What Is WIP Reporting in Construction? The Report Every Lender Asks to See

The work-in-progress schedule is the report construction lenders and sureties ask for before almost anything else. It shows every active project's contract value, costs, billings, earned revenue, and over/under-billing position — a snapshot of the entire portfolio's financial health in one document. Here is what a WIP is, how to read it, and why the numbers on it are the most-audited in construction accounting.