WIP Report: A Holistic View of Stakeholder Perspectives
Updated: May 10
As a construction business owner, understanding your company's financials is crucial to ensuring its success. One of the most important reports you will use is the Work in Progress (WIP) report, which gives you critical insights into your job costs, revenue projections, and cash flow needs.
In this post, we will break down what the WIP report is telling you and how various stakeholder perspectives about WIP analysis to better manage risk, identify growth opportunities and ensure financial stability.
Table of Content:
What is the WIP telling us?
The Work in Progress (WIP) report helps construction business owners manage their financials and plan for the future by providing critical insights into:
Calculate over/underbilling
Project short-term and long-term financial needs
Reconcile job costs and general ledger
Plan for cash flow
Identify tax planning opportunities