About This Course
Construction industry accounting differs substantially from other industries in many respects. This course focuses mainly on unique characteristics and practices inherent in accounting for construction projects and construction organizations. Students will work with industry-standard financial tools proven to reliably assist project management professionals in forecasting, managing, tracking, and reconciliation of construction projects. This course will provide in-depth exposure to information contained in "management dashboards" used by executive and operational level construction managers, estimators, accountants and project managers on a daily basis.
A key component of project management staff responsibilities is to ensure profitability of managed projects for their organization and firm stakeholders. Construction accounting and its lingo are the language of construction businesses. The nature of the construction industry requires more than a generic accounting background. It requires an in-depth knowledge of the industry's unique accounting concepts and interdependencies. This course capstones accounting education necessary for novice construction team members and provides professional theory and language for seasoned construction managers.
Sample textbook: Construction Accounting and Financial Management, third edition, Steven J. Peterson, Pearson.
Sample course topics: Construction financial management, accounting systems, committed/uncommitted costs, contract status, managing costs, determining labor burden, depreciation, time value of money, and setting profit margins.
MBA, University of St. Thomas; BS, business administration with a construction management concentration, Minnesota State University, Mankato
LEED AP, ASHE
Dwight Elthon’s construction resume includes laborer, carpenter, estimator, senior estimator, project manager, senior project manager, project director, and his current position as senior construction operations manager for Allina Health. He has also worked with construction industry leaders M.A. Mortenson Company, Mayo Clinic Facilities Project Services, McGough Companies, and Kraus Anderson. Dwight is an expert in infection control procedures, interim life safety measures, and CGMP construction protocols. His teaching style stresses leadership and real-world connections.
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