Staying ahead of the competition requires a deep understanding of both sides of the financial equation—Accounts Payable (AP) and Accounts Receivable (AR). In this session, speaker Ian Wagner will guide attendees through key processes in procurement and billing that directly impact operational efficiency and financial performance. The first half of the session focuses on leveraging AI and digital tools to streamline purchase order processing and bill reconciliation, while emphasizing the importance of accurate recordkeeping. The second half will explore AR strategies, including effective revenue recognition practices, down payment handling, and AIA-style billing methods. This session equips participants with practical skills to enhance both accounting accuracy and overall business performance.

Credits: 1 LU | ELECTIVE AIA; 0.1 ICC CEU

At the end of this session, attendees will:

1. Explain how AI and digital tools can be used to improve efficiency in purchase order processing and bill reconciliation.
2. Apply best practices for itemizing purchasing records to support accurate reporting and informed decision-making.
3. Understand key revenue recognition methods, including how to properly account for down payments and progress billing.
4. Differentiate between standard invoicing and AIA-style billing to enhance accounts receivable management and project cash flow.