A Work in Progress (WIP) report is the amount of time a lawyer has worked, the value of that time, and expenses that have been executed, but not invoiced. WIP goes beyond what you expect to bill. It's an asset that can be used to establish loans or insurance.
LeanLaw's approach is to show WIP in the context of what is owed to you and what money you're holding in trust. This provides a more complete snapshot of your practice: how much you expect to earn and cash flow.
A Work in Progress report is an important part of any law practice, no matter the size. WIP is an integral part of LeanLaw’s features, and we’ve simplified it so that your financials are accessible and visible in one place.
Using LeanLaw’s WIP report, you can look at each client’s receivable balances, recent payments, and funds held in trust all on one page. This allows you to access real-time, cloud-based data about where your money is going, where it is located, and who owes you what. Best of all, it’s always in sync with QuickBooks Online.
As an outside accounting resource, you can use the Ready to Bill report to help your client understand where their practice stands at any given moment. Easily accessed and downloaded to Excel, you have the opportunity to report on cash flow, client’s receivables, trust to WIP ratios, and any significant payments made to the firm.
The WIP report is a way to add value to your services for the law firm. When the attorneys understand the current profitability and cash flow, they can make more informed decisions directed toward the operation of the law practice. They can understand what to expect financially and who is billing how much time. With these tools, the accounting professional can become a trusted adviser to the law firm.