Train My Staff
This course created for those looking for an in-depth view of the Work in Progress (WIP) schedule. The first half of the course will cover the basic accounting aspects of WIP – how to calculate, account for, and reconcile costs. In part two we will explore the perspective of an internal analysis covering cash flow related to jobs, management and analysis tools, estimated costs to complete and projecting future profits using budgeting and forecasting. Finally, you will learn the significance of your WIP schedule from the third party user’s perspective and why ensuring its successful performance is necessary to the credibility of your business.
Prerequisites:
This is a group-live program at the Intermediate level. A solid understanding of construction accounting and CFMA’s Basics of Construction Accounting course are recommended prerequisites.
Program Outline:
- WIP Accounting
- Internal Analysis
- External Analysis
Upon completing this course, you will be able to:
- Define the work in progress (WIP) and percentage of completion (PCM) accounting methods;
- Demonstrate best practices for internal use and analysis of work in progress (WIP) schedules;
- Identify external analysis of how 3-party uses such as sureties, banks CPA’s and others to analyze your work in progress.
CPE Credit:
This course earns 4.0 CPE credits in the field of Accounting.
Who Should Take This Course?
Controllers, CFOs, Project Managers, Project Estimators, and anyone who needs a better understanding of a WIP schedule.
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Learn how to use acceptable accounting and reporting practices to your company’s advantage and familiarize yourself with sample contractor financial statements. In this program, we will cover associated accounting issues, control and allocation methods for overhead, benchmarking and effective performance measures, classification of direct and indirect contract costs, and recent FASB pronouncements and exposure drafts.
Program Outline:
- Selected Financial Statement Accounting Issues
- Control & Allocation Methods for overhead
- Benchmarking & Effective Performance Measures
Upon completing this course, you will be able to:
- Distinguish what constitutes acceptable accounting and reporting practices for contractors;
- Recognize contractor financial statements, their uses, and their users;
- Compute and interpret key financial ratios needed for benchmarking; and
- Classify various direct and indirect contract costs.
CPE Credit:
This course grants 4 CPE credits in the Field of Accounting to eligible participants.
Who should take this course?
CFOs, Controllers & CFMs with less than 3 years on the job, Construction financial and accounting managers, Construction company owners, accounting department support staff who need a better understanding of construction accounting principles and reporting requirements, accounting professionals who need a better understanding of construction accounting principles and reporting requirements.
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The Construction Financial Management Association (CFMA) CFM Academy is an online self-study course developed for professionals who have zero to three years' experience in construction finance. The course is divided into six modules that provide in-depth learning. Click Here for more information
CFMA’s Basics of Constructing Accounting course for CFMA chapters is new and improved, featuring up-to-date information, a user-friendly design, and many added benefits! The Basics of Construction Accounting Workshop is designed for accounting professionals new to the construction industry as well as non-accounting construction industry professionals who want or need a better understanding of construction accounting processes, construction cost management systems, job costs and job cost reporting, the WIP, and the most important elements of a contractor's financial statements. This one-day class presents an introduction to the key processes that make construction accounting unique.
Prerequisites:
This is a group-live program at the Basic level. No prerequisites or advance preparation required.
Upon completing this one-day workshop, you will be able to:
- Identify key construction accounting principles.
- Explain the core points of revenue recognition.
- Discuss the importance of a job cost system.
- Calculate earned revenue.
- Identify what a construction company expects from its financial manager.
- Use industry data to benchmark your company.
Here's what’s covered:
- Industry Overview – The who, what, when & why of the construction industry
- Terminology & Authoritative Resources – Where to get the answers & what those answers mean
- The Contract Life Cycle – What happens when during this cycle that drives our business
- Elements of Financial Statements – What are yours saying about your company?
- Job Cost Reporting – What it is, what it isn’t, how to allocate costs, how to structure reports
- Revenue Recognition – Contract value, percent complete, what drives the WIP, the effect of change orders
- Computing Earned Revenue – What it is & how to compute it
- Cost in Excess/Billing in Excess Analysis – The ABCs of CIE & BIE
- Financial Statement Preparation & Analysis – What to look – and look out – for
- Cost Reporting Analysis – Tying together all you’ve learned
- What’s Expected of YOU?
- Unique Policies & Practices
- Industry Benchmarks
- And more!
CPE Credit:
This is an 8-hour course which earns 8 CPE credits in the field of Accounting.
Who Should Take This Course?
