360° View of WIP
Nov 3, 2021 - 3:00 PM (ET) - Virtual
Hosted by CFMA
About this Event
November 3 & 4, 2021 from 3 to 5 p.m.
This program provides an in-depth view of the Work in Progress (WIP) schedule. The first part of the course will cover the basic accounting aspects of WIP including how to calculate, account for, and reconcile costs. Part two 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. Attendees will also 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 their businesses.
After this session, attendees will be able to:
- Define WIP and percentage of completion (PCM) accounting methods;
- Demonstrate best practices for internal use and analysis of WIP schedules;
- Discuss how the external analysis of your WIP by third-party users (sureties, banks, CPA’s, etc.) can have a profound impact on your business.
Level & Prerequisites:
This is a group-live program at the Intermediate Level. A solid understanding of accounting in the construction environment and CFMA’s Basics of Construction Accounting course are recommended prerequisites.
Earn 4.0 CPE credit in the field of Accounting.
Who should attend?:
Controllers, CFOs, Project Managers, Project Estimators, and anyone who needs a better understanding of a WIP schedule.