The WIP by Matter report provides a comprehensive view of unbilled work for individual matters, supporting financial forecasting and resource planning at a matter-specific level.
Insights Expected from the WIP by Matter Report
This report provides essential insights that enhance financial planning and decision-making:
Future Billings per Matter: Shows the unbilled work for each matter, allowing firms to estimate the revenue each matter will generate once invoiced.
Revenue Forecasting: Assists in predicting cash flow by projecting income based on current work-in-progress for active matters.
Resource Allocation by Matter: Highlights matters with significant unbilled work, enabling firms to prioritize these for resource allocation to maximize timely billing and revenue generation.
Billing Cycle Improvement: Tracking WIP by matter helps firms plan more timely invoicing, streamlining the billing cycle for improved financial efficiency.
Financial Planning: Serves as an indicator of potential revenue by matter, helping firms manage cash flow and assess overall financial health.
To generate the WIP by Matter report:
Navigate to the Dashboard
Click on Reports
Scroll to the Invoices section and choose 'WIP by Matter.'
You can refine the details by applying various filters. The report can be exported for additional analysis, helping firms make informed decisions around resource management, client billing, and financial planning.
Explore this comprehensive guide for a deeper understanding of all features available in the reports interface.