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Work in Progress – Understanding WIP
For most construction companies, the name of the game in construction is profitability. Many construction companies sell millions every year, yet business owners often stay allow big-time profits to slip through the cracks. When used properly, a Work in Progress (WIP) report is a key part of job costing for maximizing profits and bringing in real net revenue for any construction company. In this article we will answer these 4 questions, helping you understand WIP reports and maximize profitability on every project. Let's get started! Understanding WIP What is WIP? How is WIP calculated? What are the benefits of using a WIP report? How do I create a WIP report & track profitability on...
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