What are the benefits of using a WIP Schedule with Sage 300 Construction?
For many businesses, making a transaction is as simple as offering a single good or service in exchange for a fixed price. However, construction companies are a bit more complex.
Since the construction industry deals with projects rather than single products, knowing how things are progressing is very important. It can let management know if they’re on schedule, and tell them whether a project is profitable in its current state.
A Work-in-Progress report is a handy tool for keeping things on track. Though the schedule itself is a major asset for any company, it is the processes behind it that offer the true benefits. Keeping things organized to create a WIP schedule can help any construction business operate more efficiently.
Does a WIP Schedule Come Down to a Single Report?
Reports and schedules are an important part of any business, especially in a complex industry like construction. Tracking changes in expenses and scheduling for various projects can get complicated quickly, so knowing how things are moving along is vital for minimizing waste.
While the report itself is very helpful, the steps companies go through to get this report can also be beneficial. Creating a WIP report means getting things in order, and maintaining reliable data for future calculations.
Once companies have this data on hand, and they are used to refine methods for gathering said data, they will usually see some type of improvement in their daily operations.
How Each Aspect of the Report Helps
A WIP report contains many important details. One of the most important aspects of a WIP report is the “big picture” view it provides. To get this information, companies must keep a close eye on all aspects of a project.
Billings are an aspect of construction that can be easy to miscalculate. WIP tracking offers a glimpse into the accuracy of billing, and provides information about whether the total is over or under what it should be. A WIP schedule helps businesses pay closer attention to their billing practices and find errors easier.
Understanding how much work is left on a given project can provide information on which processes and steps are taking too long and consuming too many resources. A thorough report can help companies tweak the finer details of their operation so they can minimize losses and improve their bottom line.