Financial Management for Contractors
Date(s): March 5, 2024
Time: 8:30am-4pm
Duration: One eight-hour session
Format: In-person (134 Eileen Stubbs Ave. Unit 103 Dartmouth, NS B3B 0A9)
Member Price: $650.00 + HST
Non-Member Price: $845.00 + HST
This course is Gold Seal accredited (1 Credit)
Overview: This program was designed for non-accounting personnel who are responsible for reviewing and monitoring small and medium sized contractor and subcontractor projects. Covering the basics of construction financial statements; break-even, set profit targets, analyze, create cash flows, and financial forecasts. Reviewing cost reports and ways to identify red flags, making sense out of the contract status report, and identify ways to mitigate and manage risk.
Attendees will develop a SWOT of their company, set KPI’s based on the topics learned in the course, and an action plan to deliver on it.
Topics:
1. Getting More Out of Your Financial Statements
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- Understanding revenue recognition in construction (main focus will be percentage of completion method)
- Understanding key terms in financial statements
- Tracking financial results over time
- Comparing financial results to industry averages
- Understanding & tracking key financial ratios and covenants
2. Financial Forecasts, Job Analysis and Cash Flow Management
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- Break-even and profit target analysis
- Job profit analysis (how to identify and focus on the money-making jobs)
- How to create job cash flow and integrate into company cash flow
- Tips on managing AR and AP functions effectively
- Tips on managing cashflow during good times, difficult times and crisis
- Creating a 2-year forecast
3. Cost reports, Risk Management and Strategic Planning
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- Understanding cost reports and identifying red flags
- Making sense out of the contract status report
- Mitigating risk and fraud
- Developing a SWOT (Strength Weaknesses Opportunities Threats) analysis for your company
- Setting KPI (Key Performance Indicators) based on the learning to date
- Developing an action plan over the next 12 months
Who Should Attend: Owner/operators, accountants, or lead administrators who are also in charge of accounting, project managers or operations managers looking to improve their understanding of the accounting function in construction. Accounting designation or degree is not required, but a general understanding of the accounting function in your business is recommended.
Facilitator(s): David Bortolussi, DMB Consulting Inc.
Cancellation Policy
-Cancellations must be received no later than 10 business days prior to the course date to be eligible for a 75% refund of registration fees.
-No refunds will be issued after this date.
-If you register for the course and do not attend, you are liable for the full registration fee unless you cancel according to the terms stated above.
-If you are unable to attend after registering you may send a substitute up to and including the day of the course. Please provide a name and email address for name tag and records.
-CANS reserves the right to cancel any course and will, in such an event, provide a full refund of registrations fees. Every effort will be made to give registrants a reasonable notice of cancellation.
-No liability is assumed by the organization for changes in course dates, content, speakers, or venue.
