Work in progress (WIP)

Work an agency has started but not yet billed - effort already spent that has not turned into an invoice or cash.

For example, two weeks into a month-long project, the team has done substantial work but not yet invoiced it. That unbilled effort is WIP - real value created, but not yet money in the door.

Why it matters to your firm: tracking work in progress shows how much value is tied up unbilled, which is vital for cash-flow and profitability visibility. A large or ageing WIP balance is a warning that invoicing is lagging delivery - effort that could quietly turn into a write-off if not billed.