CFMA Education - The Basics of Construction Accounting Class

5370 Elvas Ave,Sacramento CA 95819

24 October, 2022

Description

Bridge the PM / Accounting divide and how to understand and communicate job performance. Discover the key processes that make construction accounting unique, including job costing, WIP reporting, over and under billing and the most important elements of a contractor’s financial statements. Attendees who complete this workshop will earn 8 CPE credits in the field of accounting. No advanced preparation or experience is needed to attend, although an understanding of accounting principles is recommended. This workshop will discuss the following: Learning ObjectivesLearn:Job costing and why it is the backbone of your financial systemWIP reporting Over and under billing The most important elements of a contractor’s financial statementsThe language of construction accountingJob management and the contract lifecycle - problem-solving and controlsEffective equipment costing & how to recover costs from your jobsThe value of linking project management with accountingElements of financial statementsFundamentals of revenue recognitionWho should attend: Accountants and CPAs new to the construction industryNew construction financial managers & controllersAccounting department support staffProject managersConstruction managersRisk & IT professionalsFinancial services providersOwners______________________________________________________________________________________________ Presented by: Linda Clifford, Rod Barbour, Tim Long, & Gordon Spector Linda J. Clifford, Owner & Consultant, Clifford Consulting Linda’s experience spans decades of construction industry work including strategic planning, finance, accounting, surety, banking, risk management, business development, and project management. She also designs mentoring models for the industry including design, implementation, assessment, and continuous improvement training in finance, communications, and reporting for successful construction operations. She served 15 years as Chair and commissioner of the California Uniform Construction Cost Accounting Commission, is currently a member of AGC, NAWIC, WCOE, and NACD, and is a founding member of CFMA Sacramento. She holds a B.S. in Business Management, MBA in Accounting, and is a Construction Management graduate from UC Davis and UC Berkeley Advanced Management Program Haas School of Business. Ms. Clifford holds both A & B General Contractor Licenses and a Real Estate Broker’s License in the State of California. Connect with Linda Rod Barbour, Executive Vice President, Chief Financial Officer Current CFO and EVP Rod Barbour has been with Lawson Mechanical since 1978 and has served on its BOD since 1983. He oversees the financial matters of the company and its affiliates, including surety and banking relationships, risk management, human resources, and contract management. Rod holds a BS in Business Administration and is a California licensed CPA. Rod is a founding member of CFMA Sacramento, has been a CFMA instructor for over 20 years, and has served on a variety of construction and financial boards and foundations in the area including SRBX, CIEF, the Pipe Trades Trust Funds, APMC, and the Fiscal Insurance & Risk Management Committee of the AGC of California (FIRM). Additionally, he is a past instructor of the Construction Accounting and Contract Management Course for the UC Davis Construction Management Program. Connect with Rod Tim Long, Controller, Mark III Construction Tim’s love of numbers goes back to his Cookie Monster Cookie Counter that he had as a toddler. He graduated from BYU with Bachelors and Masters degrees in accounting. He began his professional career in Sacramento with the accounting firm KPMG. Tim entered the construction industry when he went to work for one of his firm’s clients, Teichert – a heavy & highway contractor. After a few years on the financial accounting team there, Tim went into the MEP subcontractor world as a Controller. He worked for Lawson Mechanical and now works for Mark III Construction. Tim is involved with CFMA’s Sacramento chapter as a member of the content committee. He has presented at multiple chapter luncheons and at a regional conference. He currently teaches WIP and Excel classes for AGC of California. Outside of work, Tim loves spending time with his wife and four kids. He enjoys sports and hiking. Tim also actively serves in his church. Connect with Tim Gordon Spector, CPA, CCIFP, CFO, Schetter Electric, LLC Gordon has worked in the construction industry since 2004. He currently holds the CFO position at Schetter Electric managing the accounting department and overseeing IT, risk management, banking and human resources. During the past several years, Gordon has led successful ERP software conversions and business process improvement initiatives at both Schetter and Swinerton. Additionally, he has been a speaker at American River College’s “Careers in Accounting” course, co-instructed the CCIFP Exam Overview Seminar, and presented on topics such as “Subcontractor Pre-qualification Best Practices” at CFMA Program Meetings. Gordon has served as Chapter President of CFMA Sacramento (2008-2010), on the board for over six years, and is currently active on the Membership Committee. He has also been involved in committees at CFMA National and AGC. In 2020, Gordon was awarded the chapter’s CFO Of the Year Award. Connect with Gordon ____________________________________________________________________ The Construction Financial Management Association (CFMA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org