The work-in-progress schedule is a core report for contractors. For each open job it shows the contract value, estimated total cost, costs incurred to date, percent complete, revenue earned, and amounts billed. The difference between earned revenue and billings reveals whether the job is over-billed or under-billed.
Sureties, banks, and CPAs review WIP schedules closely, because they show whether a contractor's profits and cash are real. Consistent estimates to complete are the hardest part to maintain, and they depend on accurate job costing.