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Get the free guide: The Contractor’s Guide to Work in Progress Reports

Email Stephen to get his WIP schedule

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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: Resources & Contact Info

The Contractor Profit Blueprint is a complete guide that breaks down exactly how to identify where your money's going and start keeping more of it. This isn't theory. It's the same framework I use with contractors I work with every single day.

Head to profitfirstconstruction.com/blueprint to download your free copy. 

Stop working for free. Let's get you keeping what you've earned.

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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com