Project Accounting with a
Focus on Bills of Quantities
(BOQs)
18 – 22 November 2024
Sandton Centre
Johannesburg South Africa
Register Now! Limited Seats Available!
R19, 999.00 Per Delegate
Course overview
This course offers a thorough exploration of accounting practices within the construction industry, emphasizing the critical role of Bills of Quantities (BOQs). Participants will learn to navigate the complexities of financial management in construction, including cost estimation, budgeting, and financial reporting. Practical exercises and real-world case studies will provide hands-on experience, ensuring that attendees can apply their knowledge directly to their professional roles. The course is designed for a range of professionals involved in construction, from project managers to accountants, providing valuable insights and skills to improve project financial outcomes.
Course Objectives
- To provide a comprehensive understanding of construction accounting principles and practices.
- To equip participants with the skills to prepare, analyze, and manage Bills of Quantities (BOQs).
- To enhance the ability to control costs and manage finances in construction projects.
- To familiarize participants with the use of software and tools in construction accounting.
- To understand the regulatory and taxation aspects relevant to the construction industry.
Who Should Attend
- Construction project managers and planners
- Cost engineers and quantity surveyors
- Accountants and financial controllers in the construction industry
- Contractors and subcontractors
- Business owners and executives involved in construction projects
- Anyone interested in gaining a deeper understanding of construction financial management
Course Outline
Introduction to Construction Accounting
- Overview of the construction industry and its unique financial challenges
- The role of accounting in construction projects
Basics of Accounting in Construction
- Key accounting principles and concepts
- Understanding financial statements: Balance Sheet, Income Statement, Cash Flow Statement
Introduction to Bills of Quantities (BOQs)
- Definition and purpose of BOQs in construction
- The structure and format of BOQs
- The role of BOQs in cost estimation and project management
Detailed Analysis of BOQs
- Preparation and breakdown of BOQs
- Understanding measurement units, descriptions, and cost components
- Pricing and costing in BOQs: direct and indirect costs
Cost Management and Control
- Budgeting and forecasting in construction projects
- Cost tracking and variance analysis
- Managing project cash flows
Accounting for Project Revenues and Expenses
- Revenue recognition in long-term contracts
- Handling variations, claims, and contingencies
- Understanding retention, advance payments, and liquidated damages
Financial Management and Reporting
- Preparing financial reports specific to construction projects
- Project performance analysis: Key Performance Indicators (KPIs)
- Financial decision-making and risk management
Software and Tools for Construction Accounting
- Overview of popular accounting and project management software
- Integrating BOQs with accounting systems
- Using software for cost control and reporting
Taxation and Regulatory Compliance
- Tax implications in the construction industry
- Compliance with local and international accounting standards
- Legal aspects related to construction contracts and BOQs
Case Studies and Practical Applications
- Real-life case studies illustrating best practices in construction accounting
- Group exercises on BOQ preparation and cost analysis
- Practical tips for managing financial aspects of construction projects
End of the workshop
IN HOUSE AND ONLINE TRAINING
While both In-House and Online training can present with cost-effectiveness and time-efficacy, there are some very specific differences between in-house courses and those based online.
The demand for additional courses by individuals or groups of people is increasing. Still, it depends entirely on the preferences of a person what type of training he or she wants to receive. Online courses and in-house training carry some similarities but they are considered to exhibit some very pivotal differences too. Despite that, both types of learning can be really beneficial for attendees.
For Registration and other Training arrangements,
contact us on the detail below.
SOUTH AFRICA : +27 11 057 6001
TANZANIA Cell: +255 769 688 544
WhatsApp +27 79 574 0389
info@bmktraining.co.za / www.bmktraining.com
