CFMA Education - The Basics of Construction Accounting Class

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 Objectives
• Learn:
• Job costing and why it is the backbone of your financial system
• WIP reporting
• Over and under billing
• The most important elements of a contractor’s financial statements
• The language of construction accounting
• Job management and the contract lifecycle - problem-solving and controls
• Effective equipment costing & how to recover costs from your jobs
• The value of linking project management with accounting
• Elements of financial statements
• Fundamentals of revenue recognition

Who should attend:

• Accountants and CPAs new to the construction industry
• New construction financial managers & controllers
• Accounting department support staff
• Project managers
• Construction managers
• Risk & IT professionals
• Financial services providers
• Owners

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Presented by: Linda Clifford and Tim Long

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

Tim Long, Controller, Vasko Electric

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 Mark III and now works for Vasko Electric.

Tim is involved with CFMA’s Sacramento chapter, currently serving as the vice president. He has presented at chapter luncheons, regional conferences, and at CFMA’s National 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

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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

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Host or Publisher CFMA Sacramento