Contractor’s Toolbox – Want to improve your financial performance? Track the WIP!
Abstract: To avoid unpleasant surprises, it’s important that contractors continuously monitor their work-in-progress (WIP). WIP reports can track key information about each project, such as contract price, projected final costs, costs incurred and amounts billed to date, estimated gross profits, and the value of pending changes. This article shows how timely, accurate WIP reports can, early in a project, help identify problems with profit fade and underbilling, and help strengthen bonding relationships.