How Finance teams can use Coretime to reconcile Work in Progress (WIP)

Reconciling Work in Progress (WIP) is one of the most challenging and time-consuming tasks for Finance teams in Professional Services businesses. When time tracking, billing and financial reporting live in separate systems finance teams are left chasing discrepancies, manually adjusting figures and fielding questions from multiple departments.

Coretime simplifies WIP reconciliation by creating a reliable, single source of truth for time and value. Here’s how Finance teams can use Coretime to gain control, accuracy and confidence in their WIP reporting.

The WIP Reconciliation Challenge

WIP represents revenue that has been earned but not yet billed. In theory, it’s straightforward. In practice, it often isn’t.

Finance teams commonly struggle with:

• Incomplete or late timesheets
• Inconsistent time categorisation across projects
• Manual rate calculations and adjustments
• Difficulty tracking billed vs unbilled time
• Limited visibility into project-level financials

These challenges make month-end close slower, increase the risk of revenue leakage and reduce confidence in financial reporting.

Coretime as the foundation for accurate WIP

Coretime brings time tracking, project structure and financial rules together in one system. Because WIP is calculated directly from approved time entries and agreed rates, finance teams can trust that the numbers reflect reality; not estimates or outdated spreadsheets.

At its core, Coretime enables:

• Real-time capture of time against clients, projects and activities
• Consistent application of billing rates and rules
• Clear separation of billable, non-billable and written-off time

This creates a strong foundation for WIP reconciliation from day one.

Step 1: Ensure, Clean, Approved Time Data

Accurate WIP starts with accurate time.

Coretime supports Finance teams by:

• Enforcing timesheet submission deadlines
• Flagging missing or incomplete entries
• Supporting structured approval workflows

Once time is approved, it becomes finance ready. This reduces the need for end of month adjustments and ensures WIP is based on validated data not assumptions.

Step 2: Apply Rates Consistently and Transparently

One of the biggest sources of WIP discrepancies is inconsistent rate application. Coretime allows finance teams to define and control rate cards at multiple levels, such as:

• Client specific rates
• Projects or phase-based rates
• Role or individual rates

Because rates are applied automatically, WIP values are calculated consistently across the business. Finance teams can also see exactly how each WIP figure is derived, making audits and internal reviews far simpler.

Step 3: Separate WIP, Billed and Written-off Time

Coretime provides clear visibility into the status of time and value, allowing finance teams to:

• Identify unbilled WIP
• Track billed time against invoices
• Isolate write-offs or non-billable work

This clarity is essential for accurate reconciliation. Instead of manually matching invoices to spreadsheets, finance teams can reconcile WIP directly against Coretime’s billing and reporting data.

Step 4: Use Real-Time WIP Reporting

Traditional WIP reconciliation often happens retrospectively, after issues have already occurred. Coretime changes this by offering real-time reporting.

Finance teams can:

• Monitor WIP balances throughout the month
• Drill down from summary figures to individual time entries
• Spot unusual trends or exceptions early

This proactive visibility allows issues to be addressed before month-end, reducing pressure during close and improving overall financial control.

Step 5: Support Month End Close and Forecasting

With clean data, consistent rates, and real-time reporting, Coretime significantly reduces the effort required for month-end WIP reconciliation.

Finance teams benefit from:

• Faster and more predictable close cycles
• Greater confidence in accrued revenue figures
• Stronger forecasting based on live WIP data

Because WIP is always up to date, finance leaders can provide stakeholders with timely, reliable insights; without last minute corrections.

The Bigger Picture: From Reconciliation to Insight

Beyond reconciliation, Coretime enables finance teams to move from reactive reporting to strategic insight. With accurate WIP data, organisations can:

• Identify margin erosion early
• Improve billing discipline
• Align delivery performance with financial outcomes

Instead of spending time fixing numbers, finance teams can focus on improving profitability and supporting smarter decision making.

Final Thoughts

WIP reconciliation doesn’t have to be a monthly headache. By using Coretime as a single source of truth for time, rates and value, finance teams can simplify reconciliation, reduce risk and gain real-time visibility into earned revenue.

The result is not just cleaner WIP; but a stronger, more confident finance function.

See how Coretime helps finance teams gain clarity, accuracy and confidence in WIP reporting by calling 00 1423 653800 or emailing sales@coretime.com