WIP schedules, job costing, overbilling, underbilling, bonding capacity — these aren’t concepts we’re learning as we go. Our partners have worked with construction companies for decades.
Construction accounting is fundamentally different from standard business accounting. Revenue recognition is percentage-of-completion. Profitability is project-specific. Bonding capacity is directly tied to your balance sheet health. Your banker reads your WIP schedule differently than a standard P&L.
Our partners have helped construction companies in Central Florida navigate lender requirements, bonding renewals, surety relationships, and the often-painful process of cleaning up job cost reporting that doesn’t reflect reality.
Schedule a Consultation →Randy has worked extensively with construction and contracting companies. He understands WIP reporting, bonding requirements, and the financial reporting that lenders and sureties actually need to see.
A Work in Progress schedule tracks the financial status of all open contracts — what’s been billed vs. earned, what’s been earned vs. costs incurred. It’s the primary document your banker and surety use to assess your financial health. An inaccurate WIP schedule is one of the most common issues we fix when we bring on new construction clients.
Under percentage-of-completion, revenue is recognized in proportion to the completion of a contract — not when billed or when cash is received. This method requires accurate job cost tracking and consistent completion percentage estimation. It’s required by GAAP for most construction entities with long-term contracts.
Yes. Bonding capacity is directly tied to your working capital, net worth, and the quality of your financial reporting. We work with construction clients to improve the balance sheet presentation, address under/overbilling issues, and prepare the financial package your surety needs to increase your single and aggregate limits.
Schedule a free conversation. We’ll match you with the right partner and tell you exactly how we can help.