How to Make the Most of Your WIP Statement in Construction (CHT

Construction Hot Takes Podcast

チャンネル登録者数 61人

108 回視聴・ 4いいね・ 2024/10/31

How to Make the Most of Your WIP Statement in Construction (CHT - Ep. 02)

In the latest episode of Construction Hot Takes, Adam Cooper, CEO of Ascent Consulting, and senior consultants Greg Gorman and Jeff Robertson, discuss WIP (Work in Progress) and how to use the accounting tool to best manage construction projects. They emphasize the importance of being honest about the finances of an ongoing project and trusting the data in your WIP to manage that project effectively.

Adam, Greg, and Jeff unpack how to best use your WIP to track everything from budgeting and forecasting, to change orders and estimates to completion. The team examines how project managers are secretly accountants, plus how to rely on your WIP when you take over a job from another project manager.

WIPs can quickly become unwieldy. But the hosts dig into real life scenarios to demonstrate how to keep WIPs simple and efficient. They discuss the reality of how estimates evolve over the lifespan of a project and how that impacts a WIP, as well as the importance of regularly WIP meetings with your team.

If you like this episode, you can check out our whole catalog of Construction Hot Takes episodes on our website!
ascentconsults.com/construction-hot-takes-podcast/

Interested in learning how Ascent's consulting services could potentially help improve your business's operations? 📈
Click here to schedule a free 30-minute consultation with one of our expert construction consultants: info.ascentconsults.com/meetings/acooper/30-minute…

Follow Ascent Consulting on social media! 🤳
LinkedIn: www.linkedin.com/company/ascent-consulting-inc-/
Facebook: www.facebook.com/ascentconsult/
Instagram: www.instagram.com/ascentconsults/
X: x.com/ascentconsults/

Subscribe to our YouTube channel for alerts on our new episodes!
/ @constructionhottakes