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The Power of Work In Progress (WIP) Reports with Zack Kelly
Manage episode 430441820 series 3566563
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Builders Budgets and Beers
Reece Barnes and Matt Calvano discuss financial management for construction businesses with industry expert Zack Kelly, explaining the importance of work in progress (WIP) reports, managing costs and cash flow, tracking actual expenses versus estimates, and choosing the right pricing model to ensure repeatable profits.
Find our guest:
https://www.linkedin.com/in/zqk/
Show notes:
Financial management for construction businesses. (0:00)
Work in progress (WIP) for construction companies, IRS requirements, and accounting methods. (5:09)
Construction project financial management using WIP reports. (11:03)
percentage complete and billings. (16:25)
Managing unexpected costs and billing frequency in construction projects. (19:40)
Project cost management, profit margins, and accurate forecasting. (24:24)
Financial reporting for construction businesses, including profit and loss statements, balance sheets, and journal entries. (29:01)
Job costing, actuals vs. estimates, and the importance of tracking invoices and costs in real-time. (37:01)
Making high profits in real estate through speculative home sales. (41:27)
Construction pricing models and their impact on repeatability and risk tolerance. (46:12)
Find Our Hosts:
Reece Barnes
Matt Calvano
Podcast Produced By:
Motif Media
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