In this episode of Builders, Budgets, and Beers, Reece sits down with Miller Bradford, founder of Builder Bookkeep and one of the sharpest minds in residential construction accounting.

The original plan? Talk change management. What actually happened? A masterclass in WIP reporting that turned into one of our most important conversations yet.

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If you’re a builder who’s ever wondered, “Where did all the money go?” this one’s for you.

The “One Report to Rule Them All”

Right out of the gate, Miller hits us with a line that should be on a t-shirt: “If I don’t have a WIP report, I can’t tell you how much money you’re making.”

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For those unfamiliar, a Work-In-Progress (WIP) report is more than just a monthly financial document. It’s a living, breathing truth serum for your budget. It tells you whether you’re overbilled, underbilled, or flying blind into a cash flow crisis.

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The big issue? Most builders either don’t run WIPs or run them once a year, usually because someone asked for it during tax season. According to Miller, that’s the financial equivalent of using your rearview mirror to steer a speeding car.

The Hidden Dangers of Not Running WIP

Miller and Reece unpack example after example of where things go sideways for builders:

• Framing’s done, but the framer doesn’t send a bill for six months… and you’ve already drawn on the work. Your budget shows profit that doesn’t exist.
• A subcontractor invoice goes missing. The job looks under budget. It’s not.
• You hire two new PMs thinking you have the cash, only to find out the margin was over-inflated.

WIP reporting exposes all of that before it’s too late.

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In fact, Miller won’t even offer CFO services unless the builder is running a WIP. “It’s the foundation,” he says. “If you’re not adjusting for over/under billing, you’re just guessing.”

Monthly vs. Weekly WIP: Why It’s Both

Traditionally, a WIP is a monthly report used to close out books. But Adaptive and Builder Bookkeep are helping redefine its use as a weekly management tool. Why? Because if you’re only reviewing job performance once a month, you’re already behind.

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Adaptive’s real-time WIP tool means builders can now:

• Spot cost overruns early
• Catch missing bills or change orders
• Hold weekly accountability meetings with PMs
• Get paid faster and more accurately

Miller puts it simply: “The WIP doesn’t just belong to the accountant. It’s a leadership tool.”

The Real Cost of Inaccurate Books

Perhaps the most staggering part of the conversation is how often Miller’s team uncovers major financial inaccuracies—80%+ of new clients, in his words.

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Some haven’t filed taxes in years. Others have hundreds of thousands in unbilled costs sitting in “uncleared” status. Others have paid subs twice without realizing it. The result? “You’re making decisions based on fake profit,” says Miller.

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From equipment purchases to hiring sprees, these decisions are often made with confidence and corrected with regret.

Bottom Line: Every Builder Needs a WIP Report

If you’re managing projects longer than 30 days, you should be running a WIP. Period. It protects your margin, improves cash flow, and helps you make smart, proactive decisions.

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And with tools like Adaptive and partners like Builder Bookkeep, you no longer need a finance degree to do it right.

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