---
title: How WIP Statements Improve Project Financial Reporting
description: In the latest Construction Hot Takes deep dive, listen as Greg Gorman provides a step-by-step guide to creating your company's very own WIP statement.
image: https://blog.ascentconsults.com/hubfs/Greg%20Blog%20featured%20image.png
---
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# How WIP Statements Improve Project Financial Reporting
- Gregory Gorman
- Finance & Insurance , Business Operations , Growth & Contraction , Project Financials , Perform Work , General , Media / Video , Audio , Video
- [No Comments](https://blog.ascentconsults.com/utilizing-construction-wip-statements#comments-listing)
In the latest episode of *Construction Hot Takes - Deep Dives*, our finance expert Greg Gorman takes a closer look into one of the most critical tools in construction financial management: the Work in Progress (WIP) statement.
If your company isn’t already using a WIP—or isn’t fully leveraging its potential—you could be leaving valuable insights (and money) on the table. A WIP statement provides an up-to-date snapshot of your projects, tracking progress, costs, and billing to help you make smarter decisions.
In this episode, Greg offers a step-by-step guide to building your own WIP statement, explains how to calculate key metrics like percent complete, and breaks down the crucial difference between Overbilling and Underbilling.
Please like, comment & subscribe to our channel for more helpful construction-focused content!
# Ready to take the first step in crafting WIP Statement for your company? [](https://cta-redirect.hubspot.com/cta/redirect/2239892/0d5d30d0-12ee-4a80-b55e-870b90dee381)
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Posted by [Gregory Gorman](https://blog.ascentconsults.com/author/gregory-gorman)
Greg has 20+ years of financial, operational, and leadership experience in various professional sectors with a focus on construction, development, and construction management.
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Posted by [Gregory Gorman](https://blog.ascentconsults.com/author/gregory-gorman)
Greg has 20+ years of financial, operational, and leadership experience in various professional sectors with a focus on construction, development, and construction management.
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