Business and financial management subjects are not taught in A&E college curriculum, and most architects and engineers are not skilled at reading financial reports and evaluating firm performance. In addition, many firms fall into the trap of not providing detailed financial data to project managers, causing them to run blind when it comes to making a difference in the profitability of their projects. In this course, you will learn basic financial management concepts and how they apply to the health of your firm. You will understand the purpose of standard accounting reports and financial statements, as well as the key performance indicators that are used to measure past performance and forecast future pipeline, backlog, revenue, and labor requirements. This course will provide A&E professionals with the ability to understand what goes into the financial planning for your firm and equip you with the foundation to make sound project management and staffing decisions.
This course is designed for any A&E professional that has a desire to understand more about the “business of the business” as well as for those that are on a career path to executive leadership.
- Gain an understanding about the basics of business strategy and the importance of developing a sound business plan
- Understand the company budget and the role it plays in measuring monthly performance
- Realize the importance of overhead in company profitability
- Understand the basics of cash and accrual accounting and why both are important
- Learn the importance of cash management in the health of the firm
- Appreciate the purpose and basic function of the Income statement and Balance Sheet to measure firm health and performance
- Calculate the KPIs used to measure company performance
- Recognize the importance of forecasting and where the numbers are coming from