Finance & Accounting for Non-Financial Managers - 2 day course
Upcoming SessionsThere are currently no upcoming sessions scheduled for this course
The course duration is approximately 2 days
OCA Members: $380.
If you are responsible for any aspect of profitability in your company, and you’ve never been trained to read, produce, and analyze financial reports, you NEED to take this course
With profit margins becoming increasingly tight, companies need to use every tool at their disposal to discover where the expenses and profits are hiding. Maximizing profits and generating investment returns are two real concerns of any company – and they depend on solid financial decisions.
How are you managing high overhead costs, employee productivity and an overheated competitive climate? Most qualified contractors tend to focus their improvements on equipment, supplies and people. Often they are unaware that a good financial and accounting understanding will make a significant difference in the way personnel manage the organization and their projects.
This 2-day course specifically focuses on non-financial managers in the construction industry and guides project managers, coordinators, estimators, field superintendents, owners and senior managers through the financial and measurement techniques needed to manage their contracting business.
This is not a sit and listen event!
This is an interactive course with hands-on exercises that walk you through each step of the financial process. You’ll take home a comprehensive course manual filled with the methodologies and strategies you need to improve your business.
- Terms and definitions
- 4 critical financial statements – Balance Sheet, Profit and Loss, Statement of Cash Flows, Equity
- General Ledger, Accounting Cycle and Accounting Standards
- Why billings do not equal revenues until final completion
- Controlling overheads with 1 simple factor
- Establishing annual profit plans with 3 simple numbers
- Financial ratios and analyses
- Risk management
- Labour productivity improvement strategies
- Exercises – cash flow forecast, project cash requirements, justifying asset additions, revenue versus billings, Balance Sheet, Income Statement, financial analyses and more
- Forecasting project cash flows
- Using Net Present Value (NPV) to evaluate major purchases
- Understanding financial terminology
- Using financial reports to make project decisions
- Why % completion accounting produces more reliable financial statements
- Using reports and analyses to monitor strengths and weaknesses
- The real costs of lost productivity
- Controlling overhead costs with gross profit factors
- Developing a profit plan and revenue goals with just 3 numbers
- Increased profits and improved cash flow
WHO SHOULD ATTEND
Every employee can benefit from this course especially those who influence profits:
- Department and division managers
- Project managers and coordinators
- Field supervisors
- Gold Seal candidates
FEE INCLUDES LUNCH - GOLD SEAL CREDITS - 2
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.