PROJECT MANAGER’S GUIDE TO ACCOUNTING PRACTICES,

COST CONTROLS and FINANCIAL REPORTS

Course overview

Project Managers have a major role in delivering projects on-time and on-budget. In fact, the success of their companies depends on it. They may stumble if they do not have a clear understanding of how overheads, project costs and planned profits are integral pieces of project “success”. In three-half days, Wayne Newell draws upon 35 years of financial and construction-contracting experience to help them recognize problem projects, identify unwanted expenses, increase productivity, manage overhead expenses and address labour shortages. With a clear understanding and appreciation of the financial side of the business, projects will be delivered on-time and on-budget.

The major issue facing contractors’ productivity today is the forecasted labour shortage by 2030. This course identifies 8 of the major causes and offers methods to resolve them with a focus on attracting young people to your company.

Technology is the future of construction in improving productivity, eliminating inefficiencies, attracting younger workers, and making jobsites safer. This course identifies some of the recent advances that will benefit contractors including cloud computing, collaborative software, BIM, drones, wearables and offsite and prefab construction.

Financial understanding is necessary to sustain and improve profits. PMs learn how and why accountants do what they do and how PMs contribute to accounting processes, financial reviews and reports. Importance is placed on the processes to ensure the monthly financial reports are consistent and reliable.

Cost control is critical to project performance. PMs learn the causes and remedies of low productivity, controls for overhead expenses, impact of revenue and cost accruals, methods to support equipment acquisitions, project close-out evaluations and many more proven methods and strategies.

Attendance is encouraged for project managers, coordinators, field supervisors, division managers, administrators, estimators, Gold Seal candidates and anyone who can influence project profits. Since its development and introduction in 2019, almost 150 construction professionals have benefited from this course.

Instructor – Wayne Newell

For over 35 years Wayne served in senior financial leadership roles and worked with companies throughout Canada, the United States and the Caribbean. His experiences and expertise, shared with many companies, has helped owners, managers, employees and businesses grow. In doing so, he has amassed a library of knowledge on what makes a successful contracting company.

During his seminars he discusses his experiences in implementing specific techniques, methods and strategies used to help contracting companies increase profits, control and/or reduce costs and improve cash flows. Wayne has presented his exclusive Construction Management Courses to over 3,500 construction professionals from St. John’s to Victoria.  He was awarded his CMA designation in 1972.

Learning Outcomes

• Major responsibilities of project managers
• Understanding skilled labour shortages and what can be done
• How new technologies will improve productivity and attract younger workers
• Financial terms and definitions
• Project cash flows
• Overhead controls
• Financial ratios and analyses
• Major purchase evaluations
• How revenue and cost accruals produce reliable financial reports
• The real costs of lost productivity and reliable improvement strategies
• Close-out reports
• Increased profits and improved cash flow

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*Send your completed form to lloydca3@telus.net