Types of Construction Cost Estimates
Construction Cost Estimating with Cabbage for Sage Construction costs constitute only a fraction of a project’s total cost and typically fall under the control of the construction project manager. Cost estimate accuracy varies during the different project stages, ranging from estimated figures in early stages to more reliable numbers before actual construction; changes occur because…
The Challenges of Calculating the Cost to Complete a Construction Project
In the construction industry, it’s essential that contractors and other industry professionals have tools to accurately produce an estimate of the total costs required to complete projects. Getting a stronghold on a construction project’s cost to complete helps your team remain productive, prevents big surprises down the road, ensures profitability, and maintains the confidence of…
Why You Need to Stop Entrusting Your WIP to QuickBooks
QuickBooks, a well-known accounting software program that manages expenses and basic accounting, isn’t enough to set your construction company apart. While QuickBooks is useful for startups and small businesses, its abilities fall short beyond that. When you need to expand the costs of a broad range of materials, for example, or determine if you’re sticking…
7 Key Metrics of a WIP Series: Completed Billings to Date
A work in progress (WIP) statement records the information necessary for the percentage of completion calculations and provides crucial information about the total value and progress of work completed. In most cases, revenue is considered earned after a service is complete or product ownership is transferred. If revenue recognition, however, is delayed until the end…