360º VIEW OF YOUR WIP
This program provides an in-depth view of the Work in Progress (WIP) schedule. The first half of the course will cover the basic accounting aspects of WIP – how to calculate, account for, and reconcile costs. In part two, we will explore the perspective of an internal analysis covering cash flow related to jobs, management and analysis tools, estimated costs to complete and projecting future profits using budgeting and forecasting. Finally, you will learn the significance of your WIP schedule from the third party user’s perspective and why ensuring its successful performance is necessary to the credibility of your business.
After completing this course, you will be able to:
• Define the work in progress (WIP) and percentage of completion (PCM) accounting methods
• Demonstrate best practices for internal use and analysis of work in progress (WIP) schedules
• Discuss how the external analysis of your WIP by third-party users such as sureties, banks, CPA’s and others can have a profound impact on your business
DAN GASTON, CPA, CCIFP
A member of BKD National Construction & Real Estate Group, Dan provides audit, accounting and financial consulting services to commercial businesses in the construction and real estate industries. He assists clients with business and strategic planning, succession planning, operational and control reviews, business process improvement and audit and tax issues. Dan is a member of the American Institute of CPAs and Kansas Society of CPAs. He is a Certified Construction Industry Financial Professional (CCIFP) through the Institute of Certified Construction Industry Financial Professionals.
CRAIG KIMBROUGH, CPA, CCIFP
Craig provides audit and assurance services to a variety of industries, focusing on the construction, real estate, manufacturing and distribution industries. He helps clients meet their financial reporting and compliance needs. Craig is a member of the American Institute of CPAs and Missouri Society of CPAs. He is a Certified Construction Industry Financial Professional (CCIFP) through the Institute of Certified Construction Industry Financial Professionals.