below 3 Mbps may result in loss of quality or buffering. Ideally hardwired connection versus wireless for stability - connect your computer directly to your router using an ethernet cable, rather than using your home wi-fi.
A quiet space with minimal distractions –The microphone will be engaged for interactive sessions. Please plan to be fully engaged in the class and clear your work schedule just as you would for the in-class program.
Comfortable chair
“Great instructor with great knowledge in the construction industry. This is such a fabulous course for accounting in this industry.”
“Clear speaker. Thoroughly answers questions with good explanations.”
“Tim was very informative and took the time to explain things in a clear manner.”
“I enjoyed the course and found the instructor entertaining and knowledgeable.”
“Thank you for this course! Loved the case study materials!”