360° View of WIP

360° View of WIP

Description
This interactive 360° View of WIP self-study course provides an in-depth view of the work-in-progress (WIP) schedule. Learn the basic accounting aspects of WIP, including how to calculate, account for, and reconcile costs, and explore the perspective of an internal analysis covering cash flow related to jobs, management and analysis tools, estimated cost to complete, and projecting future profits using budgeting and forecasting. Discover the significance of your WIP schedule from the third-party user’s perspective and why ensuring its successful performance is necessary to the credibility and success of your business.

Learning Objectives
Upon completion of this course, you will be able to:

  • Define and calculate WIP using the cost-to-cost method (CCM) and the percentage-of-completion method (PCM)
  • Demonstrate best practices for internal use and analysis of the WIP schedules
  • Explain how WIP schedules impact cash flow, budgeting, and forecasting
  • Describe how external analysis of the WIP by third-party users such as sureties, banks, CPAs, and others can have a profound impact on the business

Course Length
The estimated time to complete all three modules and the final exam is a maximum of three hours, depending on the pace of the learner.

CPE Information
Earn 3 CPE credits in the field of Accounting upon successfully completing this course and achieving at least 70% on the final exam.

CFMA Colleague Discount
If you are a CFMA member who would like to enroll someone at your company who is not a CFMA member, you can do so at a discounted rate. Please contact CFMA at education@cfma.org for more information.

CFMA Group Discount
If you are interested in registering a group of individuals at your company, please contact CFMA at education@cfma.org for group discount information.

Level & Prerequisites
This program is an online self-study course that was developed for construction financial professionals with zero to three years of experience in construction finance. No prerequisites or advanced preparation is required.

Tags:

On Demand
Members: $ 199.00
Standard: $ 279.00

CFMA's 2021 Hybrid Conference

CFMA's 2021 Hybrid Conference

CFMA has converted 26 conference sessions from their 2021 Hybrid Conference into CPE on-demand lessons. Each lesson has a video presentation with interactive questions and a final exam. You will now have 24/7 access to earn credits at your convenience. ** If you do not need the whole conference, you may also purchase individual lessons. To see what lessons are available for purchase, please click on the link**

Members: $ 799.00
Standard: $ 999.00

CFM Academy

CFM Academy

custom image

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 on each of the following topics:

Revenue Recognition
This module will explain the construction accounting terminology and provide an overview of the unique aspects of revenue recognition in the construction industry, the different methods of recognizing revenue, the methods used to calculate POC and earned revenue, how the POC and earned revenue details flow to the work-in-progress schedule, the impact of over/underbilling on financial statements, and the impact of change orders and claims on revenue recognition.

Cash Management
This module will provide an overview of the underlying theories that govern good Cash Management, the value of Cash Flow Management, the use of tools available for good Cash Management, the significance of using Cash Management internal controls, and methods of implementing sound Cash Management techniques.

Project Management
This module will provide an overview of the project life cycle from opportunity identification to project closeout phase, the documents that relate to the contract, the collaboration between project and finance teams to minimize the associated risks, the relevance of job start-up meetings that ease administration and boost profits, the importance of managers’ involvement and communication throughout the project, and the project closeout process.

Risk Management
This module will provide an overview of the relevance of risk management in the construction industry, the various insurance products and their application, risk management as part of the contract administration process from beginning to end of a project, the methods to effectively interface with both internal and external partners to make risk management a competitive edge for your company, and the life cycle of a company’s strategic risk management, project risk management, and insurance program management.

Contracts
This module will provide an overview of the purpose and importance of contracts, the types of contracts typically found in the construction industry, the different contract clauses and the contract clauses that can create problems, the efficient use of legal assistance, and the different methods of Alternative Dispute Resolution.

Work-in-Progress (WIP)
This module will explain how the WIP schedule is a critical supporting schedule to the income statement and is a dynamic business tool. It will also provide an overview of the key users of the WIP schedule and the significance of the WIP information, the importance of the job cost system, the role of the formal cost review process in the outcome of the WIP, the importance of successful change order management to project profitability, and the impact of poor forecasts.

Course Length
The estimated seat time to complete all the modules is a minimum of six hours but could be more depending on the pace of the learner.

Level & Prerequisites
The CFM Academy is an online self-study course that was developed for construction financial professionals with zero to three years' experience in the industry. No prerequisites or advanced preparation is required.


