ConstructionOnline Blog

Work In Progress Reporting

A favorite adage of mine is “you can’t improve what you don’t measure.” But you have to know what you want to determine before you can know what needs to be measured. In construction, the industry with the lowest start-up survival rate nationwide*, what most business owners need to know is as simple as this – are we going to make it?

One common challenge that construction companies face is not knowing whether a job is profitable or not profitable until it is too late. We know the key to long-term success is being consistently profitable, job after job, year after year. Implementing business intelligence tools like Work in Progress (WIP) Reporting allows you to regularly measure the health of your company to build your success for generations to come.

The WIP Report in ConstructionSuite provides high-level calculations of your company financials which allows for you to answer several important questions for assessing your success –

       How accurate am I with my initial estimates?

                      Where do we stand on Project A? Project F? Companywide?

                                                         Have we paid our bills? What’s outstanding?

                                                                                                       Are we making money?

Our goal is to make sure our customers – working in any given market – have the most insight of any professionals in the industry. We create and provide a simple system that compiles pertinent information for you, allowing you to work smarter, not harder, and see the ultimate value from your construction management and accounting software solutions working together. As soon as you begin using ConstructionSuite, we begin building your WIP Report. As soon as you integrate with QuickBooks, that WIP Report becomes even more insightful.

WIP Reporting takes already available data from ConstructionSuite and QuickBooks, such as Original Contract Price, Change Orders, Actuals, Committed Costs, and Invoiced Amounts, and calculates additional figures for better project and company visibility. Information that can be gained from these calculations includes but is not limited to Cost to Completion, Original Estimated Gross Profit, Final Gross Profit %, % Cost Improvement (Slippage), Over/Under Figures, and more. Many banks, investors, and other organizations require WIP Reporting from companies on a regular basis to assess the health of the company and use this information as an integral component in making decisions about loans, credit lines, membership eligibility, and strategic partnership opportunities.

The mark of a successful contractor is in finding measures that can be repeated regularly to ensure profitable outcomes in all instances. ConstructionSuite’s WIP Reporting features provide repeatable, reliable processes that have been proven to build successful companies and turn failing businesses around.

*US Census Bureau places survival rate at 36.4% for construction businesses within first five years.

New Call-to-action

Topics: Financials UDA ConstructionSuite Business Building

Online Construction Project Management Software

Used by over 500,000 construction professionals worldwide, ConstructionOnline™ is the leading online construction management program. As the industry evolves, ConstructionOnline is growing with it. With the addition of ConstructionOnline Pro Features, there has never been an easier or more versatile way to begin managing your business straight from the job site.

UDA ConstructionOnline™ is the world's fastest growing collaboration resource for construction professionals. Forget the limitations of traditional construction software programs - now you can have the powerful tools that you need, like Scheduling, Calendars, Project Logging, Change Orders, and To Dos, combined with the freedom of online collaboration that you love. Teamwork and communication have a new name: ConstructionOnline. Learn More


 

About UDA Technologies

UDA Technologies is one of the fastest growing providers of construction productivity software in the United States, Canada, Australia, and 75 countries worldwide with double digit, industry leading revenue growth. Designed for growing businesses, UDA construction software manages over 65 billion dollars of construction annually. Identified as a key partner in construction software technology, UDA Technologies is a Microsoft Partner and a Premier Intuit QuickBooks developer.


 

UDA Press Resources

UDA Technologies, Inc.
2272 Moores Mill Road, Suite 201
Auburn, Alabama 36830
1-334-821-0187
press@uda1.com