Financial Management for Architects - June 19-20, 2020
The finance management course will introduce key concepts for financial literacy and provide a comprehensive in-depth understanding of important terms, strategies, and reports. Simply put, this course will explore an architect's role in managing firm operations and finances.
Key actions and ongoing processes such as analysis, budgeting, setting billing rates and integrating finance with other areas of the business will be presented and discussed. By the end of this course, participants will learn that providing high-quality architectural design services, and managing a successful and profitable business, are not mutually exclusive.
This course is not only for architects, interns, project and finance managers in practice but also to public sector professionals involved in the financial management of architectural projects.
Participants will gain knowledge for efficient financial management when it comes to owning, operating, and managing an architectural practice.
They will be able to:
• Define key terms, concepts, and frameworks.
• Define appropriate roles concerning financial management within an architectural practice.
• Evaluate, read, and interpret financial statements and reports, including balance sheets and income statements.
• Analyze financial statements to understand the financial situation of the business.
• Apply financial tools, including interpreting reports for data and calculating key financial ratios and key performance indicators.
• Navigate and address complex financial situations by creating and developing financial strategies and tools.
• Appraise financial situations and propose methods for addressing and mitigating financial risks and issues.
• Make high-level firm decisions based on first-hand financial analysis and assessment.
Basima Roshan, CPA, MBA
Associate Principal, Innovia Partners, Toronto, ON
Basima is a proficient financial advisor to owners of architecture practices and other creative businesses. She is a recognized speaker for Canada's architecture, engineering, and construction industry, delivering programs in talent and financial management. Basima develops strategies and approaches to business management that serve their financial, creative, and strategic objectives. She guides clients through the changes in structure, processes, and people needed to address business and market challenges.
RAIC Members: Early Bird Special - register by June 4: $500; After June 4: $600
Non-members (register any time): $700
All fees exclusive of GST/HST
Continuing education learning hours: 11
Registration Deadline: June 17, 2020, at 4:00 p.m. ET.
This two-day course begins with an introduction to finance and accounting, focussing in detail on finance management and analysis, and concluding with a step-by-step hands-on finance calculation in a normal business cycle.
Introduction to Finance and Accounting:
• Fundamentals of business
• What makes a business succeed or fail?
• Sole proprietorship, Partnerships, and Corporations
• Finance and accounting concepts and principles
• Accounting cycle and Internal controls
• Key terms and definitions
• Financial statements: Balance sheet, Asset and Liability, Income and Expenditure, Cash flow statement
• Role of principals, owners, and consultants
• Integrating accounting with marketing, project budgeting, HR and operations
• AR and AP management
• Projecting Revenue & Expenses
• Calculating firm’s profitability, efficiency, and liquidity ratios
• Advantages and limitations of financial ratios
Application of Learning:
• A practical experience to participants, be involved in a step by step process using cases, handouts and calculations as they face a normal business cycle.
• Case studies with sample financial statements to calculate KPIs for architecture firms and solve common business problems
This course is offered in English only.
*Purchase of webinars and events are non-transferable.