Unbilled receivables

Definition

Work already done and not yet invoiced, so it is earned but not billed.

Why It Matters

It sits between the job and the invoice, which is exactly where a working-capital argument starts. A seller who slows down invoicing before a sale shows a cleaner receivables aging and hands you a pile of work you have to bill and then collect, and one who bills aggressively ahead of delivery does the opposite. Because the number is not on a standard balance-sheet line for many small businesses, ask for it directly instead of deriving it, and put the answer into the working capital peg while there is still a negotiation to have.