Course details

Overview

Content

Training Methodology

Overview ?

Course Description

Projects are becoming prevalent in all aspects of business. Effective project managers have complete command of their project costs. This5-day course reviews the fundamentals of project accounting and its relation to budget; examines project cost accounting principles, applications, and impact on profitability; examines the principles of activity based costing; covers the elements involved in cash management; introduces the framework for how projects are financed and the potential impact financing has on the projects.

Course Goal

To enhance the participant’s knowledge, abilities and skills necessary to understand and apply the concepts, principles, policies, and methods of project accounting and control and its relation to budget in Oil and Gas Companies.

Course Objectives

By the end of the course the participant will be able to:

Understand the meaning and contents of chart of accounts
Understand profit planning and strategic planning,
Prepare project Budget
Understand project cost accounting principles, applications, and impact on profitability.
Examines the principles of activity-based costing
Determine the elements of cash management.
Introduce the framework for how projects are financed and the potential impact financing has on the projects

Course Outline

Accounting: An Overview:

Chart of accounts: assets, liabilities, capital, income, expenses (direct, indirect …etc.),
Profit planning and strategic planning
How to Read Financial Statements?

Budgets

Definition of Budget
Budget Assumptions and Budget Preparation
Budget Formats
Budget and Work Programs Approval
Short and Long-Term Budgets
Revised Budget

Project Cost Accounting

Time and expense reporting
Cost account coding,
Obligations and costs
Time analysis
Expense analysis
Progress reporting (% of completion vs. planned/ costs vs. budget/ schedule vs. plan)
Accounts receivable (age analysis)

Cash Management

Invoicing/billing
Impacts of the terms in the contracts
Impacts on the business
Cash flow planning

Financing:

Sources of financing
Rudiments and concepts
Security
What makes deal work?

Who Can Benefit?

Controllers, senior finance managers, executives, Accountants and those with expertise in their own fields who need to acquire expertise in financial management

Day 1

Asset Cost Management Introduction

Definitions of reliability, maintenance & asset management
The total cost of maintenance
Best practice reliability and maintenance processes
Elements of asset management best practice
Auditing performance
Overview of TPM, RCM, BCM, QCM, and other asset management buzzword
Open discussion sessions

Day 2

Laying the Groundwork

Day 3

Applying the Value based Process

Day 4

Ensuring the Continuity of the Value-based Process

Day 5

Supporting Process that Lower Life-cycle costs

Training Methodology

Pathways Training and consulting adopts the newest techniques of human resources Training and consulting and, with the following:

Theoretical lectures are delivered via PowerPoint and visual displays (videos and short films)
Making scientific evaluation to the trainee (before and after)
Brainstorming and role-playing
Using case studies related to the scientific material being delivered and the trainees' work.
The participants get the scientific and practical material printed and on CDs and Flash memories.
Preparing records and reports of the participants' attendance and results, with a general evaluation of the training program.
A group of the best trainers and experts in all fields and specialties professionally prepares the scientific material.
After finishing the course, the participants get certificates of attendance signed, certified, and issued by pathways Training and consulting.
Our training programs start at 9:00 o'clock in the morning and end at 2:00 in the afternoon, with snack buffet during the lectures.
Providing a lunch buffet during the training program period, with organizing a lunch party on the training program final day for taking some photos and certificate awarding.