For contractors using Foundation Software, the Work-in-Progress (WIP) report is a critical tool for managing project financials. It helps track job profitability, comply with ASC 606 revenue recognition, and keep stakeholders informed on billing status, progress, and projections.

While Foundation’s built-in WIP report covers the basics, many contractors run into limitations when they need customized reports for bonding, internal reviews, or project manager collaboration. That’s where tools like PivotXL—an Excel-based reporting platform—can make a big impact.

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What Is a WIP Report in Foundation?

Foundation’s WIP report is designed to monitor job performance and profitability in real time. It usually includes:

  • Contract value
  • Estimated vs. actual costs
  • Percent complete
  • Revenue recognized
  • Overbilling or underbilling
  • Projected gross profit

This report gives essential financial visibility to accountants, CFOs, and bonding agents.

Common Challenges with Foundation’s WIP Report

Despite being a solid construction accounting platform, Foundation has some limitations when it comes to flexible WIP reporting:

1. Manual Adjustments and Exports

Cost-to-complete (CTC) adjustments often require manual edits or Excel-based workarounds. Finance teams usually export data into spreadsheets to apply custom formulas or create reports tailored for bonding or management.

2. Limited Project Manager Collaboration

Foundation doesn’t have built-in tools for project managers to input forecasts or update percent complete directly. This results in disjointed workflows where PMs send Excel files to finance, who then reenter the data.

3. Static Reports with Limited Customization

The built-in report formats are rigid. Creating custom summaries by project type, region, or client often requires additional software or time-consuming exports.

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Why Cost to Complete (CTC) Matters Most

The Cost to Complete is the most critical element in any WIP report. It affects:

  • Remaining margin on a job
  • Revenue recognition (in percent-complete accounting)
  • Risk of going over budget

Without accurate CTC data—especially from the field—your WIP report becomes guesswork, which can be dangerous for decision-making, bonding, or forecasting.

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How PivotXL Enhances Foundation WIP Reports

PivotXL is a financial reporting platform that works inside Excel and connects directly to systems like Foundation. It brings automation, collaboration, and structure—while keeping the flexibility of spreadsheets.

📊 Connected Excel Templates

Finance teams can use their preferred report formats (including bond-ready layouts) while allowing PMs to update job-level data.

  • PMs input CTC values at the phase, cost code, or job level
  • Data rolls up automatically to the WIP schedule
  • Calculations like earned revenue, over/under billing, and projected margin are done instantly

🔄 Real-Time Sync with Foundation

PivotXL connects directly to Foundation’s trial balance and job cost data. When numbers change in Foundation, your reports update automatically—no exports or manual refreshes.

📈 Roll-Ups and Trend Analysis

Summarize job data by division, client, or region. Track trends like forecast accuracy and margin slippage over time, all within Excel.

👥 Seamless Collaboration

Share Excel templates with project managers so they can enter updates themselves. Access controls ensure the right people see and edit the right sections. You get the structure of a database, but with Excel’s flexibility.

Benefits of Using PivotXL for WIP Reporting

  • ✅ Faster Close: Save hours by eliminating manual entries and spreadsheets
  • ✅ Audit Ready: Keep a trackable log of inputs and changes
  • ✅ Better Forecasts: Use live, accurate CTC values from the field
  • ✅ Smarter Decisions: Analyze performance by job, region, or client
  • ✅ ASC 606 Compliant: Maintain accurate, standards-based revenue recognition

Final Thoughts

Foundation Software gives contractors a strong foundation (pun intended) for WIP reporting. But when you outgrow its static reports, adding a connected Excel layer with PivotXL can unlock more power—without giving up the tool you already know.

You don’t need to ditch Excel — just make it smarter.

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