An accurate and timely Work-in-Progress (WIP) report is one of the most essential tools a contractor can use to optimize profitability. WIP reporting provides construction companies and their CPAs with the insight needed to determine if active jobs are underbilled or overbilled allowing them to proactively manage jobs.
In this session, we will discuss:
• How to identify and address common WIP and construction accounting mistakes
• The basics of WIP to include reporting frequency and information needed
• How WIP reporting can help you properly manage profitability, produce accurate financial statements (e.g. P&L), and drive job success
• An easy WIP Starter Guide built to help contractors successfully implement new WIP processes