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Introduction to Finance for Operations Staff

  • Room: Virtual
Wednesday,May 25, 2022:1:00 PM -3:00 PM

Speaker(s)

Speaker
Brad Dempsey
CEO & Founder
Solutions360 Inc.

Description

The integration business is getting more competitive every year. Understanding basic financial principles can be the difference in making sound operations decisions. You don't need to be an accountant to understand the fundamentals driving project, service and contract profitability. The purpose of this lecture is to introduce financial principles to operations staff so that you can better understand why your business makes the decisions it does, and how what you do impacts the finances.


Track(s)


Super Track(s)


Methodology

We'll start with some simple accounting and financial principles, and then focus on which ones are important to you and why.
What is job costing and why do we need it?
What are the most important KPI's for the project manager / supervisor / designers etc.?
How can you help improve you company's cash flow?
WBS has many uses, and one important one is financials analysis.
Why do we need change orders?
What types of change orders are important?
Every financial discussion will relate back to what you do in operations.

Learning Objectives

1. Explain the basics of accounting in a way that non-financial people can understand
2. Investigate why knowing the financial side of a project can help you make better decisions for your customer and your company
3. Identify to effectively communicate with, and understand what your accounting staff is looking for