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

ProcurementExpress.com

Work in progress figures might not sound like something you need to think much about. Yes, WIPs are considered current assets – meaning, accountants consider inventory assets to be current, as they are expected to turn into cash within the year. WIP is one element of an inventory account. That’s accounting’s job, right?

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

ProcurementExpress.com

Work in progress figures might not sound like something you need to think much about. Yes, WIPs are considered current assets – meaning, accountants consider inventory assets to be current, as they are expected to turn into cash within the year. WIP is one element of an inventory account. That’s accounting’s job, right?

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Top 10 ERP Solutions for Construction Firms

Construction Marketing

According to BSEC’s glossary of software terms , Enterprise Resource Planning Software is a product that “allows a company to manage various aspects of a business — such as accounting, inventory and human relations — in one place. Reflex ERP.

Software 200
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Top 3 Tips for Improving Cash Flow as a Construction Contractor

ProcurementExpress.com

And finally, cloud-based record-keeping means that construction companies can make better predictions about how much to charge clients because all the data is right there–including vendor pricing, past estimates, and records of change orders. Process Change Orders Quickly. Automate P2P.

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Top 3 Tips for Improving Cash Flow as a Construction Contractor

ProcurementExpress.com

And finally, cloud-based record-keeping means that construction companies can make better predictions about how much to charge clients because all the data is right there–including vendor pricing, past estimates, and records of change orders. Process Change Orders Quickly. Automate P2P.

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New in Autodesk Construction Cloud: 40+ Product Releases You Should Know in May

Autodesk Construction Cloud

No contract, actual cost, or cost change will be able to be associated with it; this is ideal for tracking items such as contingency and fees. Cost Management | Change Scope on Cost Item Level in Change Orders* – Users can edit the scope field for individual change order sub-items.

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Electrical Contractors Have Unique Bookkeeping Needs

Contractor Bookkeeping

Inventory Tracking - Can be a nightmare and we have a system for it. Complex Invoicing - With multiple deposits, payments, change orders, payment history and running totals your customer can follow. Work In Progress (WIP) Reporting. Job Deposits - Customer down payments can be input several ways. Sales Tax Returns.