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Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

WIP figures refer to products that are part-way through the production or assembly process. In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. Meaning, they’ve likely paid for most of the materials, labor, and overhead a while back. That’s accounting’s job, right?

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Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

WIP figures refer to products that are part-way through the production or assembly process. In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. Meaning, they’ve likely paid for most of the materials, labor, and overhead a while back. That’s accounting’s job, right?

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The Unique Challenges of Procurement Planning for Construction Companies

ProcurementExpress.com

It’s always been a struggle to get ahead of tight margins, cash-flow problems, and managing contracts. Calendars and scheduling. What are the overhead costs? Review—call references, research companies, and read reviews. As you create an estimate, look at the costs of materials, labor, overhead, and apply markup.

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The Unique Challenges of Procurement Planning for Construction Companies

ProcurementExpress.com

It’s always been a struggle to get ahead of tight margins, cash-flow problems, and managing contracts. Calendars and scheduling. What are the overhead costs? Review—call references, research companies, and read reviews. As you create an estimate, look at the costs of materials, labor, overhead, and apply markup.

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A Practical Guide to Construction Accounting Software

Autodesk Construction Cloud

Sometimes referred to as the “language of business,” accounting personnel document an organization’s accounting activities to accurately measure financial performance. To make things even more complex, items that you might consider overhead expenses are often actually costs of goods sold because they are connected to a client project.

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Steps To Obtaining A Surety Bond

Contractor Bookkeeping

Having an established bank line-of-credit generally provides sureties with this comfort; References – Sureties typically want letters of recommendation from subcontractors, owners, architects, and engineers on your completed projects. These schedules will list important financial issues on your bonded projects.

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Advice for Home Builders Navigating a Market in Flux

Pro Builder

It’s important to work on reducing cycle times , as this affects cash flow, capital requirements, indirect construction costs, financing expenses, general and administrative expenses, and, ultimately, profits. Manage overhead. Develop reasonable schedules for both and stick to them. Design new product.