Subcontractor Compliance Made Easy with Cabbage WIP Reports
One of the hardest tasks a general contractor or project manager faces is subcontractor and vendor compliance. Reviewing the bids and estimates of a potential subcontractor is a straightforward process – but it’s only the beginning. The hard work involves monitoring subcontractor and vendor performance, work schedule compliance, contract adherence, and ensuring subcontractors and vendors…
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…
How Excel Defeats the Purpose of WIP Reports
The purpose of the WIP report is to monitor and manage billing and cash flow as well as warn you when a job is heading over budget. To prevent project managers from being caught off guard by cost overruns, the WIP must be accurate and up to date with real-time data. As such, using Excel…
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…