Financial Management for Architects

Introduction

Picture your financially successful practice with continuous profitability and stable cash flow. You’re able to attract and retain great employees and confidently pursue work to keep doing what you love ⁠— architecture.

The Financial Management for Architects course is for professionals in the architecture industry who want to learn how to improve and efficiently manage their firm’s finances and profitability, make sound financial decisions and achieve their business goals. This includes owners, managers, architects, intern architects, engineers and designers.

This two-day course will lay a framework for understanding the financial and accounting operations, processes and concepts, needed to run and lead a sustainable architecture business.

Meticulously designed to address how professional design offices make their money, the course will teach participants how to read the numbers and understand financial management terms, strategies, and reports. Step-by-step, the course will guide participants into the comfort zone of actions and processes such as analysis, budgeting, setting billing rates, and integrating finance with other areas of the business.

The RAIC understands that architecture businesses are distinct. It has engaged and consulted industry leaders to develop courses specifically for architects in Canada.

Why Financial Management for Architects?

• Gain financial literacy for your practice
• Learn to read the data that factors into your financial decisions
• Gain the tools to manage and mitigate financial risks
• Master the tools that will shape the financial future of your practice

Learning Outcomes

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.