Project Finances — See Cost, Billable Value & What’s Still Uninvoiced
Corcava connects tracked time, pay rates, bill rates, expenses, and invoices to the same project — so you can review project financial activity without rebuilding margin in a spreadsheet every month.
No credit card required · Operational financial tracking, not double-entry accounting
Revenue is not project profit
The client invoice shows what you billed. Payroll, contractor payouts, software, and pass-through expenses often live elsewhere. Unbilled hours sit in a time report nobody opened. By the time someone assembles margin, the project is already delivered.
Project Finances in Corcava is an operational ledger on each project: money in from client invoices, money out from team invoices and expenses, with spent-vs-billed context from time tracking and pay/bill rates. It helps you answer “is this engagement still healthy?” before month-end reconstruction — not replace your accountant.
How project financial data connects
Each step uses the same client and project record. Some transitions are manual — you still create invoices and approve team payouts.
- Team members log time against tasks and projects. Pay rate produces internal spent value; bill rate produces external billable value.
- Reports group spent, billed, and uninvoiced totals by project, client, member, task, or date range. Pay-rate columns respect permission settings.
- Expenses attach to projects when you record them in expense tracking.
- Client invoices and payment status link to the same client/project context in invoicing.
- Team invoices (payouts to contractors or employees) appear as costs in the project financial picture.
- Project Finances tab shows the ledger: client invoices in, team invoices and expenses out, with income/expense totals in your team base currency.
What you can review per project
Different screens answer different questions. The ledger is not a single margin-percentage dashboard.
Spent vs billed
Compare internal cost (pay rates × time) with billable value (bill rates × time) in reports — filtered by project, client, member, or task.
Calculated in time reports, not inside the ledger row editor.
Uninvoiced work
See billable time and value not yet on a client invoice, and team-side work not yet paid out — so revenue and contractor cost do not slip through.
Project ledger
Client invoices (positive), team invoices and expenses (negative), with running income, expenses, and total in base currency.
Invoice & payment activity
Review which invoices hit the project and their payment status alongside delivery work — not in a separate billing silo.
Multi-currency handling
Work in client and team currencies; summaries convert to your team base currency for comparison. Exact conversion wording follows your team settings.
Permissions & export
Restrict pay-rate and financial visibility by role. Export report data when you need to share figures outside Corcava.
Worked example: $18,000 redesign engagement
Illustrative numbers for a fixed-price agency project. Corcava does not compute one headline margin % in the ledger — you interpret spent, billed, invoices, and costs together.
| Event | Where in Corcava | What you see |
|---|---|---|
| SOW signed: $18,000 fixed fee | Deal → project; bill rate on project | Delivery scope on one project record |
| Internal team logs 120 h @ $85/h pay | Time reports | Spent: $10,200 internal cost |
| Freelance UI pass: $2,400 team invoice | Team invoice → Project Finances | Ledger expense: −$2,400 |
| Stock assets & plugin: $380 expense | Expense on project | Ledger expense: −$380 |
| Milestone 1 invoiced: $9,000 (paid) | Client invoice → Project Finances | Ledger income: +$9,000 |
| 12 h change-request work, not yet invoiced | Uninvoiced report | Billable value waiting to invoice |
| Owner review before final invoice | Reports + Project Finances tab | Compare $12,980 cost basis vs $9,000 received + uninvoiced CR hours; decide final invoice timing |
Use the profitability calculator before quoting; use reports and Project Finances after delivery starts.
Planning vs tracking vs accounting
- 1.Quote-time planning — model margin before the SOW with the free profitability calculator.
- 2.Delivery-time tracking — spent vs billed reports, uninvoiced lists, and the Project Finances ledger inside Corcava.
- 3.Formal accounting — general ledger, tax, and revenue recognition stay in your accounting software. Corcava is operational financial visibility, not double-entry bookkeeping.
Current limits to keep in mind: the ledger does not prorate a whole invoice across project intervals automatically; expenses may be stored in base currency; there is no inline ledger editing, budget-vs-actual module, or in-app margin-percentage headline.
Common service-business scenarios
Fixed-price projects
Track internal burn against milestones invoiced. Catch scope creep before the final invoice.
Hourly & T&M work
Uninvoiced hours report shows what to bill this week; ledger shows what already cleared.
Retainers
Compare recurring effort (spent) to recurring invoices (billed) per client account.
Upwork agency contracts
Contract rate as bill rate, freelancer pay as cost — see Upwork integration and channel profitability.
Multi-currency clients & contractors
Bill clients in their currency, pay team in theirs, review approximate base-currency totals for ops decisions — then hand finalized figures to finance.
Frequently asked questions
How does Corcava calculate internal project cost?
Tracked time intervals multiply by each member’s pay rate (or project-specific pay rate where set). Totals appear in time and financial reports grouped by project, client, member, or task.
What is the difference between billed and invoiced?
Billed value comes from bill rates applied to tracked time — what the work was worth at your rates. Invoiced is what you actually sent on client invoices. Uninvoiced reports show billable work not yet on an invoice.
Can I see uninvoiced time?
Yes. Dedicated uninvoiced-to-client and uninvoiced-from-team reports list work that still needs billing or payout action.
Can I restrict access to pay rates?
Yes. Permission settings control who sees pay-rate columns and internal spent amounts. Billable/client-facing figures can remain visible to roles that should not see payroll detail.
Does this replace accounting software?
No. Project Finances is an operational ledger for delivery teams — invoices in, team payouts and expenses out, with spent-vs-billed context. Tax, GAAP reporting, and your general ledger stay in QuickBooks, Xero, or similar.
How are multiple currencies displayed?
Transactions can use their native currency; summary totals convert to your team base currency for comparison. Use your finance team’s rules for official reporting.
Can I export project financial data?
Report views support export so you can share spent, billed, and uninvoiced figures with finance or clients. Export availability follows the same report you are viewing.
Reporting
Spent vs billed, uninvoiced work, and filters by project or client.
Invoicing
Turn tracked time and milestones into client invoices on the same project.
Agency management
Full lead-to-invoice workflow Project Finances plugs into.
Profitability calculator
Quote-time margin modeling before delivery starts.
Billable hours calculator
Decimal hours and 6-minute increment rounding for invoices.
Consulting software
Engagement workflow for boutique consultancies.
Professional services automation
PSA software for agencies, consultancies, and billable teams.
Upwork integration
Compare contract bill rates with freelancer pay and fees.
Stop reconstructing project margin in spreadsheets
Connect time, rates, invoices, and expenses on one project record.
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