The importance of following up on projects: Work in process

working

Work in process (also called work in progress) is billable work or expenses that hasn’t been billed yet. Work in process is usually expressed in dollar amounts.

Work in process is similar to the list of orders that were delivered, but have not been invoiced yet. For professional services companies, the product is time, which means that the work in process concerns billable time worked, but not invoiced yet.

For professional services companies, work in process is the potential revenue for the current month. It is essential to know how much potential billings we have in our pipeline.

Now, not all billable work and expenses gets billed. Sometimes, companies can decide to not bill some hours. With a good work in process report, it become much easier to figure out where the company stands revenue-wise.

As work and fees get billed, they are removed from the work in process list. Normally, once a billing cycle is completed, the work in process list (the WIP) should be empty – or almost empty.

With an automated integrated system as performant as Abak 360, businesses don’t have to build the work in process list or purge it manually. As billable time gets logged in by team members, it fills up the work in process automatically. When the invoices are generated, the items invoiced at also automatically removed from the work in process.

Keeping an eye on your projects’ progression as never been easier than with Abak 360!

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