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