7 Key Metrics of a WIP Series: Revenue Earned to Date
As discussed in previous entries of the 7 Key Metrics of a WIP Series, the work-in-process (WIP) schedule is used to determine revenues and gross profit numbers that need to be in your standard monthly reports. The WIP provides an overview of the profitability of each job and can offer reassurance that your contract revenue,…
7 Key Metrics of a WIP Series: Total Estimated Profitability
The purpose of a work in progress (WIP) report is to determine if current jobs are over- or under-billed. Construction accounting typically includes line items on both the balance sheet and the income statement that offer details on over/under billings determined by the WIP report. Over-billed projects appear to be additional revenue, whereas under-billed projects…
Top Technology Trends in Construction, Part 2
In August, we wrote about hot topics in construction with a focus on information management and communications. Today we’re going a step further and discussing an exciting – and very Jetsons-like – development in project visualization equipment: virtual reality (VR) and augmented reality (AR). The construction industry has typically been somewhat reticent to adopt cutting-edge technology, but…
Top 5 Considerations for Choosing Construction Management Software
As we wrote back in August, construction companies rely on the most up-to-date equipment to get the job done, which means embracing new technology trends – software that’s specifically designed for the construction industry can lower costs and reduce errors. But where do you start when trying to decide on the best package to purchase? Look…