The importance of a work in process schedule is to identify the profitability of the work that has been done up to that point in time.
The WIP schedule records the original contract, any changes in contract terms, the costs that are on the project to date, and demands that the individual responsible for that project provide the accountant the details of where they are at and how that may affect the costs. Watch this video for details on the four components of the WIP report and how to monitor the profits.
Theran J. Welsh, CPA
SVA Certified Public Accountants
- Partner with SVA Certified Public Accountants since 2005
- Focus is on helping contractors create shareholder value by understanding their cost structure to bid and win profitable work and assure their tax structure is a model to support a sustainable organization
- He spends time with contractors to identify options for revenue reporting to reduce tax liability and identify industry-specific tax strategies to reduce tax liability, with the end goal of creating shareholder value
- His experience will help executives of construction companies identify the key performance measurements to pursue profitable work to sustain their organization
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