PROJECT ACCOUNTING PROFICIENCY

Live-Online Training: N135,000
Classroom Training: N 165,000
3 - 4 participants: 5% discount
5 or more participants: 10% discount

(Available also for Customised Training by Duration, Venue & Fee)

Programme Description

The proficient Project Accountant must master the art of budgeting, a spending plan and an efficient delivery of a project. That’s the way he/she can ensure the project team has the resources they need to deliver quality results.

Benefits of the Training

All participants in this course will gain:

• A good exposure to Project Management
• How to stay updated on project progress and profitability
• How to improve project resource management
• How to identify issues with projects and respond quickly
• How to get project team to understand cost and profitability consequences.

Course Contents

DAY ONE

Basic Project Management Skills

• Bids, project scope and costs
• Accountant’s Support to Project Team
• • Tracking Compliance
  • Payments
  • Job status/cost review and modifications
  • Reports.
• Financial Accounting vs Project Accounting
• • Real-time updating of Key Performance Indicators
  • Navigating material, labor, time and other project challenges
  • Setting start and end dates
  • Reporting based on deliverables
  • Challenges of scope creep - not included in the pre-set project scope
  • Documenting which resources were used for what
  • Continually reviewing the project budget and resources 
• Project Accounting Principles
• • Cost principle
  • Matching principle
  • Consolidation principle
  • Prudence principle
  • Control principle
  • Resource allocation principle

DAY TWO

Project Budget Creation Process

• Project financial forecasting
• Staffing, work plans, and fee structures
• Job Cost and Contract Status management
• Managing staffing, work plans, and fee structures 
• Preparing actual costs, working capital.

Project Financial Performance Information & Reports

• Preparing actual costs, working capital and tax 
• Providing project managers and clients with timely financial reports
• How projects can run out of resources 
• Project cost overruns
• Pre-billing reports for project managers to review 
• Monitoring receivable income and collections

Revenue Recognition

• Sales basis
• Installment basis
• Percentage of Completion
• Completed contract
• Assessing project profit margin.

DAY THREE

Project Operations Bookkeeping

• Ensuring a steady cash flow
• Work scope and cost controls
• Paying consultant, subcontractor, vendor, and supplier bills
• Updating contracts and associated budget amendments
• Consistent billing operations
• Bills payments - consultants, subcontractors, vendors, and suppliers
• Account Receivables.