Ask most contractors what their labor rate is and they'll tell you their employee's hourly wage. That's not their labor rate — that's their biggest pricing mistake. The true cost of an employee is significantly higher than their wage, and if you're not accounting for all of it in your bids, you're losing money on every job. What Is a Fully-Burdened Labor Rate? Your fully-burdened labor rate is the total cost per hour to employ a worker — including their wage, all payroll taxe

If you're a contractor — electrical, plumbing, HVAC, general contracting, or any trade — and you've never heard of a WIP schedule, you're not alone. Most small contractors haven't. But if you want a bank line of credit, contractor bonding, or accurate financial statements, your CPA is eventually going to ask for one. Here's everything you need to know. What Does WIP Stand For? WIP stands for Work in Progress. A WIP schedule is a financial report that shows the current status