CONSTRUCTION WIP REPORTING
SERVICE.
SPM's WIP reporting service prepares a monthly work-in-progress schedule showing whether each active job is overbilled or underbilled relative to actual progress, using percentage-of-completion accounting. It's available on request at Core Financial, included in the standard monthly cadence at Executive Financial, and automated through ControlQore at Strategic Financial.
A WIP schedule is one of the most scrutinized reports a subcontractor produces, read closely by bonding companies and banks to judge whether revenue recognition looks healthy. It's also one of the most commonly neglected, either skipped entirely or rebuilt manually in a spreadsheet that's already a month stale by the time anyone reviews it. SPM's WIP reporting service produces a current, accurate schedule every month, structured the same way whether it's built manually as part of Core or Executive Financial, or generated automatically through ControlQore at Strategic Financial.
WHAT YOU ACTUALLY GET.
Each month, SPM prepares a WIP schedule showing cost-to-date, billing-to-date, and percentage complete for every active job, calculating the overbilling or underbilling position from that data using percentage-of-completion accounting.
The schedule is formatted for direct use with bonding companies and banks, so it doesn't need to be reformatted or explained separately when a lender or surety requests current WIP data.
STALE WIP HIDES REAL PROBLEMS.
A WIP schedule that's only updated quarterly, or worse, only at the request of a bank or bonding company, misses the monthly swings that actually matter. A job can move from a healthy position to a significant overbilling problem in a matter of weeks on a fast-moving contract.
Monthly preparation catches that movement while there's still time to respond, rather than discovering it only when an external party asks for the report.
WHAT MATTERS MOST.
WHERE IT GOES WRONG.
Common belief: "We only need a WIP schedule when the bank asks for one."
What's actually true: By the time a bank or bonding company asks, an overbilling or underbilling problem may have already been building for months. Monthly preparation catches it while there's still time to act, not just time to report it.
Common belief: "Our WIP schedule is close enough, we update it a few times a year."
What's actually true: Infrequent updates miss the monthly swings that matter most on active jobs, especially fast-moving ones where billing and cost can shift meaningfully in weeks, not months.
Common belief: "WIP reporting is basically the same as job costing."
What's actually true: Job costing tracks cost against a bid. WIP reporting specifically calculates overbilling and underbilling using percentage-of-completion accounting, a distinct calculation that depends on job costing data but isn't the same report.
FREQUENTLY ASKED.