Accountants and CPAs new to the construction industry; New Construction Financial Managers & Controllers; Accounting Dept. Support Staff; Project Managers, Construction Managers, Risk & IT Professionals, Financial Services Providers, Owners, and anyone who would benefit from an understanding of the fundamental construction accounting processes.
Here’s what you can expect:
“The Basics” Workshop begins with an overview of the construction industry, then moves from the contract life cycle to job costing issues to financial reporting concerns and beyond. The workshop uses a sample contractor, a variety of problems, and several exercises that enable participants to evaluate real-life situations. But, this is not purely a "textbook course." As a participant, you are encouraged to share your own perspectives and to trade “war stories” during the case studies and general discussion segments of the program. You’ll come away with a deeper and broader understanding of construction accounting and financial management.
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This course is designed for accounting professionals new to the construction industry, as well as non-accounting construction industry professionals who want or need a better understanding of construction accounting processes, construction cost management systems, job costs and job cost reporting, the WIP, and the most important elements of a contractor's financial statements. This eight-hour course provides an introduction to the key processes and practices that make construction accounting unique.
Prerequisites:
This is a group-live program at the Basic Level. No prerequisites or advanced preparation required.
Upon completing this one-day workshop, you will be able to:
- Identify key construction accounting principles.
- Explain the core points of revenue recognition.
- Discuss the importance of a job cost system.
CPE Credit:
This course earns 8.0 CPE credits in the field of Accounting
Who Should Take This Course?
- Accountants and CPAs new to the construction industry
- New Construction Financial Managers & Controllers
- Accounting department support staff
- Project Managers
- Construction Managers
- Risk & IT Professionals
- Financial Services Providers
- Owners
- Anyone who would benefit from an understanding of the fundamental construction accounting processes
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Covid-19 will have an impact in construction far past 2020. Now more than ever contractors are seeing the impact of not having an information bridge to connect field and office. Accurate, real-time project information is essential to identifying jobs that are at risk for profit fade and to remain competitive in these current conditions. Despite advancements and its investment in technology, your organization may continue to struggle with the inefficiencies and information gaps resulting from tolerance for multiple tools and individuals' manual processes. Join us to learn how you can bridge the gap and effectively integrate field data collection processes into a back office single source of truth for project status information.
Upon completing this one-day workshop, you will be able to:
- Understand your organization's priorities for increased accountability, transparency, and efficiency in its project management practices.
- Begin a conversation with project managers about how to best migrate from individual, manual processes to a secure, integrated enterprise solution.
- Develop a collaborative pan to engage your field personnel to deliver data that bridges the information gap between field operations and management.
CPE Credit:
This course earns 1.0 CPE credits in the field of Information Technology.
Did you know that it’s possible for a construction company’s Controller/CFO to generate more profit for the company than a PM does on a construction project? It’s true. Effective cash management is the key. This course covers the cash flow life cycle, ways to optimize cash flow, and cash forecasting techniques.
Prerequisites:
This is a group-live program at the Basic level. No prerequisites or advanced preparation required. A basic understanding of construction accounting & financial management is recommended.
Program Outline:
- The Cash Flow Life Cycle
- How to Optimize Cash Flow
- Cash Forecasting
Upon completing this course, you will be able to:
- Explain the value of cash flow management
- Establish and use internal controls
- Recommend and apply sound cash management techniques
CPE Credit:
This is a 4-hour course that earns 4.0 CPE credits in the field of Management Advisory Services.
Who should take this course?
People new to the industry or new to job costing, CFOs, Controllers & CFMs with less than 3 years’ experience, Construction financial & accounting managers, Accounting personnel, Construction company owners, CPAs who need a better understanding of cash management as it pertains to construction companies, and professionals in other areas (Surety, Insurance, Banking, etc.) who need a better understanding of sound cash management principles as they pertain to construction companies.
You don’t need to be a lawyer to read a contract (though you absolutely want one to), but you do need to understand what you are reading. You also need to understand the major differences between the AIA documents and the new Consensus DOCS. This course will help you learn which clauses to look out for so you can protect your company’s bottom line.
Prerequisites:
This is a group-live program at the Basic level. No prerequisites or advanced preparation required. A basic understanding of construction accounting & financial management is recommended.
Program Outline:
- Contract Basics
- Construction Contract Subjects
- How the Deal Can Change
- Defaults, Claims and Remedies
- Owner Architect Agreements
- Construction Liens
- Contract Boilerplates
Upon completing this course, you will be able to:
- Understand construction contracts;
- Understand how contracts shift risk;
- Identify clauses that may be unforseeable and why;
- Recognize contract clauses that can hurt you;
- Propose specific language to manage your risk;
- Modify contract language to your advantage;
- Select the standard clauses you should use;
- Use your lawyer more efficiently
CPE Credit:
This is a 4-hour course that earns 4.0 CPE credits in the Field of Business Law.
Who should take this course:
CFOs, controllers, contract administrators and contract negotiators at all levels of experience, Construction company owners and members of leadership team, Superintendents, project managers and other in-house staff who monitor or apply contract language on a job, and Risk management personnel who assess contract risks.
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The success of a construction project results from the contributions and strength of the entire team -- including the financial manager. It requires open communication, understanding and collaboration. Managing, tracking and forecasting the financial results on a construction project require understanding each phase of the project. This program teaches construction financial professionals the language of construction project management, how the information available relates to each phase of the project, and provides an expert’s insight on what can go wrong. This course will take you on a journey through a sample job and map it through every project phase including making adjustments and alignment of financials/data, and how to best collaborate with the project manager to deliver the most profitable results.
Prerequisites:
This is a group-internet based program at the Basic Level. No prerequisites or advanced preparation required. A basic understanding of construction accounting & financial management is recommended.
Program Outline:
- Introduction to Project Management
- Phase 1: Project Selection & Acquisition
- Phase 2: Contract Award
- Phase 3: Contract Performance & Managing the Process
- Phase 3: Change Orders
- Phase 4: Contract Completion
- Wrap Up / Q&A
Upon completing this course, you will be able to:
- Explain the structure and activities required for successful project management.
- List the project management steps and discuss the importance of collaboration with other construction project stakeholders.
- Identify potential project risks at all stages of the process.
- Describe all aspects of the Contract Life Cycle including all facets of project bid, acquisition, contract initiation, construction and completion, including both operational and financial aspects.
- Discuss opportunities to improve communication to enhance project performance and safety.
- Implement lessons learned, and incorporate proven principles and best practices for successful project management.
CPE Credit:
This program provides 1 CPE credit in the field of Finance and 3 CPE credits in the field of Management Services.
Who Should Take This Course?
Financial managers and other professionals who work with construction projects and/or interface with project managers, operations, risk/insurance, and legal departments. It is also ideal for those individuals who may have managed financials for non-construction related industries and may also include surety, banking and insurance professionals.
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CPAs in public practice are learning the nuances of the New Revenue Recognition Standard, ASC Topic 606, Revenue from Contracts with Customers, as it relates to accounting for construction companies. By taking this course, contractors, CFMs, business owners, project managers and estimators will learn about the new Revenue Recognition standard and how the new information impacts job cost accounting and financial reporting.
Prerequisites:
This is a group-internet based course at the Overview level. At least three years of industry experience and a basic understanding of construction accounting and financial management are recommended.
Upon completing this course, you will be able to:
- Identify performance obligations
- Know why and how to identify contract modifications and cost
- Learn acceptable measures of progress
CPE Credit:
This course earns 8.0 CPE credits in the field of Accounting
Who Should Take This Course?
Financial managers and other professionals who work with construction projects and/or interface with project managers, operations, risk/insurance, and legal departments. It is also ideal for those individuals who may have managed financials for non-construction related industries and may also include surety, banking and insurance professionals.
Learn how to design and implement an effective risk management strategy for a construction company. This course is an introductory level course that is 4 hours and earns 4.0 CPE credits.
Prerequisites:
A basic understanding of the construction project process and construction accounting and financial management.
Program Outline:
- Insurance
- Project Bidding
- Safety/Loss Control
- Claims Management
- Contract Administration
- Legal Issues
Upon completing this course, you will be able to:
- Discuss practical techniques for risk management
- Design an effective risk management strategy for your company or customer
- Explain the insurance renewal process
- Manage the "insurance year"
Who should take this course?
- CFOs, Controllers & CFMs with less than 3 years' experience
- Project Managers
- Risk Managers
- Safety Officers
- Construction financial and accounting managers
- Accounting and risk department support staff
- Accounting professionals who need a better understanding of construction risk management requirements.
- Professionals in other areas (Risk, Project Management, IT, etc.) who need a better understanding of construction risk management requirements.
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Educational Partner
CFMA is proud to recognize and thank Sage for being our Educational Partner