Show Work in Progress Status

As a staffing agency, we would like to see our "Work in Progress" (WIP) status within the tool. For our month-end closing and financial management, it is essential that we see not only what has been invoiced, but also the value of the work our consultants have already delivered (the “unbilled revenue”).

Without WIP visibility, our income statement does not reflect the actual performance for the current month. Our payroll costs continue to accrue, but revenue often isn’t recognized until 30 days later. WIP bridges this gap. It enables us to:

1. Reportaccurate monthly figures (matching principle: matching revenue to the period in which the hours were worked).

2. Forecast cash flow: We know exactly how much is still “in the pipeline” to be invoiced.

3. Manage risk: Gain insight into projects where hours are being logged but invoicing is lagging behind (e.g., due to missing approvals).

• For “Hour-by-Hour Invoicing”:

  • Logic: All approved hours that have not yet been definitively invoiced.

  • Formula: Number of unbilled hours * Agreed-upon hourly rate.

• For Fixed Price:

  • Logic: Value based on progress (Percentage of Completion) minus invoices or installments already sent.

  • Formula: ((Hours worked / Total budgeted hours) * Total project cost) - Total amount already invoiced.