Financial management course gives pros the tools they need to run a business
Financial management course gives pros the tools they need to run a business
Abstract
Dive Brief: A new college-level course aims to help construction pros understand an area in which many have little training: financial management. The free online course on the fundamentals of construction financial management is focused on the unique financial and accounting processes that keep construction businesses on track. The program, launched June 15 by New Orleans-based provider of construction payment technologies Levelset, covers how to create and read financial statements, manage transactions and cash flow and track company performance with financial data. Jonny Finity Permission granted by Levelset The term refers to people in the construction industry whose job includes financial and accounting tasks, but who do not possess formal training or education in those subjects. Small construction companies frequently turn to family or friends to run the office, do bookkeeping and perform general accounting tasks, without particular concern for their level of financial education or training, said Finity. Most accounting books, for example, do not cover the unique aspects of accounting specifically for the construction industry, such as long term contracts, retention and progress payments, to name a few, said Peterson. Steven J. Peterson Permission granted by Levelset Major takeaways from the course include how to understand a construction company's financial statements, including the unique differences between what you would see in a traditional statement and in construction, said Peterson.