Free Tool
Are you overbilled or underbilled?
Enter a job and see your percent complete, earned revenue, and over or under billing, the number that tells you whether you are financing the customer or spending money you have not yet earned.
What this measures
A work-in-progress (WIP) schedule uses the percentage-of-completion method: percent complete equals cost incurred to date divided by total estimated cost, and earned revenue equals that percentage times the contract value. Compare earned revenue to what you have billed and you get your over or under billing, the number that tells you whether you are financing the customer or borrowing against unearned work. This is the core of construction revenue recognition under ASC 606.
Enter one job (or your whole book)
Enjoying the tools?
Enter your info to keep using all Level calculators.
What this means for you
Over and under billing is where project contractors quietly lose control of cash. Underbilling means you are the bank, funding work you have not invoiced. Overbilling feels good until the unbilled costs arrive and the job fades. A WIP schedule is the only way to see either one before it becomes a cash crisis.
Quick win this week
Run your three largest open jobs through this. Any job that is underbilled by a meaningful amount is cash you can invoice this week under most contracts. Any job overbilled well past its percent complete is a profit-fade risk to watch.
Strategic fix
Build a monthly WIP schedule across every open job. Track billed vs earned, watch estimated cost at completion for creep, and reconcile the WIP total to your P&L. This is what surety bonders and lenders read first, and it is the single report that separates contractors who scale from those who stall.
Want a monthly WIP schedule you can trust?
We build and maintain your WIP across every open job, so you always know billed vs earned, cash position, and profit fade before it bites. Free audit included.
No commitment. Real numbers, not generic advice.
Frequently asked questions
How do you calculate a WIP schedule?
Percent complete equals cost incurred to date divided by total estimated cost (the cost-to-cost method). Earned revenue equals percent complete times the contract value. Over or under billing equals the amount billed to date minus earned revenue: a positive number means you are overbilled (billed ahead of the work), and a negative number means you are underbilled (you have done work you have not yet invoiced).
What is the difference between overbilling and underbilling?
Overbilling means you have invoiced more than the work you have completed, which is cash-positive now but a balance-sheet liability, it is customer money for work you still owe, and spending it as profit risks running out of cash before the job ends. Underbilling means you have completed more work than you have billed, so you are financing the customer with your own cash, the most common hidden cash drain in project work.
What is profit fade?
Profit fade is when a job's estimated profit shrinks as it progresses, usually because the estimated cost to complete was too low. A WIP schedule catches it early by tracking estimated cost at completion each month, so you see margin erosion while you can still act on it rather than discovering it at job close.
Want a monthly WIP schedule across every open job?
We build and maintain your WIP each month, billed vs earned, cash position, and estimated cost at completion, so you catch underbilling and profit fade before they turn into a cash crisis, and so your surety and lender see a clean schedule.
From clients
What contractors say after working with us.
“We were doing $7M and I almost missed payroll twice in one quarter. Sam pulled the cash report apart line by line, turns out we had ~$340K in unbilled WIP sitting in the field. Got most of it billed and collected inside two weeks. The CFO retainer basically paid for itself the first month.”
“The eye-opener for me was when Sam showed me my biggest GC was actually losing me money on a fully-loaded basis. I'd been chasing that account for years. We repriced, lost them for 90 days, then they came back at better terms. That doesn't happen if nobody's running the math.”
“AR was a mess, $1.2M older than 60 days and probably $480K I'd written off in my head. Sam set up a weekly escalation cadence that we actually stuck to. Recovered about $620K in five months. Some of those calls were uncomfortable but they worked.”
Simple pricing
Three tiers, one ladder.
$99-$500/mo
Bookkeeping
The clean data layer: monthly books, reconciliations, and organized financials AI can work with.
$1,500-$5,000/mo
Scale
The full AI operating layer: custom agents, weekly actions, and benchmarks to grow margin per hour.
Custom
Platform / Multi-Office
Multi-branch benchmarking and scorecards for PE-backed and multi-location groups.
Get a WIP schedule you can actually trust
Drop your info and the Level team will build your monthly WIP across every open job. Free audit included.
No commitment. Real numbers, not generic advice.