From Confusion to Clarity: Unlocking the Power of WIP Reports скачать в хорошем качестве

From Confusion to Clarity: Unlocking the Power of WIP Reports

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