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 eg., 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.