360° View of WIP
This interactive 360° View of WIP on-demand course provides an in-depth view of the work-in-progress (WIP) schedule. Learn the basic accounting aspects of WIP, including how to calculate, account for, and reconcile costs, and explore the perspective of an internal analysis covering cash flow related to jobs, management and analysis tools, estimated cost to complete, and projecting future profits using budgeting and forecasting. Discover the significance of your WIP schedule from the third-party user’s perspective and why ensuring its successful performance is necessary to the credibility and success of your business.
Upon completion of this course, you will be able to:
- Define and calculate WIP using the cost-to-cost method (CCM) and the percentage-of-completion method (PCM)
- Demonstrate best practices for internal use and analysis of the WIP schedules
- Explain how WIP schedules impact cash flow, budgeting, and forecasting
- Describe how external analysis of the WIP by third-party users such as sureties, banks, CPAs, and others can have a profound impact on the business
The estimated time to complete all three modules and the final exam is a maximum of three hours, depending on the pace of the learner.
Earn 3 CPE credits in the field of Accounting upon successfully completing this course and achieving at least 70% on the final exam.
Level & Prerequisites
This program is an online self-study course that was developed for construction financial professionals with zero to three years of experience in construction finance. No prerequisites or advanced preparation is required.
- Members: $199
- Non-Member: $279
CFMA Colleague Discount
If you are a CFMA member who would like to enroll someone at your company in this course who is not a CFMA member, please contact CFMA at email@example.com for more information.
CFMA Group Discount
If you are interested in registering a group of individuals at your company, please contact CFMA at firstname.lastname@example.org for group discount information.
Module 1 will take you approximately sixty minutes to complete, and covers these four topics:
- WIP: Key Definitions
- Understanding WIP and PCM
- PCM: A Deep Dive
- WIP Calculation
Module 2 will take you approximately forty minutes to complete, and covers these four topics:
- Preparing the WIP schedule
- Cash Flow and Forecast
- Impact of Profit Fade on Financial Statements
- Estimating Cost and Projecting Future Profit
Module 3 will take you approximately thirty minutes to complete, and covers these three topics:
- External Analysis of WIP: Key Definitions
- Underbilling/ Overbilling and Surety
- Tracking Profit and Future Cash Flow