The WIP by Client report offers a detailed overview of unbilled, in-progress work for each client, enabling law firms to anticipate future billings and manage cash flow effectively.
Insights Expected from the WIP by Client Report
This report provides critical insights to assist with financial forecasting and resource allocation:
Future Billings per Client: Shows the unbilled work for each client, giving firms a clear view of anticipated income.
Revenue Forecasting: Helps firms predict cash flow by estimating the future revenue that current work-in-progress will bring.
Client Prioritization: Identifies high-value clients with substantial work in progress, enabling firms to allocate resources where they can generate the most impact.
Billing Cycle Optimization: By monitoring unbilled work by clients, firms can plan timely invoicing and streamline billing cycles, helping to avoid revenue bottlenecks.
Financial Health Indicators: This report indicates financial health by showing potential revenue yet to be invoiced, helping firms maintain a steady cash flow.
To generate the WIP by Client report:
Navigate to the Dashboard
Click on Reports
Scroll to the Invoices section and choose 'WIP by Client.'
You can refine the details by applying various filters. The report can be exported for in-depth analysis, allowing law firms to make strategic financial planning, resource allocation, and client prioritization decisions.
Explore this comprehensive guide for a deeper understanding of all features available in the reports interface.