CPE information

CPE credits are not awarded for completing this course. Participants who score 85% on the final exam will receive a Certificate of Completion.

CFMA Colleague Discount
If you are a CFMA member who would like to enroll someone at your company who is not a CFMA member, you can do so at a discounted rate. Please contact CFMA at education@cfma.org for more information.

Standard: $ 575.00
Members: $ 236.00

CFMA's 2022 Annual Conference & Exhibition

CFMA's 2022 Annual Conference & Exhibition


CFMA has converted 14 conference sessions from their 2022 Annual Conference into CPE on-demand lessons. Each lesson has a video presentation with interactive questions and a final exam. You will now have 24/7 access to earn credits at your convenience. ** If you do not need the whole conference, you may also purchase individual lessons. To see what lessons are available for purchase, please click on the link**

Standard: $ 999.00
Members: $ 799.00

Construction Finance Essentials for Professional Service Providers

Construction Finance Essentials for Professional Service Providers

This interactive self-study course introduces the essentials of construction finance to professional service providers in the construction industry to help them better meet the needs of their construction clients. This course explores the financial elements of a construction project life cycle so service providers can appreciate what is important to their clients, when, and why. Providers will gain insights into how their clients track, monitor, communicate, and adjust while carefully balancing budgets and forecasting financials as the construction project evolves. The purpose of this program is to give professional service providers a better understanding of the crucial financial aspects of managing any construction project and how to help ensure it concludes successfully.

After this session, you will be able to:

  • Identify the elements of the financial statement that are important to construction companies
  • Describe work-in-progress (WIP) schedule elements and how they can affect project forecasting and the balance sheet
  • Explain how construction companies assess and manage project risk from the bidding/proposal stage through completion
  • Recognize how the contract language impacts billing and cash flow provisions
  • Describe how sound billing techniques relate to the schedule of values
  • Recognize the effects of successful change order management in determining construction project profitability

Level & Prerequisites

This online self-study course was developed for professionals with 0-3 years of experience working in or in service to the construction industry. No prerequisites or advanced preparation is required for this Basic Level program.

CPE Information

Earn 1 CPE credit in the field of Specialized Knowledge upon successfully completing this course and achieving at least 70% on the final exam.

Course Length

The estimated time to complete all four modules and the final exam is approximately 60 minutes, depending on the pace of the learner.

Who Should Attend

This course is for professional service providers who would benefit from a greater understanding of the financial aspects of construction projects, such as:

  • CPAs
  • Auditors
  • Tax specialists
  • Business consultants
  • Sureties
  • Bankers
  • Software
  • Other professionals who serve the construction industry

Tags:

On Demand
Members: $ 79.00
Standard: $ 99.00

Fundamentals of Construction Taxation

Fundamentals of Construction Taxation

This interactive course introduces the basics of construction industry taxation. You will be able to identify, interpret, and demonstrate essential knowledge of key taxation fundamentals to help ensure a more profitable and smooth construction project. Topics covered include contractor tax accounting methods, the Section 199A deduction for qualified business income, alternative minimum tax, and look-back interest.

Learning Objectives

After this session, you will be able to:

     · Define the common construction tax accounting methods and related terminology

     · Distinguish between income tax and alternative minimum tax (AMT)

     · Calculate the Section 199A deduction for qualified business income (QBI)

     · Determine if Look-back Interest applies and understand the calculation

     · Recognize different tax planning strategies

Level & Prerequisites

This Basic Level online self-study program was developed for professionals with 0-3 years of experience in construction finance and/or taxation. No prerequisites or advanced preparation is required.

CPE Information

Earn 1 CPE credit in the field of Taxes upon successfully completing this course and achieving at least 70% on the final exam.

Who Should Attend

This course is for construction financial professionals who would benefit from a basic understanding of construction project taxation, such as:

     · Tax Associates
     · CFOs
     · Controllers
     · CPAs
     · Accountants
     · Risk Managers
     · Other professionals with 0-3 years of experience working in construction finance

Course Length

The estimated time to complete all modules and the final exam is approximately 60 minutes, depending on the pace of the learner.

CFMA Colleague Discount

If you are a CFMA member who would like to enroll someone at your company in this course who is not a CFMA member, please contact CFMA at education@cfma.org for more information.

CFMA Group Discount

If you are interested in registering a group of individuals at your company, please contact CFMA at education@cfma.org for group discount information.

Tags:

On Demand
Standard: $ 99.00
Members: $ 79.00