While researching the “work in progress” topic online, we came across a number of different articles and blog posts that all seemed to have a very similar message: for construction companies that perform contract work, the Work In Progress report (WIP) is an essential financial tool. One article we read went so far as to describe the WIP as “the only accurate way to know what the true profitability” of a company performing contract work is.
Since the WIP is apparently such a vital element of construction accounting, we decided to take the opportunity to discuss Work in Progress further.
