How To Make the Most of Your WIP Statement in Construction

In the latest episode, Adam Cooper, CEO of Ascent Consulting, and senior consultants Greg Gorman and Jeff Robertson, discuss WIP (Work in Progress) and how to use the accounting method to best manage construction projects. They emphasize the importance of being honest about the finances of an ongoing project, and trusting the data in your WIP to manage that project effectively. Adam, Greg, and Jeff unpack how to best use your WIP to track everything from budgeting and forecasting, to change orders and estimates to completion. The team examines how project managers are secretly accountants, plus how to rely on your WIP when you take over a job from another project manager. WIPs can quickly become unwieldy. But the hosts dig into real life scenarios to demonstrate how to keep WIPs simple and efficient. They discuss the reality of how estimates evolve over the lifespan of a project and how that impacts a WIP, as well as the importance of regularly WIP meetings with your team.