When a contractor invoices ahead of work finished as indicated on the WIP schedule or the over/under billings report, this is known as overbilling. For example, if a contractor bills 60% of a task's estimated revenue but only accounts for half of the estimated expenditures, the job is overbilled. Overbilling is often viewed positively by construction CPAs and sureties. Overbilling allows contractors to stay ahead of their cash flow, but it is essentially borrowing against future work that has yet to be completed.'
Intuit Connect 2025 unveiled game-changing innovations for mid-market accounting: Intuit Enterprise Suite with construction-specific features, Intuit Accountant Suite, and Intuit Intelligence. IES finally bridges the gap between QuickBooks usability and ERP power.
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