WEBINAR

In the fast-paced world of construction, understanding the financial health of your projects is essential. Work-in-Progress (WIP) reporting stands as a vital tool in this pursuit, providing insights into profitability, project progress, and cash flow management.

Join CMiC and Prophix for a webinar focused on how Prophix One delivers timely WIP reports that enable you to analyze projects in detail and pinpoint potential cost overruns, so you can reduce margin fade and boost overall profitability.

During the session you’ll see how Prophix can help with

• Data Collection and Preparation: Learn how to streamline the manual gathering of key information, from contract values and costs incurred to revenue earned and gross margins.

• Percentage-of-Completion Calculation: Discover how the percentage-of-completion method allows for progressive revenue recognition, keeping your financial reporting accurate and timely.

• Monitoring Overbilling and Underbilling: Understand how to identify and manage billing discrepancies to maintain balanced cash flow and safeguard future revenues.

• Reviewing and Adjusting Forecasts: Equip yourself with strategies to compare actual versus projected costs, adjust estimates, and account for risks like material price changes and labor shortages.

• Generating WIP Reports: Gain insights into producing monthly WIP reports that meet the scrutiny of project managers, CFOs, executives, and external auditors.