Deep Dive & Advanced Perspective of WIP
Jul 27, 2022 - 3:00 PM (ET) - Online
Hosted by CFMA
About this Event
Wednesday & Thursday, July 27 & 28, 2022
Time: 3:00PM - 5:00PM (Eastern), 12:00PM - 2:00PM (Pacific)
This four-hour course will provide an advanced view of the work-in-progress (WIP) schedule. Your WIP is more than a reporting tool: it is a financial management tool for your construction company. From this course, you will gain strategies to turn unexpected profit fade and enhancements into predictable events. Take a deep dive into WIP so that you know what to look for and what questions to ask when reviewing a job schedule.
After this session, attendees will be able to:
- Show how to account for self-performed work on your WIP without double counting
- Discuss change orders/additional purchase orders and how they impact gross profit and revenue expectations
- Describe the role of the formal cost review process in the outcome of the WIP
- Discuss WIP analysis techniques, tips and tricks
- Identify the impact of profit fade and fee enhancements
Level & Prerequisites
This is a group-live program at the Advanced Level. Participants should have at least three years of experience in construction accounting, in-depth experience integrating construction contracts and estimates into a WIP schedule, and a solid understanding of managing the cost review process. CFMA’s “A 360° View of Your WIP” course is a recommended prerequisite.
Earn 4.0 CPE credits in the field of Accounting.
Who should attend?
CFO’s, Controllers, Risk Managers, Business Owners, CPAs, and Professional Advisors.
Tim Long, CPA, Controller, Mark III Construction
$150 for CFMA members and $209 for non-members
Colleagues of CFMA members can register at a discount. Contact CFMA at firstname.lastname@example.org for details.
If you plan to view this program as part of a group and need to earn CPE credit, please contact CFMA at email@example.com at least one day before the start of the program.
Tim Long began his professional career in Sacramento with the accounting firm KPMG and entered the construction industry when he went to work for one of his firm’s clients, Teichert, a heavy/highway contractor. After a few years on the financial accounting team there, Tim went into the mechanical, electrical, and plumbing subcontractor world as a Controller, previously working for Lawson Mechanical and now working for Mark III Construction. Tim is involved with CFMA’s Sacramento Chapter as a member of the content committee and has presented at multiple chapter luncheons and a regional conference. He currently teaches work-in-progress and Excel classes for AGC of California. He graduated from BYU with Bachelors and Masters degrees in accounting.
This course is sponsored by: