The Practice Management Knowledge Community (PMKC) identifies and develops information on the business of architecture for use by the profession to maintain and improve the quality of the professional and business environment. The PMKC initiates programs, provides content and serves as a resource to other knowledge communities, and acts as experts on AIA Institute programs and policies that pertain to a wide variety of business practices and trends.
The purpose of this presentation is to provide a basic understanding of accounting principles used by the architecture and engineering industries. This is accomplished in webinar format utilizing definition or terms and examples of accounting documents and reports. In addition to Project Managers having this basic understanding, it is best that everyone in a firm understands key financial metrics and business indicators. This will provide a resource to help manage projects more successfully and connect project management with firm business management on a common platform.
After participating in this webinar attendees will be able to:
1) Understand and apply basic accounting terminology used by the industry.
2) Understand how rates, profit and multipliers are calculated and apply to financial metrics for monitoring projects and firm financials.
3) Understand the basics of setting up a budget in accounting are presented along with a demonstration of how and why a budget is updated during the course of a project.
4) Know how progress reports are utilized in the revenue recognition process and project status reports are used for consistent project monitoring.
Presenter: Stephen C. Evans, AIA, Owner of Stephen C. Evans Consulting, LLC
Moderators: Scott Kuehn, AIA, PMKC Advisory Group Member and David Barkin, AIA, PMKC Volunteer.
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