Business management glossary/Work in progress (WIP)

Work in progress (WIP)

General

Work that has been delivered but not yet invoiced — unbilled time and costs sitting between delivery and billing. Tracking WIP tells a services firm how much earned revenue is waiting to be turned into invoices and cash.

Related terms

Project accountingCommitted costRevenue recognitionRealization rateTime and materials (T&M) billingProject profitability

On Flowtly

Time trackingAccounting firms

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