Using A WIP Report - A Step-by-step Guide

Описание: Do your financial statements seem off?
Use a Work in Progress (WIP) report!
It's a total game-changer for businesses, especially in the construction industry, because it provides financial insights into ongoing projects

In this breakdown, I'll show you how to create, read, and use WIP reports to forecast future finances accurately. Without them, your profit and loss statements could be misleading.

We'll also look into overbilling and underbilling and how they impact your cash flow and financial health. Plus, I'll explain why WIP adjustments are crucial for smoothing out gross profit fluctuations.

By the end of this video, you'll see how WIP reporting can transform your financial understanding. It will help you make smarter decisions for the future.

Enjoy!

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00:00 Introduction
01:41 Example of a Work in Progress Report
02:05 Structure of the Report
03:13 Importance of Data Accessibility
07:57 Calculations and Interpretations
10:39 Overbilling and Underbilling
17:22 WIP and Cash Flow Management
25:46 Work in Progress Adjustments
26:38 Gross Profit Margin and Stability
27:11 Purpose of Work in Progress Adjustment: