WIP Masterclass for Builders

WIP Masterclass for Builders

This session took a deep dive into the best practices for calculating Work In Progress (WIP) — a crucial yet frequently overlooked or miscalculated aspect of construction accounting, presented by Daniel Wilkinson, Client Director and Head of CFO Advisory, and Phil Brown, Partner and COO at Xact Accounting.

If you aren’t accurately calculating WIP, you’ll struggle to get an accurate read on your monthly profit – a problem that only gets worse the more you scale!

Beyond gaining better visibility on profit, WIP also plays an important role in presenting your accounts to external parties like lenders and regulators.

Thank you for joining us for this interactive session and learning how to take the guesswork out of WIP! …. And unlocking your financial visibility!

Download our free WIP Calculator Template – as featured in the WIP Accounting for Builders Webinar.

DOWNLOAD WIP CALCULATOR

Are you getting your WIP right?

Not sure if you’re calculating your WIP correctly? Take our WIP quiz to see how your current systems stack up:

• Do you feel like you are robbing ‘Peter’ to pay ‘Paul’ to keep cash moving?
• Are your profit and loss results each month all over the place? And hard to see if you are in the red or the black?
• Do you have clarity over your numbers to see if you are trading profitably each month – not having to average 6-12 months of trading results?
• Do you have real clarity on your trading position or have to do a ‘back of the envelope’ calculation to know which projects are at risk of running over budget?
• Do you know exactly which projects are running to budget and which are turning diabolical and bleeding cash and profits?
• Do you know if you are WIP positive or negative on each job?
• Do you know exactly how much more cost you have to incur by job through a robust purchase order process? The ‘no surprise rule’ around getting a huge invoice months after a job finishes

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