WIP, over and under-billing, and bonding capacity.
Want bigger jobs? You need bigger bonding. And bonding runs on one report most contractors under-invest in: the work-in-progress schedule.
Earned versus billed, job by job.
A WIP schedule compares, job by job, how much you have earned based on percent complete against how much you have billed. Over-billed is a cash cushion you must not mistake for profit. Under-billed is work done that you have not billed, which is cash you are owed.
It sets your capacity.
Your WIP schedule is the primary tool a surety uses to set bonding capacity, and a lender uses to gauge risk. Clean, credible WIP reporting with realistic cost-to-complete estimates directly expands the size and number of jobs you can take on.
Do these monthly, from system data.
- Update cost-to-complete estimates honestly and often.
- Bill in line with progress, because chronic under-billing weakens your statement.
- Keep job costs clean so percent complete is real.
- Produce the WIP monthly, not just at year end.
Let Procore and ServiceTitan do the heavy lifting.
Procore and ServiceTitan already know the job reality. I bridge it to the accounting schedule so WIP is credible and lender-grade. See Procore integration and the systems work.
Want more bonding capacity?
It starts with your WIP. The $750 plus HST Diagnostic Audit shows where yours is weak.
General information for Ontario businesses, current at the time of writing. Not tax, legal or accounting advice. Confirm your situation with a professional. Steel City CFO can help.