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Common WIP Schedule Mistakes
Summary by Dean Dorton - CPAs and Advisors | Accounting, Tax, Risk Advisory, and Consulting
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Common WIP Schedule Mistakes
One of the greatest financial tools for a contractor is a Work-in-Progress (WIP) schedule. If you’re unfamiliar with it, a WIP schedule tracks the financial performance of ongoing projects using the percentage-of-completion method for recording revenue. It can be used to track job progress and profitability, over and under-billings, contract values, change orders, estimated costs to complete, and even backlog. That’s quite a bit of insight gaine…
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