{"id":1862,"date":"2021-05-04T10:01:07","date_gmt":"2021-05-04T14:01:07","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=1862"},"modified":"2026-02-12T04:47:04","modified_gmt":"2026-02-12T09:47:04","slug":"monthly-wip-forecasting-meeting-look-like","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/monthly-wip-forecasting-meeting-look-like\/","title":{"rendered":"What does your monthly WIP and forecasting meeting look like?"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/category\/money-matters\/\" class=\"entry-header__link\">Money Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tWhat does your monthly WIP and forecasting meeting look like?\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2021-05-04T10:01:07-04:00\">May 4, 2021<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"What does your monthly WIP and forecasting meeting look like?\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/monthly-wip-forecasting-meeting-look-like\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-us\/blog\/author\/dennisstejskal\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2017\/04\/CRE-Dennis-Stejskal-350x350.png\" class=\"entry-author__image\" alt=\"CRE Dennis Stejskal\" \/>\t\t\t\t<span class=\"entry-author__name\">Dennis Stejskal<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p>In construction, money is made in the field. The general ledger is just a scorecard. Realizing this, CFOs and controllers in construction companies are getting more engaged with their operations counterparts. One way some constructional financial managers (CFMs) are doing this is through a monthly work-in-progress (WIP) meeting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-have-a-wip-meeting\">Why have a WIP meeting?<\/h2>\n\n\n\n<p>As a CFM, you probably already touch base with your project managers to get project profit forecasts. A formal meeting takes that interaction to the next level and many contractors find it\u2019s a good habit to get into. Why? Because it\u2019s a forcing event for everyone involved, particularly project managers who are<a href=\"https:\/\/www.sage.com\/en-us\/blog\/importance-of-using-key-performance-indicators-in-construction\/\"> juggling many priorities<\/a> and dealing with constant interruptions. &nbsp;A formal meeting forces project managers to think about their projects from a different perspective.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-should-attend\">Who should attend?<\/h2>\n\n\n\n<p>Often these meetings are kept to a small number of essential personnel. Typical attendees include the company CEO or president, CFO or controller, and, of course, the company\u2019s project managers.&nbsp; In larger organizations, an executive vice president or relevant division vice presidents might attend.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-should-be-covered\">What should be covered<\/h2>\n\n\n\n<p>There are two key variables that need to be incorporated into every WIP schedule and, therefore, answered in your monthly meeting:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>What is the total projected cost to complete the project?<\/li>\n\n\n\n<li>What is the anticipated final contract amount for the project?<\/li>\n<\/ol>\n\n\n\n<p>The difference between these two variables is the forecasted profit. Meetings can be structured in a variety of ways to get to these variables and reliable profit projections. Some of the things that can be discussed include, by project:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Schedule status<\/li>\n\n\n\n<li><a href=\"https:\/\/www.sage.com\/en-us\/blog\/four-strategies-for-effective-change-order-management\/\">Change orders<\/a> (pending, approved, executed, and denied)<\/li>\n\n\n\n<li>Buyout and submittals<\/li>\n\n\n\n<li><a href=\"https:\/\/www.sage.com\/en-us\/blog\/cash-is-king-and-in-construction-dont-forget-it\/\">Cash flow<\/a><\/li>\n\n\n\n<li>Outstanding receivables<\/li>\n\n\n\n<li><a href=\"https:\/\/www.sage.com\/en-us\/blog\/forecasting-software-can-help-you-manage-cash-flow\/\">Profit and loss variances<\/a><\/li>\n\n\n\n<li>Profit fade or gain (Is the projected profit trending up or down? Why?)<\/li>\n\n\n\n<li>Any other project related issues that could impact costs and profit<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-make-the-meeting-effective\">How to make the meeting effective<\/h2>\n\n\n\n<p>I\u2019ve heard some project managers say that their forecasts are always changed by the CEO and CFO. If the numbers project managers provide are usually altered without explanation, project managers are going to question why they should take the time to do the work. View the WIP meeting as an opportunity for meaningful conversation. Ask project managers to help you understand their numbers. And, in return, help them understand the risks and other factors they may not be aware of. The best is to work together to restate the forecast based on that conversation.<\/p>\n\n\n\n<p>The WIP meeting shouldn\u2019t be just a report out of the numbers. It is a time to talk more strategically and tactically about the job. Should you write off a change order? Why were certain changes denied and how can you prevent that from happening in the future? Is it time to apply a notification of lien? How can you mitigate your financial risks? What follow-up actions need to be taken?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-prepare\">How to prepare?