The Construction Accounting and Financial Management Training Course is a highly focused training programme that provides a comprehensive overview of the complex financial aspects of managing construction projects. The Construction Accounting and Financial Management Training Programme has been developed by the Imperial Corporate Training Institute, and it is focused on the specific types of accounting systems, financial structures, and controls needed to effectively manage construction projects; construction accounting differs from general accounting in that it is typically based on long-term relationships between client and contractor, contracts, progress payments, change orders, retainage, and the changing costs of materials and labour during the life of the contract. The course was created to provide a structured way to develop a practical understanding of the processes that go into the development, monitoring, and reporting on construction finances throughout the entire life of the project.
Participants will have an extensive understanding of cost tracking, budgeting, financial reporting, and cost management within the construction environment. The Construction Accounting and Financial Management Course uses a practical, real-world approach that helps professionals understand how their financial decisions affect a project’s performance, its profitability, and its exposure to risk. No matter if someone is managing a single construction or multiple construction portfolios, the training course provides participants with an understanding of the financial tools that will allow them to better maintain control of their projects, forecast future trends more accurately, make sound management decisions at every stage of the project, and allow them to report back to their clients or stakeholders in a way that provides a full level of transparency at all times.
Objectives
The primary objectives of this training course are:
- Gain a Detailed Understanding of How Construction Business Accounting Principles and Financial Framework are Applied in the Construction Industry
- Continue to Develop a Stronger Understanding of How to Track Construction Costs and Monitor Costs
- Create a Budget for Construction Projects Based on Construction Project Lifecycle
- Have an Improved Ability to Create and Understand Construction Financial Statement
- Utilize Successfully Cost Control Methods to Minimize Cost Overruns and Financial Risks
- Understand Cash Flow Management and Payment Methodologies for Construction Projects
- Integrate Financial Accounting Information with Project Management and Project Control Systems
- Increase Financial Decision-Making Capability for Construction Projects/ Portfolios
Target Audience
This construction management training course is suitable for:
- Construction project managers and project coordinators
- Construction accountants and finance professionals
- Quantity surveyors and cost engineers
- Contract administrators and commercial managers
- Financial controllers working in construction organisations
- Site engineers involved in budget and cost responsibilities
- Business owners and directors of construction firms
- Professionals transitioning into construction finance or project financial management
- Auditors and consultants dealing with construction industry clients