What WIP report means
A WIP report shows each open job's contract value, costs to date, billing to date and estimated percent complete, to spot jobs billed ahead or behind their costs.
Also called work in progress report.
Where it shows up in your business
Sureties and banks ask for one when you grow into bonded work. For a small shop it is the early warning that a job is losing money while there is still time to fix it.
Work it out
- Free template: WIP schedule template
- Money: Money guides for contractors