<\/h2>\n\n\n\n<p>Another key component of any successful WIP meeting is preparation. Project managers need to come to the meeting ready to answer any questions on variations, deviations, and changes. CFMs also play a key role:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Make sure financial reports are timely and inclusive of everything that can impact the job.<\/li>\n\n\n\n<li>Provide accurate cost and billing numbers by project manager for each job.<\/li>\n\n\n\n<li>Assist the project managers with other reports and data they need.<\/li>\n\n\n\n<li>Help the project managers understand what they are looking at from a cost perspective.<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.sage.com\/en-us\/products\/sage-300-construction-and-real-estate\/\">Technology<\/a> can make your meeting preparation much easier.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-beyond-the-meeting\">Beyond the meeting<\/h2>\n\n\n\n<p>The connection between finance and operations shouldn\u2019t be isolated to just your monthly meeting. &nbsp;Introduce finance to the field. Put together a finance training session for your project managers and others involved with the creation of your work-in-progress report. Cover topics such as over and under billings, the importance of an accurate cost-at-completion forecast, and what is required by law. And when new project managers join your team make sure finance training is part of their onboarding process.<\/p>\n\n\n\n<p>I\u2019ve often talked about the importance of relationships in construction. None is more valuable than the <a href=\"https:\/\/youtu.be\/TNM07yxXUvI\">collaboration between the finance and operations teams<\/a>. Look for ways to reinforce that relationship in your own company to improve efficiencies, prevent profit fade, and encourage growth.<\/p>\n\n\n\n<p><em><small>Editor&#8217;s note: This article was originally published in 2017 and has been updated for relevance.&nbsp;<\/small><\/em><\/p>\n\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Sage Intacct Construction Coffee Break Demo + Live Q&amp;A<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p>Pour yourself a cup of coffee and join us for a 30-minute in-product overview of Sage Intacct Construction, the only native-cloud construction financial management solution.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><em>Happening daily at 9 am PT \/ 12 pm ET<\/em><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-us\/cp\/cre-daily-demo\/\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tid=\"cta-id-8047\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tdata-button-location=\"cta_box\"\n\t\t\t\t\t\t\t\t\t\t\t>Register today<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1200\" height=\"540\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2021\/04\/CRE-Coffee-Break-Demo-Banner.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2021\/04\/CRE-Coffee-Break-Demo-Banner.jpg 1200w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice Construction and Real Estate newsletter<\/h2>\n\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ab515c6e-7e90-4c2f-a67e-113872516e8b\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1227\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-521076351-1227x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-521076351-1227x810.jpg 1227w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In construction, money is made in the field. The general ledger is just a scorecard. Realizing this, CFOs and controllers in construction companies are getting more engaged with their operations counterparts. One way some constructional financial managers (CFMs) are doing this is through a monthly work-in-progress (WIP) meeting. Why have a WIP meeting? As a [&hellip;]<\/p>\n","protected":false},"author":80,"featured_media":8065,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[43],"tags":[192,187,179,180],"business_type":[],"lilypad":[],"context":[],"industry":[50],"persona":[100],"imagine_tag":[246],"coauthors":[625],"class_list":["post-1862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-matters","tag-construction","tag-construction-collaboration","tag-construction-reporting","tag-construction-financial-management","industry-construction-and-real-estate"],"sage_meta":{"region":"en-us","author_name":"Dennis Stejskal","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2021\/04\/CRE_iStock-610847524_SageAdvice.jpg","imagine_tags":{"246":"Construction"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/1862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/80"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=1862"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/1862\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/8065"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=1862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=1862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=1862"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=1862"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=1862"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=1862"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=1862"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=1862"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=1862"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=1862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}