Work In Progress: A Deep Dive & Advanced Perspective of WIP

Part I:
Wednesday, July 26, 2017 3:00-5:00 p.m. ET / 12:00 PM - 2:00 p.m. PT
Part II: Thursday, July 27, 2017 3:00-5:00 p.m. ET / 12:00 PM - 2:00 p.m. PT

Description
This four-hour intensive course will provide an advanced view of the Work in Progress schedule. Your WIP is more than a reporting tool; it is a financial management tool for your construction company. From this workshop, you will gain strategies to turn unexpected profit fade and enhancements into predictable events.

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

  • Explain how your Work in Progress schedule (WIP) is more than just a reporting tool
  • Discuss how different contract types are managed on your WIP
  • Show how to account for self-performed work on your WIP without double counting
  • Discuss change orders/additional purchase orders and how they impact gross profit and revenue expectations
  • Describe the role of the formal cost review process in the outcome of the WIP
  • Discuss WIP analysis techniques, tips and tricks
  • Identify the impact of profit fade and fee enhancements
  • Apply WIP best practices

Presenters: Jim Grabski, MBA, CFO, Pence Companies

Level & Prerequisites
This is a group-internet based program at the Advanced Level. Participants should have at least three years’ experience in construction accounting, in-depth experience integrating construction contracts and estimates into a WIP schedule and a solid understanding of managing the cost review process. CFMA’s “A 360 View of Your WIP” course is also a recommended prerequisite.

CPE information

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

Who should attend?
This course is designed for C-level executives (including CEOs/Presidents, CFOs, COOs), Controllers, CPAs and Project Managers within construction firms that have a solid understanding of the work in progress (WIP) schedule and a thorough knowledge of construction financial management principles.

Sponsored by: