Free contractor tool
Enter four numbers and see your percent complete, earned revenue, and whether you're over- or under-billed, the heart of every WIP schedule.
You're under-billed by $0. You've done more work than you've billed. That's an asset (costs in excess of billings), and it means you're financing the job out of pocket. Get a billing out.
% complete is cost-to-cost (cost ÷ EAC). Earned revenue = contract × % complete. Over/(under)-billing = billed − earned. This is the core of every WIP schedule a CPA or bonding agent asks for.
Why it matters
Most contractors bill on a schedule that has nothing to do with how much work is actually done. WIP tells you the truth: have you earned what you've billed?
Over-billed looks like a healthy bank balance, but it's borrowed from future work, the classic way a busy contractor runs out of cash mid-job. Under-billed means you're the bank, floating the owner's project with your own money.
Bullwork builds this WIP schedule automatically from your live job costs and billings, every job, every month, so you're never guessing and your CPA isn't rebuilding it by hand at year-end.
Questions
A work-in-progress schedule shows, for each active job, how much you’ve earned versus how much you’ve billed. It’s built on percentage-of-completion accounting and is the report CPAs and bonding agents rely on to judge a contractor’s financial health.
The standard method is cost-to-cost: cost incurred to date ÷ estimated total cost at completion (EAC). Earned revenue is then the contract amount × percent complete.
Over-billed (billings in excess of costs) means you’ve billed more than you’ve earned, a liability; that cash is really the owner’s until you do the work. Under-billed (costs in excess of billings) means you’ve earned more than you’ve billed, an asset, and a sign you’re financing the job.
Front-loaded billings put cash in the bank early, which looks great, until the work catches up and there’s no billing left to cover the remaining costs. Tracking WIP keeps you from spending money you haven’t earned yet.
Bullwork generates a live, bonding-ready WIP schedule from your real numbers. See it on your jobs.
Start free