From Confusion to Clarity: Unlocking the Power of WIP Reports

Описание: Get the Free Contractor's Guide to WIP Reports: https://carpentercpas.com/resources/w...

ℹ ABOUT THIS EPISODE

Stop the confusion between your accountant saying you owe taxes on invisible money and your bonding company cutting your credit line.

Wade Carpenter and Stephen Brown reveal how proper Work in Progress (WIP) reports transform your construction business from reactive to proactive.

Learn the essential components, avoid common mistakes, and discover why monthly WIP reports are your secret weapon for maximizing profitability, securing bonding capacity, and making smarter business decisions.

⌚️ Key moments in this episode:
00:00 Accountant vs. Bonding Company: Why Your Numbers Don’t Match
00:22 What a WIP Report Really Tells Underwriters (and You)
02:58 WIP Must Tie to Financials: Software Limits & Data Quality
04:43 Core WIP Inputs: Contract, Costs, Billings, Change Orders & Retainage
07:11 Percentage of Completion 101: Earned Revenue vs. Billed Cash
09:31 Overbillings vs. Underbillings: Balance Sheet Impact & Bonding Red Flags
13:09 Loss Jobs, GAAP Loss Recognition & Avoiding Underwriter Surprises
15:21 Stored Materials, Near-Completion Issues & Other GAAP Gotchas
17:21 Warning Signs on a WIP: Rising Costs, Missing Change Orders & Patterns
21:46 Common WIP Mistakes: Miscoded Costs, Unrecorded Invoices & Stale Estimates
24:13 Monthly WIP Best Practices + Checklists, Forms & How Often to Run It
30:20 Wrap-Up: Master the WIP, Make More Money + Resources & Contact Info