How to write a statement of work in eight steps, built backwards from delivery so the budget, resource plan and invoice schedule hold after signing.
What is a statement of work? A plain definition, the sections every SOW needs, and three annotated examples from consulting, engineering and IT projects.
Let’s say a consulting firm signs a $30,000 engagement in July and invoices the full fee upfront. The client pays quickly and the cash lands, but the work runs from July through September. By the end of July the firm has completed about one-third of the engagement - the project’s on track but the finance team have some work to do to match revenue with the costs incurred (the “matching principle” of having costs and revenue in the same period is a key accounting concept). Only a third of the project’s fee has been earned (because only a third of the work has been done), and the remaining $20k of revenue is deferred to a future period.
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