BIS Safety Software
Project Accounting & Cost Control
Our Project Accounting and Cost Control course is aimed at construction company owners, project managers, project coordinators, estimators, accountants, and staff who wish to gain a comprehensive understanding of accounting processes specific to construction projects. The course will provide participants with the knowledge to create and interpret various construction financial reports, thereby enhancing the financial systems within their construction company.
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The Project Accounting and Cost Control course, a specialized program for those involved in the construction industry, aims to equip participants with an in-depth understanding of construction project-specific accounting processes. By the end of this course, participants will be proficient in designing and interpreting various construction financial reports, leading to an overall improvement in their construction company's financial systems.
Participants who complete the course will be eligible to receive 2 CCA Gold Seal education credits and 6 BC Housing CPD credits.
The Project Accounting & Cost Control course includes 7 video modules, providing 6 hours of expert-led instruction and resources.
Topics:
- Comprehend the various contract types in the construction industry and their impact on construction project financial management and stakeholder satisfaction.
- Gain insights into the estimating process from bid to award and site mobilization.
- Learn to decipher a General Summary Sheet of the bid and the steps to create a Project Budget.
- Understand the different Change Order methods within construction contracts and their implications for Change Order reporting.
- Link the site resources used in a change order to a Daily Extra Report and subsequently to the accounting system.
- Read and interpret financial statements: income statement, balance sheet, cashflow, job cost reports, and make timely decisions.
- Forecast percentage of completion reports: projected income statements, job costing, and cashflow to meet the expectations of internal and external stakeholders such as banks and bonding companies.
- Understand and calculate various financial ratios used to interpret financial reports and build company dashboards.
- Comprehend the holdback requirements of the Builder’s Lien Act and typical invoicing processes used at month end.
- Calculate aged accounts payable and receivables separate from holdback amounts.
- Understand the significance of payroll reporting and its link to the project schedule and labour productivity assumptions used by the estimating team.
- Grasp the importance of procurement internal controls and the different methods used for recognition of revenue and expenses.
- Understand the standard close out processes and the expected reports for project budget vs. actual, deficiencies, and warranties
Audience:
- Construction Owners
- Managers
- Estimators
- Supervisors
- Staff
Approximately 6 hours
Testing conducted in the duration of this online Project Accounting & Cost Control course is designed to reinforce the knowledge imparted. A minimum score of 80% is required to pass this course. Participants have up to three attempts to achieve the pass mark. A comprehensive student manual is available for download and printing, serving as a valuable resource for future reference and knowledge retention.
Upon successful completion of this online Project Accounting & Cost Control course, a certificate of completion will be available for download and printing.
Course Details
Course Length
This course will take roughly 360 minutes
Passing Mark
To pass this training course, you need to score 80% or higher on the quiz
Certificate
Upon the successful completion of this course a certificate with your name will be stored on your profile and available to print
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