construction financial management association chicago chapter

Project Accounting Fundamentals and Best Practices

2026 Mini Conference Breakout Session I
7:45 - 9:10 am
1.5 CPE

Session Description:

Join us for an insightful panel on project accounting fundamentals and best practices. This session will break down key financial elements that drive successful project execution—from understanding contract terms to navigating payment applications and compliance requirements. Whether you’re an owner, contractor, or finance professional, you’ll gain practical insights to improve cash flow management, reduce risk, and streamline processes across your projects.

Key Takeaways:

• Contract Terms: Understand how clear, well-structured contracts set the foundation for accurate billing and financial control.
  
  
• Schedule of Values (SOV): Learn how to build and manage an SOV to track progress and support payment applications.
  
  
• Payment Application Process: Best practices for preparing, submitting, and reviewing pay apps to avoid delays.
  
  
• Prompt Payment Act: Key requirements and timelines to ensure compliance and protect cash flow.
  
  
• Lien Waiver Process: How to properly manage lien waivers to reduce legal risk and maintain transparency.

Presenters: Info coming soon