Set up in 2 - 1/2-day live instructor lead online training sessions (8:30am – 12:30pm each day) this seminar will cover the same content as the in-person seminar. There is no opportunity to re-schedule or request for a partial refund if a student cannot attend all sessions. Please plan to be fully engaged in the class and clear your work schedule just as you would for the in-class program.
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 to 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 the General Ledger.
- Be able to read financial statements: income statement, balance sheet, cashflow, job cost reports, etc. and make decisions on a timely basis.
- Be able to forecast percentage of completion reports: projected income statements, job costing and cashflow to satisfy internal and external stakeholders e.g., banks, bonding company.
- 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.
- 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 project budget vs actual, deficiencies and warranties.
Instructor: Tim Williams, B.Econ., MBA, CPA, GSC is the President of BGC Partners Inc. BGC Partners provides training services tailor made for the construction industry. Tim has worked with numerous construction companies for over twenty years. He is a Gold Seal Certified project manager. He is an experienced and sought-after trainer who has trained construction owners and managers on behalf of construction industry associations across Western Canada.
October 20, 2021 - 8:30 AM to 12:30PM Pacific Standard Time (PST)
October 21, 2021 - 8:30 AM to 12:30PM Pacific Standard Time (PST)
What previous participants have said:
“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.”
For support or inquiries, please email firstname.lastname@example.org or call 604-293-2339.
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, cell-phones may not be adequate.
- Windows 10 or Mac iOS
- Webcam – in order to engage and collaborate, participants will be expected to have their webcams on for the duration of the class
- 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. 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 - 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