article thumbnail

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?

article thumbnail

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?

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The 8 wastes of lean construction

Fieldwire

While this type of waste cannot be eliminated entirely, transportation waste can be minimized through better communication, coordination, and daily task management. 2) Inventory In construction, inventory waste occurs when overproduction results in excess material. Optimize your inventory to reduce this type of waste.

article thumbnail

Top 10 ERP Solutions for Construction Firms

Construction Marketing

Managing a reputation for delivering high-quality projects, keeping your business profitable, your people productive, and your firm growing requires focus, commitment, and understanding. But when it comes to back-office technology, too many firms rely exclusively on elbow grease and hope—definitely not a strategy that works.

Software 200
article thumbnail

Electrical Contractors Have Unique Bookkeeping Needs

Contractor Bookkeeping

Inventory Tracking - Can be a nightmare and we have a system for it. There is only one method that will help manage cash flow and save money on taxes and we know how to do it and track it for you in QuickBooks. Work In Progress (WIP) Reporting. Business Processes Management. Job Deposit Tracking. Sales Tax Returns.

article thumbnail

Unique Contractor Bookkeeper Ride Along To Increase Company Profits

Contractor Bookkeeping

The highly profitable contractors earn at least twice as much profit on each dollar of sales than average contractors and they enjoy more free time away from work. Job Material Inventory Costs. Supply Chain Management Costs. Change Order Management. Work-In-Progress (W.I.P.). Percentage Of Completion.

article thumbnail

Plumbing Contractors Have Unique Bookkeeping Needs

Contractor Bookkeeping

Inventory Tracking - Can be a nightmare and we have a system for it. There is only one method that will help manage cash flow and save money on taxes and we know how to do it and track it for you in QuickBooks. Work In Progress (WIP) Reporting. Business Processes Management. Job Deposit Tracking. Sales Tax Returns.