Reporting & WIP
What Is a WIP Report? A Contractor's Guide
The WIP report tells you which jobs are making money, which are fading, and how much of your cash is really yours. Here's how to read one and build it every month.
Topic
Reporting & WIP
2 guides and 5 glossary terms
Reporting & WIP
Overbilling vs. Underbilling: What Your WIP Is Telling You
Over and underbillings aren't just accounting adjustments. They're signals about cash, billing discipline, and jobs that are quietly losing money.
Related terms
A decline in a job's projected gross profit over its life, comparing the margin at bid or contract to the margin projected today.
Billings in excess of costs and estimated earnings: you've invoiced more than you've earned on a job. It's recorded as a liability on the balance sheet.
A revenue recognition method that books contract revenue in proportion to the work completed, usually measured by costs incurred against total estimated costs.
Costs and estimated earnings in excess of billings: you've earned more than you've invoiced on a job. It's recorded as an asset on the balance sheet.
A work-in-progress schedule lists every open job with its contract value, costs to date, estimated cost to complete, billings, and the resulting over- or underbilling.
Done-for-you construction finance
Get your WIP, job costing, and close done every month.
BuildFlash runs your monthly finance on top of the software you already use, with a fractional CFO reviewing the numbers with you.