The Work-In-Progress Report
Effectively manage your project’s budgets and activities
What’s all the hype with WIP?
If you’ve ever needed to quickly know what work you’ve incurred expenses on but has not yet been invoiced or the work that you’ve sold but have not yet been paid for, an accurate work in progress report is the solution you need. If you have a system in place to show your work-in-progress, you know that this report is not an easy one to keep updated. (That’s why most businesses don’t have one.)
The Manual Work-in-Progress report
To the right you can see exactly what type of time and work goes into a proper Work in Progress report if you are doing it manually.
- First you need to accurately enter every individual piece of job information.
- Then you need to enter all of this information into an overall job costing form which will take all of the job expenses and introduce formulas that will let you know if you are meeting your projected job costs, and if you are collecting the money on the job.
- Finally, you summarize the status of the job as a line item on a third spreadsheet that will ideally give you a financial picture of your company as a whole.
And all of that is for…one job.
STEP 1
STEP 2
STEP 3
From headaches to highfives
Chronicle stores every piece of data for each job as you make progress on them. From labor and material costs, to activity completion times, equipment costs, and even payments. This enables you to generate a solid work-in-progress report with the click of a button. Chronicle does all of the heavy lifting and displays a priceless report that will enable your managers to properly manage a project’s budget, help guide billing, and help identify any potential inefficiencies throughout the life cycle of a job.