The building and remodeling industries continue to boom, which leads to greater competition. With more competition comes tighter gross margins. To maintain a healthy bottom line and continue to win business, it is essential that you have a solid understanding of the work-in-process schedule. Not tracking and understanding this metric can result in misleading financial performance and poor decision making. This session will help you identify the key components of your work in process schedule, calculate revenue and margins properly and ensure you have the most accurate data for your business.
Following this course, participants will be able to:
• Identify the key components of a work in process schedule
• Understand the difference between margin and markup
• Calculate the over and under billings of a contract in process
• Understand how to analyze contracts for profit fade or gain
Target audience: business owners, executive level management, project managers, job superintendents, CFOs, controllers, and bookkeepers