A WIP Schedule Every Month, Not Just at Audit Time
Fintra generates a percentage-of-completion WIP schedule from live job cost data, showing over- and underbilling by job - ready whenever a lender or surety asks.
Illustrative product view
What WIP reporting does
A WIP schedule tells you whether you have billed ahead of or behind the actual work performed on every job - the single report contractors, sureties, and lenders all want current. Fintra builds it monthly from live job cost and billing data using the percentage-of-completion method, instead of a spreadsheet reconstructed under deadline pressure.
- Percentage-of-completion calculated from real job cost-to-date and estimated cost at completion
- Over- and underbilling shown per job, and net across the portfolio
- Generated monthly from the same job cost and billing data already in the system
- Formatted for sureties and lenders, not just internal review
Core capabilities
| Capability | What it does | What it replaces |
|---|---|---|
| Percentage-of-completion | Calculates percent complete from real cost-to-date | Estimating percent complete manually per job |
| Over/underbilling detection | Compares billed-to-date against earned revenue | Discovering billing gaps at year-end |
| Monthly generation | Produces the schedule every period from live data | A WIP schedule built once a year for the audit |
| Surety-ready format | Presents the schedule in the format lenders expect | Reformatting internal data for external use |
How it works
From job cost to a monthly WIP schedule
- 1
Pull cost-to-date
Actual cost incurred per job comes directly from construction job costing.
- 2
Calculate percent complete
Cost-to-date is compared against total estimated cost to determine percentage of completion.
- 3
Compare to billing
Earned revenue at that percentage is compared against amounts actually billed to date.
- 4
Flag over/underbilling
Jobs billed ahead of or behind earned revenue are flagged per job and summarized across the portfolio.
Ready before anyone asks
Because the WIP schedule generates from the same live job cost and billing data used day to day, there is no separate reconstruction project when a surety, bank, or auditor requests it - the schedule for any prior period is simply pulled and reviewed.
What the schedule shows per job
- Contract value, cost-to-date, and estimated cost at completion
- Percentage of completion and earned revenue
- Billed-to-date and resulting over- or underbilling
Frequently asked questions
What is overbilling and why does it matter?
Overbilling happens when a job has been billed for more than the revenue actually earned based on its percentage of completion - it shows up as a liability on the balance sheet and is a key thing sureties and lenders watch, since heavy overbilling can indicate cash-flow risk on future jobs.
Does the WIP schedule update automatically each month?
Yes. It pulls current job cost-to-date and billing data automatically each period, so a current WIP schedule is always available rather than being a special project done once a year for the audit.
Can I generate a WIP schedule for a specific point in the past?
Yes. Because the schedule is generated from job cost and billing data tied to specific periods, you can produce the WIP schedule as it stood at the end of any prior period a lender or surety needs to see.
Does this replace the percentage-of-completion method my CPA uses?
It implements the same percentage-of-completion method, grounded in your actual job cost and billing data rather than a manually maintained schedule, so your CPA reviews and relies on the same numbers instead of rebuilding them from source data.
Stay in the loop
One practical finance briefing a week - new guides, checklists, and benchmarks.
Have your WIP schedule ready every month
Start free, no card required. Generate over/underbilling from your real job cost data.
Talk to us