The job schedule can help you do a better job of analyzing and improving your company’s performance, but it is essential that the cost estimates on the schedule be as realistic and accurate as possible.
If your company needs to submit financial statements for bonding, you typically are required to submit a job schedule, which includes a list of all jobs open at the end of the reporting period, along with a list of jobs closed during the period.
Private companies that haven’t yet assessed the impact that the new revenue recognition standard will have on their accounting and financial reporting practices shouldn’t delay their analysis any longer.
The budgeting process is rarely easy, but it’s incredibly important. And that process doesn’t end when you create the budget; checking it regularly and performing a year-end assessment are key.