A 360º View of Your WIP: How to Complete, Review and Interpret a Work in Progress Schedule

Part I: Wednesday, July 12, 2017 3:00-5:00 p.m. ET / 12:00 PM - 2:00 p.m. PT
Part II: Thursday, July 13, 2017 3:00-5:00 p.m. ET / 12:00 PM - 2:00 p.m. PT

Description
This program provides an in-depth view of the Work in Progress (WIP) schedule. The first half of the course will cover the basic accounting aspects of WIP – how to calculate, account for, and reconcile costs. In part two, we will explore the perspective of an internal analysis covering cash flow related to jobs, management and analysis tools, estimated costs to complete and projecting future profits using budgeting and forecasting. Finally, you will learn the significance of your WIP schedule from the third party user’s perspective and why ensuring its successful performance is necessary to the credibility of your business.

Learning Objectives
After attending this session, participants will be able to:

• Define the work in progress (WIP) and percentage of completion (PCM) accounting methods;
• Demonstrate best practices for internal use and analysis of work in progress (WIP) schedules;
• Discuss how the external analysis of your WIP by third-party users such as sureties, banks, CPA’s and others can have a profound impact on your business.

Presenters: Jim Grabski, MBA, CFO, Pence Companies

Level & Prerequisites
This is a group-internet based program at the Intermediate Level. A solid understanding of accounting in the construction environment and CFMA’s Basics of Construction Accounting are recommended prerequisites.

CPE information
This course grants 4 CPE credits in the field of Accounting to eligible participants.

Who should attend?
Controllers, CFOs, Project Managers, Project Estimators, and anyone who needs a better understanding of a WIP schedule.

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