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