Your WIP Report Shows Where Projects Stand. Bivvit Helps Explain How They're Performing.
A work-in-progress schedule is prepared by your accounting system and your accountant. It is a point-in-time statement of each open project: what it was expected to cost, what has been spent, what remains, and what profit is currently expected.
Bivvit does not prepare formal WIP accounting reports. It complements WIP and accounting reporting by adding project and portfolio analysis.
Free. Send one project to start.
The standard columns
- Estimated costs
The total cost the project is currently expected to incur, including approved changes.
- Cost to date
Cost actually incurred so far, by project and usually by cost code.
- Remaining costs
Cost to complete — the estimate less cost to date, adjusted for what is really left to buy.
- Completion
Percent complete, most often measured as cost to date over estimated cost.
- Expected profit
Projected revenue less projected total cost at the current estimate.
- Margin
Expected profit as a percentage of revenue, and how it has moved since the last period.
What a project-by-project schedule can't show you
WIP is organized around each open job. A builder's real exposure is the sum of them, read against everything already completed.
Portfolio exposure
Total cost committed across active projects, and how much of it depends on one market or one product type.
Historical performance
How completed projects of the same type actually finished, compared with how they were forecast.
Capital concentration
Where your cash and equity are tied up right now, and for how long it has been out.
Cost trends
Categories drifting up across recent projects, before they show up as a variance at closeout.
Margin trends
Whether margin is improving or eroding across projects, and which inputs moved it.
Project comparisons
Active projects measured against comparable completed ones instead of against the original estimate alone.
Reporting versus analysis
- Records transactionsInterprets project performance
- Tracks job costsCompares job costs across projects
- Organizes cost codesFinds cost trends by category
- Produces financial reportsExplains what the project did
- Reports actual spendingExplains variance
- Focuses on individual transactions and projectsCompares your completed projects
- Records historyHelps you use history on the next project
You need accounting. Bivvit makes that data more valuable.
Related Guides
- Construction Accounting
How project accounting works on residential jobs.
- Builder Accounting
What your books do well, and where they stop.
- Construction Job Costing
How to understand costs by job and cost code.
Put It Against Your Own Projects.
Send us the records from a completed project. Bivvit organizes the numbers, shows what happened, and helps you understand what to carry into the next one.
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